Study abroad: How to get discounts using your student ID

Study abroad: How to get discounts using your student ID

Studying in the US needs proper financial planning and budgeting. The balance between any two nations’ currencies is in constant fluidity that is determined by aspects like each nation’s inflation, debt, interest rates, political stability and trading agreements. While studying in the US it is essential to understand the currency exchange rates to create a budget altered to your lifestyle. Student life is not a time when one has heavy cash flow, but with proper planning one can live comfortably within one’s means. CREATE A BUDGET To begin with you should identify all the sources of income which will include allowance from home, summer jobs and savings. Under expenses one needs to consider the fixed costs like tuition, rent, utilities and when they are due. The Form I-20 only comprises basic estimates of mandatory expenses such as tuition fees, accommodation, meal plans, health insurance (if required), and books.

BLOOMBERG

However, students cannot overlook other personal expenses such as clothing, activities, travelling and entertainment. When you subtract all expenses from income, it should be a positive number. SEPARATE NEEDS AND WANTS The idea of having a budget is that it makes one take a close look at one’s spending habits.

Every expense can be broken down into two categories, needs and wants. Things like tuition, utility bills and rent are fixed costs and they need to be budgeted for first. Expenses which fall into the category of wants can be cut down. For example going out for a drink with friends, dining out and spending on movie tickets can be cut down if required. While eating out is good for socialising, students should make the most of their meal plans. CUTTING BACK ON EXPENSES Students should make a conscious effort of looking at all their costs and see how they can save. Negotiating on accommodation rent and inclusive utilities, meal plans before grocery shopping and more are some of the smart ways to perk up savings.

Buy used stuff from second hand stores, garage sale and online used stuff stores whenever possible to save on furniture, computers and sporting equipment. Use of discounts and buying during a sale is possibly the most effective way to sustain during financial crunches.

Coupons are abundant on the internet, so register onto some best websites and search for savings there. Students can look up on the internet for second-hand books or swap books with other students to avoid spending extra. Make the most of your student ID as it can get you discounts on travelling, at theatres, entertainment places and tourist attractions. They all add up. BE PREPARED FOR AN EMERGENCY Even when you have budgeted for expenses, some expenses may crop up unexpectedly. This could involve car or computer repairs. Setting aside some of money always comes in handy during such emergencies.

Understanding one’s finances and spending wisely is the key.

Source | Hindustan Times | 8^th May 2019