Wanna Study Abroad? Here Are Some Tips To Manage Your Money
Managing money while studying abroad is not a piece of cake, here’s some tips to get you started.
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A lot of students nowadays are thinking of continuing their studies abroad. This is proven by statistics from the Ministry of Higher Education (MOHE) as they found that the number of students studying abroad has increased year-on-year from 2020 to 2021.
Thanks to various twinning programmes offered by universities and other ways as well, studying overseas can be an achievable dream for Malaysian students.
But one of the struggles of studying abroad lies in the financial part, right? Global fintech company Wise has some tips to manage your money efficiently for those who wish to travel abroad, for study or work.
Here are some of the tips you need to check out:
1. Have Early Planning and Preparation
Do your homework. This is what they really stress on.
The first step is to always look into your destination of choice. Then make comparisons, and check out the best options for flights, accommodation, and living expenses.
You should do some digging on potential costs on things like groceries, transportations, eateries, and also entertainment (we’re not zombies, we need culture too!) in the area. This will help you set your expectations and control your budget.
Undoubtedly, there will be things more expensive overseas when you compare them in Malaysia, (especially Maggi), but you can always buy them in bulk here first.
2. Do Financial Aid Research
Not all of us are walking with a million dollars in our bank accounts. So, we kinda need a source for financial back-up.
If you look hard enough, there are many universities or institutions willing to give grants or scholarships to students. Before applying, you should look into all the grants or scholarships available to you and research their terms and conditions. Only then you can choose what’s best for you.
Additionally, there are also other ways to study abroad, such as the work-study visa. Countries like Australia and New Zealand all offer work-study visa that’ll give you an opportunity to learn and earn some pocket money on the side.
3. Insurance Is Something Worth Considering
This may be a petty thing for some but for those who want a sense of security and safety, you should probably try and find some insurance. Hey, not everyone likes living their life precariously.
You might want to consider and look into any international insurance plan to cover you while you’re abroad. Who knows what might happen to us, especially in another country. Haven’t we learned anything from the pandemic?
4. Student ID to the Rescue
Why not use your privileges when you can? Flaunt your student ID card to places where they DO matter and get those discounts!
If you have your student ID card with you, you should check out which places offer student discounts. If the information is not available online, you can always ask your classmates about it. They should know about it, after all, they’ve been living there for years!
5. Reduce Costs of International Transactions
If it’s one thing about travelling abroad, it’s the currency. With different currencies, you should make sure your provider doesn’t charge fees for international transactions.
There are various hidden fees with foreign currency transactions that can catch people off-guard. Especially when you want to send or receive money from overseas or when you use a local bank card abroad. Next thing you know, “Hey, why am I getting less than the amount that I Googled?”.
Most traditional banks and providers set unfriendly exchange rates as opposed to giving you the fair mid-market rate that you should see on Google. On the other hand, you can try using Wise, a money transfer service that offers you a mid-market exchange rate with zero costs and no hidden transfer fees so you can save on unnecessary fees.
The amount of research you may have to do may does seem like a lot of work, but it is crucial that you do so. Your future self will thank you for it.
Good luck to all trying to make the best out of their overseas experience!
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