Top 7 Finance Tips for Study Abroad Students

What student doesn’t dream to get an opportunity to spend at least a semester or two studying abroad? It can be a fascinating experience on so many levels indeed. However, if you were lucky enough to get yourself enrolled in a student exchange program, it is too early to celebrate. Instead, it is the high time to start planning and thinking about what you will actually do once you get there. The aspect that presents the biggest concern for these lucky students (and parents) is the financial one. So, we have gathered the top 7 finance-related tips to keep in mind if you are to study abroad. Some of these recommendations may seem like obvious no-brainers, but this is exactly what makes them easy to overlook, so we have decided to keep them in our list nevertheless.

1. Plan ahead

Of course, you will plan in advance. If you are presented with such an exciting opportunity, chances are it will occupy your thoughts exclusively for some time. However, the point here is to calm down and to focus on particular details. For instance, you will probably get a better deal on your flight and a place to stay if you book it beforehand.

2. Find the ultimate banking and cell phone plans

Usually, those plans are not specifically fit for long-term travels. However, if you plan to use your US bank account and your US phone number, you should carefully inquire about the options that they offer, given the fact that you will be abroad. For example, sometimes a bank will not charge you extra for withdrawing money abroad. As for the phone plans, you should know whether you are more into using the mobile Internet or more into calling and texting, and stick to that when choosing a cell phone plan for your journey.

3. Stick to cash

While having a card at hand is a must, it is always better not to use it without necessity. You should be prepared for situations where your card will be of no use. For example, a cafe where you choose to dine may have the minimum bill to accept a card, or they might not accept cards at all.

Additionally, it is a good idea to have your cash in smaller bills. While it may take you some more time to count them, you will be able to pay without change (and without the possibility that they will not have enough change to give you!)

4. Stay alert when using cash exchange and ATMs

In many countries, cash exchange offices give you a slightly different exchange rate than the one that you find in Google. So, take care that you don’t get ripped off by a seemingly small exchange rate difference. Always look for a cash exchange with a better rate, even if the difference seems small. It is especially recommended to steer clear of cash exchanges at airports. We cannot account for every cash exchange at every airport in the world, but many travelers point out that airport cash exchanges typically give a significantly worse rate.

5. Don’t get too excited and don’t forget commonsense

We don’t mean to sound smug, but if you are not local, you may encounter some ill-intended locals that may want to trick you into charging you extra. For instance, in a taxi " or any other transport " try to always keep your luggage close. In a diner " always order only what you see in a menu with a price. If you travel, only buy tickets from official vendors, preferably directly at the airport (bus station, railway station, etc.) And, of course, don’t get too friendly with strangers.

6. Use student discounts to the fullest

The USA is not the only country where discounts for students are practiced. Moreover, some places have really great offers for students, even for international ones. This goes not only for diners and museums but also for airline and other transportation fares. So, always keep your student ID at hand.

7. Find a way to earn money

Finding a part-time job is a great way to get even more cultural experience from your journey. In some countries " like France " international students are allowed to have an official job for a fixed amount of hours per week. But doing some small, unofficial jobs can also be an option. The most obvious one here is English tutoring.

Staying in a different country is always not only exciting but also stressful. Following our simple advice will help you to ease your possible finance-related stress factors and to scrape some extra buck to focus on the excitement.

Author's Note

Richard Nolan is a professional educator and team building coach, sharing his experience in spheres of writing, blogging, entrepreneurship, and psychology. Richard writes for numerous blogs and gives useful tips for bloggers and students. Currently, Richard works as a general blog editor for EliteEssayWriters

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