- Saturday, December 05, 2015
One of the favoured destinations among the many available these days; Germany works out well for those who wish to study abroad and enjoy themselves at the same time. Managing your finances while you are studying overseas seems to be a daunting task. The currency is new besides the financial system and you will also find the pricing systems different from the ones you have in your country. Studying abroad, away from your family might make you feel like an adult but you will need to make an effort to manage your money well. This requires personal restraint to a high level along with persistence and self-awareness. Money management can avoid stressful situations which you might face otherwise.
Plan your Budget
This is one of the first and most important things that you need to do. You should be aware of how much money you have and also for what period of time. Make sure to include everything that you think you might spend on as this can reduce unexpected expenditure. With a totally new currency, it is advisable not to compare the rates in your home town to the ones abroad. Getting used to the exchange rates and local currency will make you comfortable. Understand the standard of the town you are living in and make a rough calculation mentally, this works well initially as there is bound to be confusion otherwise. The key word here is ‘prioritizing’ your needs and wants. Make sure to pay for your utilities and rent first. This ensures you have some place to go to and you do not end up on the streets. The other expenses can include transportation, meals, health insurance, personal expenses and clothes. Having knowledge of your needs and planning might also help you to save.
Spend like the Locals
You might feel like you are getting ripped off by local merchants. Get familiar with the buy and sell culture in Germany before you decide to go on a shopping spree. This can be termed as an ‘effective money management’. You have many supermarkets in Germany where you are offered discounts and sales throughout the year. It might be wise to try these out before you enter a swanky mall for your purchase. You also find thrift shops with articles and clothing at reasonable prices. You have the option of checking with your university for transportations and save on this, too. Think about a prepaid voucher for your phone instead of opting for one of those fancy plans by mobile companies with additional features which are most of the time, not required. This will also help you in keeping track of how much you talk.
Social Activities managed
The quality of your life here will depend on your social activities and other adventures you might undertake, this is keeping the finances in mind. You will be required to deal with a lot of information, random interactions and social activities. It might get difficult to keep a track on your expenses or even anticipate how much is required. Before you get a fair idea of this, it is best to cook and eat at home which might help you save on a little money, and this in turn can be spent on social outings and gatherings. It is better to behave like a miser in the initial few months.
Organising an Additional Income
You should be able to put your savings in a bank and benefit with the interest you get. You also have the option of taking up a part-time job to be more comfortable. It need not be fanciful or even ambitious; it needs to only make you more comfortable so that you can make the best of your study trip here. You can also think of freelancing which can give you enough and more time. After the second year, you have the options of looking for internships in the university itself. Money management can be easy if you plan and then think before spending.