Managing your cash while studying abroad
There are many challenges that you are likely to face when living and studying in a foreign country and one of them will be keeping track of your expenses. A foreign country will almost always hold a local currency which you are unfamiliar with, which can make it difficult for you to keep track of your cash flow. Here are some of the factors that you should consider in order to maintain a healthy spending habit when you are an international student.
1. Local currency exchange rates
Exchange rates for foreign currency is always fluctuating, therefore always keep in track with how the exchange rates are changing in the country you are travelling to in order to determine how much of the cash you had will be spent. It is best to exchange your native currency through a government-run bank or an authorized agency for money exchange, who will charge lower rates compared to others.
2. Open up a local bank account
It will be most convenient for you when you open up a student bank account in your region. This will help you to keep track of your cash flow and manage the amount of money transactions you make when living far from home. Make sure that you choose a bank which do not impose a hefty charge for foreign money transfers, and which offers the highest benefits for international students.
3. The amount of cash you choose to carry
When travelling abroad, the rule of thumb is never to carry too much cash with you. It is not only risky, but also if you exceed the legal limit you will be subjected to pay an excessive fine which is uncalled for. Always be mindful to carry enough cash to get you through your travel expenses, but not any above the limit allowed.
4. Budgeting your expenses
Creating a daily, weekly or even a monthly budget for yourself is the easiest and fool-proof method of managing your cash as an international student. By ensuring that you have allocated the necessary amounts for important things such as utility bills, rent, transport, travel, groceries and other factors you will be able to keep a track of how much money you will have spent on a daily, weekly or monthly basis.
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