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Financial stress is one element of studying abroad that can surprise students. Worrying about basic survival and your studies can take a toll. Plus, feeling like you’re running out of money can take an emotional toll.
Getting a solid budget in place before you travel to your destination can help you manage your finances while juggling all your responsibilities. Learning these techniques can also help after you’ve finished your education – it’s a real-life skill that can pay dividends.
We checked with some experts to find out what would make sense when budgeting finances, and we found some simple things you can do well ahead of time. Read on to learn more!
Track your expenses
Tracking your expenses helps you understand how – and where – you’re spending your money. Armed with that knowledge, you can identify opportunities to reduce expenses, if needed. There are many apps available that track your expenses for you, or, if you feel more comfortable with Excel, you can build a spreadsheet to track them yourself.
Budget for recurring expenses first
These are the expenses that are consistent and likely related to your basic needs; for example, rent, utility payments, phone payments, etc. Budget for these expenses first and then build around that for expenses that are more variable and over which you have more control. Pro tip: some people schedule these recurring expenses for automatic payments or debits so they don’t have to worry about getting busy and forgetting to make a key payment.
Work those discounts
One of the advantages of being a student is that many businesses offer student discounts. Transportation, entertainment, food and drink could all be marked down by showing your student ID and proving you are a student. Don’t be afraid to ask businesses if they offer student discounts – you may be surprised to find hidden discounts that will help reduce your expenses.
Check frequently
Set aside time each month to review your spending and budget. Crunching those numbers can cause you to make adjudgments in your spending that can make a huge difference.
Don’t forget about insurance needs
Having health and travel insurance in place can help protect you against unexpected expenses that could blow your budget and cause great stress. Whether performing research, teaching, or studying abroad, Lewerglobal has options to meet your medical insurance requirements.
Call our toll-free number at 800-821-7711 or visit our website to learn more about what we offer.