A study abroad experience is not exactly pocket friendly. Living in a major city in a foreign country, the terrible exchange rates and the pressure to save money add to your financial woes. But with a little awareness you can deal with the dollars, pounds with much more confidence and make your study abroad journey truly memorable. Read on to master the art of managing your expenses wisely without compromising on the “fun” element.
- Get an International Student Identity card (ISIC) – International Student Identity Card (ISIC) is your passport to the world of amazing discounts and services, available in India as well as around the world. With the help of ISIC, students can avail discounts available on Books, Food, Shopping, Accommodation, Leisure activities, and travel in various outlets. It is the only Internationally-recognized student ID (your proof of full-time student status in existence) and is endorsed by UNESCO.
- Banking fees and exchange rate – Always keep track of the exchange rate at the beginning of each month. If wait for a couple of days gives you more money in exchange then you should go for it. Get relevant information from your bank about all the related costs associated with overseas transactions. If it is on the higher side, then plan a monthly budget and take out the money at one go to avoid high transaction fees.
- Travel and lodging – You are bound to explore nearby areas of your study abroad destination. Do a research on low cost airlines and special student discounts. Use local transport as much as possible. Try staying at hostels or at a friend’s place. This not only makes your trips affordable but also you get valuable tips to make you travel experience a pleasant one.
Even on a tight budget it is possible to enjoy studying abroad with advance planning. Bon Voyage!