Studying abroad can be expensive, and especially if you are in one of the top collegiate zones in the world. Right from accommodation costs, irrespective of what you opt- hostel or private rooms, to personal expenses like dining out on weekends, appeals; these all are financially back-breaking for our parents. We as Young, however, don’t understand the real worth of money, since we don’t earn, that’s my dad’s cash Does that sound similar? If yes, then that’s not the correct approach. Understand the efforts of your parents’ and acknowledge that by making every penny count.
Here we’ve rounded up three easy ways to track your spending while you study abroad
1. Maintain the Receipts
Although the idea of keep receipts in the phase of digitization may sound an old-school way of tracking spending, its quiet effective to quickly determine how much we spend monthly, and where the money is freely flowing. The spending tally done via receipts will enable you to stumble upon loopholes in your spending pattern, means where you can make necessary cuts to save that extra dollar for the next month. Additionally, returns and exchanges of stuff you don’t need will legally become quite easy with receipts.
2. The Envelope Trick
That’s another old-school trick to track your spending. For the envelope method, you have to scrutinize your previous month spending to predict spending pattern for the current month or the upcoming. After this, you have some envelopes, and put some cash in each of them covering several categories of your spending, for room rent, food, personal expenses, travelling, etc. At end of it all, any leftover money in the envelopes is a reward for your smart saving.
3. Cut the Plastic
In recent years, the use of plastic money is increasing at the rate the rate of knots. That’s good to curb the menace of corruption and fake currency. For your tight budget, however, that’s not the best option, and especially if you are not a penny-pinching kind of flock. Many studies and surveys also tell the same tale. Of Course, we can’t toss away our credit and debit cards from our wallets but can take necessary steps to reduce the frequency of use.
For any student visa to US advice contact Chopra Consultancy.