How to manage your expenses on a student budget

In addition to an exciting new academic experience, a student’s life is also about the first time they experience the demands of independently managing their finances. This can prove challenging if not managed well; particularly for students who are living and studying overseas.

Our top tips to help you manage a comfortable lifestyle without overstretching yourself

Budget your expenses

The simplest step every student can adopt is to make a budget for every month. This need not necessarily be an exact amount but should provide a ballpark for what you expect to spend each month on rent as well as other living expenses, including transport, leisure, and recreation.

Take advantage of student discounts

In most countries overseas, students are eligible for discounts across a variety of outlets, ranging from food and clothing to cinemas. Typically, your college ID card would suffice to avail of these benefits.

Hone your culinary skills

Although delivery services have made life easy for many students, the cost of eating out daily may still add up significantly. This is the time, therefore, to roll up your sleeves and discover your inner chef!

Also Read: Best Banks in UK for Indian Students

Research and use inexpensive ways to stay in touch with family

Do research carefully on how much data usage could cost. For instance, in most cases, data charges on pre-paid (also known as ‘pay as you go’) SIM cards are typically higher than on post-paid (or ‘contract’) plans. Explore and use the most economical way to stay in touch with your loved ones back home.

Also Read:

• When to start thinking about Finances to Study Abroad
• Arranging Finances for International Education during the Lockdown Period

Funding your education

While the more traditional way to fund higher education has been to self-finance, opting for this mode would involve diving deep into your family’s finances, thus possibly jeopardizing their plans to save for that proverbial rainy day.

It is prudent to consider availing a student loan from a credible new-age lender to give wings to your dreams of pursuing higher education. Today’s times call for being able to apply online from the safety of one’s home, in addition to looking for seamless and hassle-free service. With these and a range of other attractive features and benefits, an education loan can help you plan for a successful future.

Also Read

• Everything You Need to Know About Education Loan
• Collateral for Education Loan: Everything You Need to Know
• How to choose your bank for Education Loan to Study Abroad

About the Author

HDFC Credila, an HDFC Ltd. Company, is India's First Dedicated Education Loan Company. With specialized focus, an in-depth understanding of the requirements of students who wish to pursue higher education, HDFC Credila offers Customized Education Loans Home Delivered! HDFC Credila has funded tens of thousands of students from India to over 2100 unique educational institutes across 35 countries!