May 17, 2020
Money – What they don’t tell you about, while studying abroad
Tips to deal with the nerve wrecking experience of calculating your bank balance endlessly as a student
The decision to study abroad is a big one. Sure, moving to a new country can be overwhelming especially if it’s your first time traveling abroad. Anxiety a.k.a excitement during your first month is a given!
Have I invested in the right course? Is my faculty going to be any good?.. Should I have chosen the shared apartment that was a few miles away for a cheaper rate than this student accommodation?.. What kind of people am I going to meet in class?.. Am I going to experience any kind of racism in this city?..
There are a lot of thoughts that cloud one’s mind, but fortunately, these emotions subside in a while as you get acquainted with the city, its people, their way of life, your university, batch mates, professors etc. But, one thing that remains unchanged is the nerve wrecking experience of calculating those dollars endlessly. Sure, your bank account has enough money to help you sustain the duration of your course. Thanks to the education loans, or your super rich parents if you belonged to the ‘fortunate-few’ category.
Bottom line is, you just can’t stop yourself from picking up the Snicker bar from the supermarket, placing it in your shopping cart and then putting it back onto the rack just to ensure you don’t waste $2. Imagine doing this for every single item!
I’m personally guilty of this as a student myself. Back in the day, I remember visiting the stationary store at University and picking up those beautiful notepads and putting them back atleast six to eight times, before I finally gathered the courage one day to spend $8 on a smaller notepad.
Students experience this feeling with simpler stuff like buying a water bottle when they’ve forgotten to fill their bottles with tap water from home.. Or stopping themselves from buying that delicious cup of hot chocolate that their classmates are having.
Its never the question about not having enough money, but the very fact that when one is transacting in foreign currency, there is the anxiety of what if they were to run short of funds and can’t last the entire year. That’s when students resort to things like skipping a meal or eating just a banana for breakfast or choosing to walk to Uni as opposed to taking the bus/train. Besides, they are also experts at coming up with lame excuses to not join a dinner event with their batch mates that would cost them $15 to $25, and the list goes on..
I usually restricted my monthly bills (grocery, eating out, socializing etc) to about $350, while most of my friends would spend about $1000 on an average. There have been months when my expenses didn’t go past the $150 mark too! And, those were crazy days!
Was it hard? Sure, it was. Did it feel horrible that your friends could buy stuff without thinking twice while you had to count every penny before spending it? Sure, it did. So what should one do? How do you deal with life as a student who is anxious about shortage of funds?
Here are few tips that I feel could help deal with the situation better:
#Tip 1: Stop calculating or planning finances in your local currency
This is going to set you up for a really hard time if you do not change your mental model. Start looking at US Dollars as ‘US Dollars’ and Great Britain Pounds as ‘Great Britain Pounds’. If a pack of Doritos were to cost you $3, it is ‘$3’. It isn’t Indian Rupee 220 or Czech Koruna 75. That’s it! If a water bottle costs you GBP2, take it, or leave it. But, NEVER convert it to your local currency!
The water bottle might have costed you a fraction of it’s cost in your homeland, but, gentle reminder.. you aren’t in your homeland! Bench-marking and comparing costs between your native country and the one you are living in, is like comparing apples and oranges. Its pointless.
#Tip 2: Fix your monthly budget based on your annual bank balance
Lets assume you are pursuing a 1 year post-graduation degree at London, and you have a bank balance of GBP8000 for just living expenses (considering accommodation costs have been paid already). That means the monthly budget you could afford is roughly about GBP650. Of this 650, if you were to use 300 for grocery, 200 towards eating out and socializing, 100 for phone, internet, and miscellaneous, you are still left with 50 to save or use towards unforeseen expenses. Try saving a bit though, don’t spend it all.
#Tip 3: Its alright to say “No”. You don’t have to go to every single party your friends invite you to
There are times when you will have to take part in social events, celebrate a friend’s birthday, or may be your classmates have decided to hang out for beer that evening. Its alright!
Being too uptight and anti-social, will snatch away your opportunity of meeting people, getting to know them, collaborate on future projects, or just bonding with the team. But, having said that, you don’t necessarily have to go to every single outing since your friends insist. Feel free to decline politely, “Hey guys, I’m a bit tight on funds this month.. May be I’ll join you next month..” Bottom line is, don’t give in to peer pressure.
The same goes with shopping and traveling. Spend on what you can afford. If it is going to drain you of your funds, say “No”. Its wiser to put your foot down today, than regret tomorrow and suffer the day after.
#Tip 4: Its easy to get carried away by people around you. Acknowledge your reality
There are times when you just want to let go, and have the best evening of your life! Go ahead, get sloshed, have fun.
But, remember, not everybody is on a budget like you. There could be buddies of yours from super rich backgrounds, who wouldn’t mind spending $150 at a single party. And, chances are highly likely that you would be joining them too, only to realize the next morning that you’ve exhausted more than half your monthly reserve. Balancing out how much you want to spend and still ensuring you have a good night of dancing and partying, is something you might want to pay attention to.
#Tip 5: Stay in touch with your folks back home every now and then
Calling your family, friends or partners is a good way to not only connect with people back home, but it also helps remind you of where you come from.
It is important to let them know of your situation, the challenges and shortage of funds (if any). Sometimes it is only natural to be seduced with a lifestyle that is so different from what you were used to back home, and now suddenly after spending six months in a foreign land, you find it difficult to come to terms with the kind of restricted budgets you need to live with, while your friends do not have any of these problems. Frustration builds up since you no longer can resonate with what you can/cannot truly afford.
Remember, these are normal human emotions. And, staying connected with your family back home is only going to help you stay grounded and focus on the deed at hand — completing your graduation, whilst living a life you desire.
To summarize, it all boils down to how soon you adapt to a new lifestyle within your constraints. Hope you found some of these tips helpful.
Was there a different strategy you followed inorder to not let money bog you down during your days at Uni? What was your experience like? I’d love to have a chat.
Kasinatha Rao is a Product Designer , focusing primarily on User Experience. He also creates documentaries and edits videos for YoursTrulyBlr
