siliconindia | | February 20179""Scholarships are highly desired and the most respected form of monetary help for students, as they ease the fund management pressure for aspiring students by almost halfform of monetary help for students. Scholarships cut down the fund management pressure for aspiring students by almost half. These are given to students by and large on the basis of merit. There are also a few scholarships targeted at students with skills. A part of or sometimes even full tuition cost of students can be covered by scholarships. This money gained through scholarships is not required to be paid back to anyone.All that Ends with Plastic: Students must know the mode of transaction being used in the country they are going to study in. There are countries where cash is preferred over plastic money, but in most countries cashless transaction is preferred. A student must check with the bank if the card provided by the bank can be accepted in the country he/she is moving in. Opening a bank account in a foreign country is a big hassle. Students should not swipe cards often because the fee imposed for using host country ATM card can cost too much. Students can make a list of things to buy and take out money for monthly expenditure at one go to avoid paying surcharge or additional amount on each small transaction.However, there are credit cards which do not levy foreign transaction fee. Students should contact the bank to check details about foreign transaction fee on the credit card. These cards can be used by students while studying abroad.Make Budget to Stay Carefree: Devising a budget and adhering to it can become a tough task for students because there are bound to be unplanned and new things & places awaiting them on the other side. They must secure information about the cost of living in a foreign land. Making a tentative list of essential expenditures which include house rent, cost of food, cell phone charges, groceries and transportation would help students to manage their budget while studying abroad. Students should also research on internet and get a rough idea of expenditure on shopping, health, personal expenses, books, stationary and entertainment costs. Upon arrival, students should stick to their budget they had made. Splurging on new stuff and making frequent trips when new in the country can entail financial hiccups. Students must note their daily expenses somewhere. This gives them an idea if they are spending money over their budget and where they should stop spending.Live Like a Local: To manage budget better, students should live like locals of the country. They should not compare the two currencies while spending. Like the locals of the country, they should also go to local restaurants and buy groceries from cheap grocery shops, and buy clothes from street markets. Students should read local newspapers for better deals. Making friends with local students can help them live a carefree life sans monetary issues.Studying in a foreign university does not take anything away from students but gives them immense opportunity to work, effects colossal changes in their personality, reputation among family & friends and enables them to secure highly paid jobs. In the initial period while studying abroad, students definitely need to manage their funds smartly.
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