5 steps into money management as an international student!
As an international student, to cover all of my expenses while living in a different country meant finding a part-time job and most importantly, learning how to budget.
The prices of food, rent and even clothes will most probably differ from the place you are from, and it will take some time for you to get in habit of using and reading a different currency. In this article, I am going to share a few tips and tricks of how to manage your money better, from the perspective of an international student!
Finding part-time work
This one is obvious, but I wanted to give you a few tips through my experiences and my perspective as a foreign student. The Changemaker Hub at the University is an excellent place to start when you need help with your CV. Not only they give you great tips on how to structure a CV which will land you the job you want but work with you to improve the skills you might need during the job interview. The university has its own recruitment agency called Unitemps through which I got my first job as a barista at the university café. A lot of the job roles are pretty flexible and on the campus itself, which is great!
P.S. Don’t forget you need to obtain a National Insurance number (NIN) before you can get employed.
Budgeting
We all heard about budgeting skills and how effective they are to save money. But guess what! It really works. Budgeting is one of the ways to save and avoid spending money which will make you feel guilty, if not broke, later. Write it down! What are those things that you spend money on every month? Clothes, books, eating out, cinema – write it down and set a budget of how much money you will use for each of them and most importantly, try to stick to it!
Use an app!
For me, the best way to keep track of all of the money that come in and go out is to use an app. There is plenty to choose from – I personally use the Monefy app which is simple to use, and I can easily see all of my expenses in different categories such as groceries, bills, eating out and so on. It is free and supports most of the currencies. You can link it directly with your bank account as well!
Food, food, food
It took me a long time to figure out how to save money on food. The good news is, groceries are one of those things which you can really save money on, in contrast of rent, which you can do nothing about but just go with it.. One way to do this is to meal plan. However, if you are not an experienced cook and have no idea how to do this, or, can’t decide on what to eat for the whole week, it might not be an appealing option to you.
What works for me is to buy groceries on a monthly basis. This might take you some time to figure out how much food you need, but trust me, it has lots of positives! Not only you can use the benefits of delivery and save yourself from the crowded supermarkets and heavy bags which you have to carry home, but you will also avoid going to the store multiple times a week which will save you a lot of money! Let’s be honest, we all go to store with a mission to buy the one thing on our list and leave with two bags in the end… Besides, it is also a great way to work towards reducing food waste as well.
The ‘Adult’ Life Experience
When I started University, I spent one year living in halls at the university campus. It was a great experience and a chance to meet a lot of new people and make some great friends. But how about private accommodation? In my second year, I chose to live in a shared house along with my friends which was a big change, as we had to pay our own bills, set up a Wi-fi and so on. While it was not as worry-free as when living in halls, it definitely prepares you for the ‘adult’ life and makes you feel more responsible for your finances.
It is only then when you finally understand why your parents were so mad when you let the lights on in the other room, had the heating on with an open window or made your shower a 40-minutes long concert 🙂 Try to do a research on what broadband options are out there before signing the contract or practice easy saving tricks such as turning off all the appliances if you are not using them.