2020 Money Management Tips for International Students

The new year is just a few weeks away and as students look forward to the new year, it’s important to plan ahead and prepare adequately. To help you do this, we’re providing some 2020 money management tips for international students by considering some simple yet important things you can do to enjoy the new year without financial constraints.

Money management is important for students in colleges because it is an act of budgeting and economizing funds. This enables students to draw up a plan on how to effectively utilize their capital and other affairs relating to money. If you’re ready, we’re ready to share the vital money tips with you.

1. Open a savings account

As a student you’ll need an account so why not make it a savings account that earns you interest? At least with this, you’re sure to save and earn a little something. Furthermore, if you absolutely have to take a loan, avoid taking loans that are unrelated to your education. Equally, endeavour to pay back the loans as and when due.

2. Have emergency funds

Saving for the rainy day is absolutely important because you will not always have all the funds you need. This is where your emergency funds come in handy so endeavour to have them. If you are on a scholarship, it means you have more funds to put away for emergencies.

3. Use public transportation

Owning a car in school is flattering but it’s also an expensive luxury especially in terms of maintenance. Therefore, save your funds by using public transportation which is cheaper, you may even enjoy some discounts. You can also choose to walk or ride a bike, these are forms of exercise that will further enhance your health.

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4. Shared accommodation

Living on campus is great, however, it can be pricey. In order to reduce the cost of accommodation, you can share your living quarters with friends or course mates. This way, the rent, and utilities will be split evenly among all occupants and you can save some of the funds. You can also make meals with friends and split the cost of groceries. This is one of the 2020 money management tips for international students.

5. Basic phone packages

Students tend to spend a lot of money on airtime and data on a daily basis on different social media platforms. Since keeping in touch is very important, students should consider more basic phone packages or plans that include unlimited texting with free incoming calls.

6. Pay off your credit card

Remember the famous saying, when in Rome act like the Romans? Well, international students need to understand how the credit card system works and act accordingly. Paying up on your credit card at the right time will save you from paying late fees debts. It will also save you the trouble of having your cards cancelled.

7. Find alternative sources of income

Your college experience affords you many opportunities to make some extra cash by the side. So explore part-time job options like working at a coffee shop, restaurant, babysitting, pet walking, taking care of senior citizens, etc. Fortunately, you can work when school is in session as well as during the breaks. This is another good 2020 money management tip that can help you have a good life on campus.

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8. Take advantage of campus offers

Occasionally, campuses offer movie nights and other social events at a cheaper rate or for free sometimes. Feel free to take advantage of such offers to spend less. Likewise, it is advisable that you avoid buying unnecessary supplies and brand name products because they’re pricy. Consider purchasing generic items instead, they’ll still serve your purpose.

9. Resident advisor

Another viable option for you to manage funds is by becoming a resident advisor. The benefit this affords you is the possibility of getting room and board for free. This will enable you to either save the funds allocated for these or spend them on other necessities. Either way, it’s a win-win situation.

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