A quote written by Sir Warren Buffett ‘Do not save what is left after spending but spend what is left after saving’ inspired me to throw some light on ways to save money. It is necessary to educate yourself about spending, investing, and saving.
As per the general American saving statistics, 42% of Americans have savings of less than $1,000 as of 2022. Whereas in UAE the Gross saving rate was measured at @45.4% in December 2020. In the UK, the average person saving is approx. 17,365 pounds as per the UK saving statistics in 2022. An individual utilizes these savings based on their requirements such as buying homes, or any movable or non-movable assets, for the educational purpose of their children or future reference. Based on the mentioned requirement I would like to focus on saving for educational purposes, it is because if the children are planning to study abroad, they required a huge amount of investment which is not possible to arrange in a short span. Saving is not important only for the parents but for the children too as they are the one who has to take care of their expenses while studying abroad irrespective of getting money from the parents. As per the report from Western Union Business Solutions, 80% of growth in the international student market should come from Asian countries by the year 2025. If any aspiring candidate (student) is looking to study abroad, they need to take care of their food & lodging, tuition fees, commutation to the study center, avail some leisure activities, etc. For this reason, they must understand the importance of money in terms of savings and spending. Here, a few tips are provided on where one can save money while studying abroad:
Plan a Budget – Budgeting helps us to plan and prepare our finances based on priority. The budget provides us with a clear picture of our money. This helps to make the correct decisions on spending and saving. To know the interest of the aspirant candidates for study abroad small survey has been conducted in UAE where the majority of the candidates says ‘Yes’ and they wanted to plan a budget for their abroad studies. In order, to plan a budget, one can discuss it with their parents or siblings. Apart, from these now we have options for the consultancy that assists in the process of planning till placing you abroad for your studies.
Keep an eye on the exchange rate – As per the current market situation, we have observed that the currency rates are highly volatile. Therefore, it is crucial to keep an eye on fluctuating exchange rates to save money for future transactions. To understand exchange rates prevailing across the world one should have knowledge of finance. You can get knowledge on finance either from Business News channels, reading Newspapers, various online platforms, and many other sources. As per the survey conducted to understand this point, the majority of the respondents say they know about finance through their previous studies,
sometimes watching News and discussing with their peers and other sources too. Mostly, respondents possess good knowledge of exchange rates. So, one must keep an eye on fluctuating exchange rates and click the transaction at the right time.
Learn where to cut down expenses – Knowing your priority is very important to save money. For this purpose, one should organize their necessities that help to see the ways to cut off costs. One can cut down their expenses on food, clothing, utilities, transportation, study supplies, etc. Cutting down on food doesn’t mean you are hungry but refrain yourself eating outside at exclusive restaurants. Some students prefer self-cooked meals to be healthy and wealthy. Try to avoid frequent cloth shopping as it unnecessarily increases our expenses. In terms of transportation, try to commute via public transport only as they are very much more affordable than private ones. Try to avail library facility at your Uni campus instead of buying books unless very urgent.
Learn basic ways to fund higher studies abroad – There are different ways to plan your finances for studies such as financial aid, scholarships, study grants, and fellowships for international students. Apart from this educational loan is also available with minimal interest rate. The repayment options are flexible and mostly as per the requirement of the aspirants. In addition to this, there are part-time work options available that help to pay the student’s education fees and other living expenses. However, for the part-time work option, it is necessary to check the visa status to check the work permit. There are other options available to acquire financial aid like personal loans, family bank (ask assistance from your family members), etc. Based on the survey conducted most respondents are inclined towards scholarships, study grants, or work options.
Studying abroad is a costly matter. Therefore, it is important to not let your spending get out of control and beyond your means. The above is the topmost tip to save money while studying abroad. In addition to the above some other tips could be to use your international student ID to avail discounts or offer wherever possible, try to save money on phone bills, look for shared accommodation if available, etc. Every penny matters, spend wisely!
Reference:
https://www.zippia.com/advice/american-savings-statistics/
https://www.ceicdata.com/en/indicator/united-arab-emirates/gross-savings-rate
https://www.money.co.uk/savings-accounts/savings-statistics
https://thepienews.com/news/79-international-student-growth-come-asian-countries/