It is ideal to travel, study, and live overseas when you are prepared and understand what to expect. Even though there are always surprises when living overseas, here is the list of financial advices you need to know.
1. Make a Travel Budget
Establishing a travel budget is important if you want to reduce expenses while traveling overseas. You can save enough money before your trip by making a travel budget. You should add the following things in your travel budget
· Air Fare
· Accommodations
· Travelling
· Food and beverages
2. Track your expenses
It is the best idea to monitor your daily expenditures if you want to manage your overall expenses. If you overspent one day then it is the best approach to spend less the other day.
3. Learn about exchange rate and local currency
Since each nation has its own currency, they all have different exchange rates. Even though some nations accept US dollars, it’s usually preferable to pay with local currency. The price at which one currency can be exchanged for another is known as the exchange rate. To find out the conversion rate quickly, you can utilize a currency converter.
4. Get International Cash
In other countries, you could encounter businesses that do not take credit cards. In situations such as these, having foreign currency cash is important. For peace of mind, you can order foreign currency from your bank before to your travel, or you can use an ATM to get cash when you get to your destination.
5. Inform your bank
It’s crucial to let your bank know about your vacation plans before you leave the country. Your bank can lock your card if you don’t tell them, assuming the transactions are fake. This will help you in Managing finances while studying abroad.
6. Credit Card with no Transaction Fee
Apply for a card without transaction fee. When you travel, this can help you save money.
7. Be aware of Pick Pockets
In some nations, pickpocketing is common. Decide how you wish to protect your money while you travel to prevent it from getting stolen. For instance, it would not be the best idea to keep your wallet in your backpack because it would be easy for someone to unzip it and steal it without you knowing.
I hope these tips will help you in managing your expenses online.
