You’ve decided to grasp an amazing opportunity to study abroad. This life-changing experience will be one that you will carry with you for the rest of your life, but you also need to account for the challenges you will face.
Heading out on your own is exciting. You get to settle into a new culture, different lifestyles and start afresh in a new environment. Things might be different to what you’re accustomed to. The costs for day-to-day needs such as coffee, food, transportation and rent will be different, and problems with financial management is one thing you won’t want to worry about!
First and foremost, always start with a proper plan on how you intend to budget your finances. Here are some tips for you to consider:
- Factor in all the expenses you know about
- Distinguish your needs from your wants so you’ll know what your priorities are
- Be sure to plan when you need to settle your monthly expenses such as rent
- Consider everything when developing your budgeting plan, including costs of living but also those for your weekend night out
- Make sure to develop a holistic view of your budget to be able to see the bigger picture
Setting the budget is a big first step, but it doesn’t stop there! During this period of change, you may notice that some tweaks are required to optimize your plan. You need to continuously monitor and track your performance to see whether your budgeting plan is working or not.
Take these tips to help you out:
- Always define what you planned for your expenses and savings, to be able to compare whether you’re on track or not
- Make sure you’re always paying your bills on time to ensure that you’re aligned with your planned budgeting calendar
- Use your debit / credit cards carefully, and take action if you see you’re facing increasingly unpaid credit card fees
- Resist peer pressure or impulse buying and stick to your budgeting plan
- See if you can revert to cheaper and more sustainable means of transport such as cycling
- Get familiar with the concept of student loans and check if it would benefit your journey or not
By planning ahead and setting a proper budgeting plan, you can make your unique journey a more manageable one. Whether studying locally or abroad, Bank of Valletta is helping students to start off financially by onboarding them onto the BOV Club bus.
If you wish to start your journey with BOV Club, click here to get started!