Being an international student in the USA or Canada is an incredibly exciting adventure, but it can also be a confusing time – especially when it comes to money. If you’re scratching your head a little over your finances, read on to find out how to keep on top of your money while you’re studying abroad, so you can focus more on studying and less on worrying.
Remember Your Student Loans
One of the biggest costs you’ll be facing as an international student is, of course, your student fees – not only your tuition fees, but your living costs, bills and other expenses you’ll need to pay as a student.Without guaranteeing any scholarships for international students, it’s hard to find the money. Your best option for paying your fees is getting yourself one of many international student loans. If you’re unsure where to look, MPower Financing offer lots of DACA students loans that are perfect for people like you. They offer fixed rate loans from $2,001 to a generous $50,000, with up to 1.50% in interest rate discounts, meaning you’ll be able to live comfortably and happily without worrying about ending up in buckets of debt. They offer these to over 190 nationalities, so wherever you’re from, you’re sure to be welcomed with open arms.
Make a Budget
Making a budget is really important,especially in an unfamiliar country. To make a budget,firstly you’ll need to look into what expenses you’ll have. Some common ones are tuition, rent, and health insurance – if you’re still unsure about what expenses you’ll need to pay, contact your college’s international student support team and they’ll be able to offer advice and guidance.You’ll then need to look at your income-once you’ve calculated it, take off any expenses that are mandatory and then split your money into how much you have per month.Don’t worry about planning everything out – you need your budget to be flexible. As long as you stick to your monthly amount, that’s fine.
Money Saving Tips
There are a few ways in which you can save some cash, so you can have as much spending money as possible. Firstly, cooking instead of ordering take-out or buying ready meals is much cheaper, and saves you a lot of money in the long run, as well as keeping you healthier. You should also look to see if you can get any store loyalty cards– this will mean when you’ve built up your spends, you’ll be able to get discounts and free items as a reward for buying products from that particular store. It’s also worth seeing if there are any local jobs available, or if not, anything you could sell to save a bit of extra money. After all, you don’t want to be stuck for cash in a foreign country! This is also a good reason why you should always keep some money set aside as an emergency fund, just in case the worst does happen.
Hopefully this advice has helped make managing your finances abroad a little easier. Don’t forget to have fun!