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It is a dream for every student to receive the best of what the education industry has to offer. And, not to forget the perks of studying abroad are uncountable. In the past decades, the increase in affordability has raised the chances of Indian students going to the United States of America for higher studies. This means that the student has to manage their stay and maintenance within a limited budget.
Here are a few handy budget tips for Indian Students planning to study abroad.
Know the Current Exchange Rate
The money plays a vital role in most aspects of a student life and when going abroad it is always a good idea to know the current US dollar to Indian Rupee exchange rate. It would help you evaluate the expenses and plan out a monthly budget accordingly.
Creating a Budget
Every student, whether on any scholarship or paid expenses, has to live on a budget. A planned budget that includes all your survival needs should be carved before you leave for the USA. Better to purchase some US dollars before you leave. Delayed flights you said?
Opening An Account With A Foreign Bank
Once you land in the foreign country the first thing you need is security for your money. In the college orientation more often than not, the students are guided with the details of where and how to open a bank account. A Budget Tip- Little research on your own to find the best bank that offers you a great return for your student profile won’t do any harm.
Sign Up For a Bank Account within the Global ATM
A group of several major international banks has come together forming a Global ATM Alliance, which allows customers to use their ATM or debit card at another bank within the Global ATM Alliance with no International ATM Access fees. For example, an account holder with the Bank of America isn’t charged any withdrawal fee when using Barclay’s ATM’s in the UK or Deutsche Bank ATM’s in Germany. The other fees like an international transaction or currency exchange fee may however apply.
These come in handy for students who travel a lot for their course (photography, geography scholars etc.). Many banks and companies specifically design these keeping the student community in mind. One such kind of multi-currency travel card is Weizmann’s multi-currency prepaid travel card which serves helpful for your foreign exchange student requirements like university fees and living expenses, alongside other travel needs.
The advantage that these travel cards serve above credit cards is while you add money to your travel card, the exchange rate gets fixed. This means no need to worry about the fluctuating market. Also, being a card without the general banking needs, you don’t have to worry about losing the loaded money, as thieves cannot access your salary or savings. The fact that it is a multi-currency card saves you on the transaction fees you pay every time you make a payment.
The best part about Weizmann Forex is their quick service which helps you send your money within 24 – 48 hours* to your foreign college or university, once all documentation is completed and verified. It is surely the best place to exchange currency!
Identify the Necessary from Luxury
Living in another country with all the stress of performance and GPAs and presentations and papers, a student must be able to identify what he needs from what he wants. This will help you save a little extra every time. That pair of jeans isn’t as important as those shoes for the formal presentation. So spend them wisely!
Burning Yourself Is Not Everything
At times students often forget to reward themselves for the cost-cutting they did. Every once in a while spend some money on things that you like to do or that helps you break off the monotone. Plan a weekend outing, treat yourself with a fancy dinner or plan a trip to your favorite place. You earned it, right?
Do Odd Jobs
Donot rely completely on your family or scholarship for the money. Use your free time to odd jobs regardless of the money they pay. The extra cash will never hurt you.
How To Budget For Your Expenses?
Maintain a budget worksheet of your income to your expenses and try to keep some money aside for emergencies or leisure. This will keep you at peace and away from all the “just in case” anxieties. An easy way to do this is by using the budget calculator, such as quicken.com or clearpoint.org easily.
Here are a few bonus money-saving hacks for Indian Students in America-
- Use your student ID wherever you can to avail free or discounted food, drinks, and entertainment.
- Rent your books or get yourself a library subscription and prepare your own notes.
- Go Dutch every time in a group activity that involves money.
- Cook your own food rather than going out every night.
All your international money could be easily managed by Weizmann Forex with their wide range of foreign exchange solution including, foreign currency demand drafts, currency notes, multi-currency prepaid cards with the best exchange rate for your needs. They can help you get a Foreign Currency demand draft in 9 different currencies: US Dollar (USD), Euro, Australian Dollar (AUD), Great Britain Pound (GBP), Swiss Francs (CHF), Singapore Dollars (SGD), Japanese Yen, Canadian Dollars (CAD), New Zealand Dollar (NZD). All you need is to visit them to design a service for you.