Secrets to Save Money while Studying Abroad – “Easy Banking Abroad”

[Bag up those extra bucks with some simple hacks]

Yayy!! After all the juggling with the admission process, you are finally progressing towards Ukraine for your dream course. Doing MBBS abroad is an exciting pathway to become a Doctor with knowledge and experience of a lifetime. With the differences of cultures and economies between India and Ukraine, you would find so many things new to your conscience.

Since you are so overwhelmed with the fact of travelling abroad for studies and you probably be least aware of how your studies, stay and travel abroad is being financed because its being done by your parents. At least, for now!!! But being a student, it’s your responsibility as well to know about the budgets & expenses while studying abroad.

They say – “Money can’t buy you happiness but it can buy useful things, so it’s pretty much the same thing”. If someone ever asks you if money is important to you, never hesitate to yes, because sure it is important. It holds so much value. You literally can’t do anything without it. Think practically, enough! Therefore, it’s better to be wiser in terms of money matters. The sooner you understand the tricks to handle it, the better it would pay you off in the longer run. And the best time to learn about all this is when you are travelling for MBBS study abroad.

Dude, you need to be smart enough! You will soon be a Doctor. And the teaching begins, right from here! INSPIRING MINDZ wants their students to excel not only in studies but in other social respects as well. We believe in constructing you as a whole by laying strong foundations for you.

Money – Saving is a common teaching taught and practiced in our middle class Indian households. I hope you all remember when we used to collect our pocket money into piggy banks or earthen pots and then used to break them up, when needed. It used to be such a comforting feeling to have your own savings and then use it whenever and however. That is how the savings helps us. A simple fact which is hard to learn is that the best time to save money is when you have some. So it’s mandatory for students going for MBBS study abroad to learn the importance and tricks to save some bucks because it’s going to save you in return.

We are detailing some simple and very reasonable hacks on how to “Save your Money” amidst all the financial chaos. Who knows that these piggy little adjustments here and there might help you in times of crisis! … Thank us later.

  • Steering your way through the Banks –

To begin with, it’s always best to know about the services and charges of your local bank in the home country. Find out if they have any intermediate or affiliated branches at your destination and what banking features you would be able to access locally.

Your primary source of money on a foreign land would be the money in your savings account. You can access these funds through ATM transactions using your debit / travel cards. International transactions steal away good amount of money in the name of exchange rates for currency conversion, so it’s always sensible to determine such charges with your banks, before travelling abroad.

You can avoid unnecessary bank fee by following some tips:

  • Always carry cash!!!  

I understand the thing with carrying cash – it’s unsafe, fear of losing it, difficult to manage, etc. But this is going to save you some bucks. It’s preferable to convert your Indian currency into US Dollars before travelling abroad and then you can exchange it into the local currency of your destination.

  • If you are using international ATM services, always withdraw out large sums at once so you don’t keep getting hit with the same transaction fee over and over again.
  • You can avail many benefits as a student by Opening local bank accounts in Ukraine. Easy to open, zero fees, minimal transaction charges.This will also help you in receiving money through ‘Western Union’ transfer.

  • Watch what you Eat –

You all must be waiting for this section, foodies! Tempted enough, already?

Ukraine is the destination with blended cuisines from Russia and Europe. You will get diversity of food ranging from Italian pizzas & pastas to sushi, curries, blinis, piroshki, borsch soup etc; from ultra expensive to very affordable. It all depends on where you land your foot at to grab a bite.

But we are not talking about the richness of Ukrainian food here. We have some valid issues on the table to discuss, like “Saving Money by watching what you eat”.

It would always seem easy to take away something while on your way to the classes or pause at a restaurant to enjoy some Ukrainian delicacies. But Eating out tends to be expensive sometimes and self – cooking can save money, any day. Your hostels or apartments will always provide you with the kitchen facilities. It’s always better to adjust your budget and buy groceries from the supermarkets. Buying stuffs yourself will make you aware of the seasonal costs of vegetables, fruits & meat products and also cooking at home will give you adequate nutrition and will save you some bucks in your pocket by cutting down some expenses.

  • Save the Change for later

It will take some time for you to learn about and adjust with the new currency, while studying abroad. The price tags are usually in odd numbers and not rounded off amounts; therefore, you are likely to get some change or coins in exchange of a full note.

We advise you to keep collecting that change in jars or boxes and not overtly spend it for small amounts. I know that would be another sort of collection at home! And when you sense that you have gathered huge sum of change/chillar and the jars are brimming with the clunking coins, you can exchange them to get some currency notes. This would be like piggy bank savings and then converting the piled-up heaps of coins into big notes. And believe me; nobody’s going to steal away such metallic burden from you! But be careful, anyways. These are your savings after all.

  • Get used to the public transport

Commuting around the city might be a hustling task especially if you are new to the place. Where to go and how to go are some common questions that would keep disturbing you if you don’t know the streets and the local area. It would be best if you take some initial days out of your time while studying abroad and make yourself familiar to the surroundings.

Having a limited budget at hand, you’d need to explore the travel options across the city.

  • Most of your concerned classes, university campus, hostels would be within an approachable range. You can easily cover the distance by walking or take local buses.
  • Cabs or subways, however, will always appear tempting and hassle free but definitely not financially feasible. Try to avoid cabs for shorter routes and prefer to walk (with earphones plugged in and tasting the flavors of Ukrainian landscapes). The ultimate therapy for all sorts of moods!
  • Student travel passes are available on monthly or yearly basis. It would be a cheaper option if you are travelling every day though same route.
  • Facility for renting bikes is also available. It’s a good option for solo travelling around the city but the costs may vary. Always check with your dealers before buying or renting a bike.

  • Be frugal with the Textbooks

You definitely cannot go for MBBS study abroad without your precious textbooks! And the amount of money that you’d be putting into buying books for different subjects every year isn’t going to be very economical.

Plus, the extra luggage for the books would add up to more weight.

Let’s see if following points can help you out –

  • To avoid adding up another costs to your already constricted budget, borrow the textbooks from your seniors (I’m sure they’d be willing to give away as well).
  • You can also find some texts online and download them for future reference (there’s huge market for E-Books now).
  • Also, book fare or exhibitions are conducted in your respective universities from time to time. Their collection would comprise of your medical textbooks plus some other texts. You can buy some books at fair prices from there as well.
  • If nothing works, walk towards the library. It ensembles books of all kinds from all sorts of authors. Suit your liking and lend yourself some books. But the lending period would be limited, so use it efficiently by scribbling some notes out of your textbooks.

  • Find part –time work

If you are still unable to manage your budget or the expenditure is more than what’s in flowing into your pockets, you can always help yourself by working some extra hours. Working freelance or part-time gives you the flexibility to study as well as earn some extra income.

Jobs at retail, security, copy writing, call centers, barista – all provide easily adjustable working hours with your study schedule. This would not only enhance your income resources but would also give you a brush of exposure to the new people & culture and hopefully unravel unexpected opportunities for your future. This is how social circles are formed and coincidences happen! Your destiny is a mystery. Let the adventure begin!

  • Avail student discounts

You would be given a ‘magic card’ by your university once you enroll into the study program abroad. Your picture on it might not look that impressive but the card can offer you some attractive benefits.

Yes, we are talking about the Student card / Student ID. It’s obviously understood that students have little or no money to spend on their own. Therefore, you are going to get some amazing complementary benefits of being a student, like-

  • Many places around Europe & Ukraine promote student learning about local culture and you can earn free entry to museums and tourist attractions with the help of this student card.
  • Access the public library for free and misuse the facilities like borrowing books, magazines, DVDs and keep adding up to your knowledge.
  • Student ID also offers student discounts or reduced rates for bus travel passes, student nights at restaurants & clubs, and some shopping stores as well.

It’s highly recommended to always keep your ID on you and always ask for the student rate – the savings will add up!

  • Hanging – out – better

Keeping the academics at bay, the study abroad experience is all about getting to know your host city, culture and people. And for such wild adventures, you actually have to go out of your monotonous hostel rooms and take a break from your studies. But such adventures often mean “spending more money”!

Well, we have a solution to this and you won’t be missing out on any such events.

  • Look online for deals and steals in your area. You would come across certain places offering food and drinks for half the price on specific days and occasions. Make use of it.
  • You can also plan your outings for free museum days, open-air cinemas, game nights or simply go out with friends for a walk. I told you already, walking is never going to disappoint you!
  • You will also come across many local concerts and street festivals on weekends or on festivities. Free entertainment plus cheap food, what else do you need!!

We know that being a student is tough if talked in terms of financial security but you can’t miss out the journey that has been laid ahead of this starting – point. Don’t let the costs of living abroad keep you from actually living your life abroad. These secrets to saving money will save you hundreds that you can later spend on more travel, more food, more souvenirs, more anything you want. Make the most of the moment!

The real happiness lies in the little things done with pleasure and satisfaction. You might not always save enough amount of money, but do your best to save the bonds & relationships. Having no money, but a bunch of good friends, sitting together under the blanket of stars and talking just about anything – nothing compares to these kinds of savings.

Seize the day and savor some moments!!

Reach out to INSPIRING MINDZ for any kind of assistance.

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