- Monday, November 30, 2015
Cash handling is an important factor that you need to focus on while studying abroad. When you are away from your home you will need to be ultra-cautious when handling your finances. There are ways and means were you can handle your cash and still be comfortable. If we go step by step then you will not face any difficulty in doing so. You also have an option of taking advice of an education counsellor who has enough and more knowledge of the place and the expenditure involved there. New Zealand is a favoured destination of many students who wish to study abroad. Listed below are few tips to help you manage your money here.
1. Learn to budget; if not on a daily basis then on a weekly basis. This will help you to manage your money better and leave you hassle free as you are not required to borrow. You can think of looking for special discounts available to students here which can be very helpful in saving money.
2. The value of the local currency to be taken into account before you can splurge on any item. This will help to keep you safe from overspending and unnecessary spending.
3. The best way to handle your finances will be to diversify them. You should be able to use Traveller’s cheques, credit cards, ATM card, and Debit card and so on. In case of any of them being lost, you can access your funds in another form.
4. There are multiple ATM’s abroad that can access only checking accounts, so make sure that you do not leave your cash only in the savings account. The ATM’s are used in a similar manner as here, your checking account is debited and you are able to draw out the local currency.
5. It is advisable not to use only the ATM for your requirement. You need to ensure with your bank here if the same PIN will be valid in New Zealand and if so clarify what changes are needed. You also need to inform your bank of your plans of going abroad so that you can avoid your access being blocked. You can ask if your bank will waive out the fees for using their ATM as you will be out.
6. Using Credit Cards is an easy option but it can work out to be dangerous as you tend to overspend with these. These can make transactions abroad convenient. When using a credit card, think of the interest and service charges applicable. You can take the advice of the company who has issued the card on the applicability of this besides the billing rate applicable. Find out the credit limit and make note of the PIN. You also need to inform the company the location and dates of your travel so that there is no cancellation of your card.
7. Traveller’s cheques are not widely used due to the inconvenience accompanying them. It takes some time to get them cashed, but you can think of carrying some as a reserve in case you lose your ATM card or your credit card. Make sure to leave a copy of the serial numbers of the cheques before you leave.
8. Opening a bank account if you are required to stay abroad for long time can be an option. You need to check this out once you arrive. Adequate funds can be worked out if you are able to take more than the amount which is stated in the ‘estimated additional costs’.
Besides following the above mentioned tips for handling your finances abroad, the last option, if nothing falls into place, ask money from home which can be wired.
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