A Short Guide to Online Money Management for International Students

Effective money management can be made through online-based solutions and platforms. These often include spending trackers and budgeting apps.

As an international student, having control over your cash flow is a great step towards full independence. At the same time, it also enables you freedom over where and how you want to spend your money.

There are plenty of online money management tools out there that you can utilize. Here is a short guide to online money management to help you get started:

Currency Conversion

Adjusting to a different currency is indeed challenging. And you may still want to make payments in your home country’s currency.

It’s necessary to consider that money doesn’t equally translate across the globe. Although some students find it more convenient if they use a currency they’re used to.

Online payment platforms such as PayPal offer real-time conversion of money to any national currency. Whether you’re receiving or sending money, you can quickly convert to any currency available on their settings. 

You can also use other online payment channels as long as they’re regulated by a central bank. One key thing to remember is that online money platforms are susceptible to fraud. Perform adequate research and don’t send money unless you really trust the other party.

Student Discounts and Perks

One of the best ways to save money as an international student is to leverage discounts. There are many student discount options for foreign students. These often come through discount cards and sometimes through store policies.

A good example is the ISIC or International Student Identity Card. The ISIC has a webpage where cardholders can filter through various discounts. These discounts are categorized into food, accommodation, travel, services, and more.

A quick Google can also be beneficial for you. You can search for stores near you and look into certain dates like sales and exclusive offers. 

Spending Tracker

You can use a spending tracker in two ways. One, if your mobile bank has a built-in spending tracker feature. And two, if you download any spending tracker app from the play store or app store.

These apps typically include a feature such as adding expenditure categories. They also automatically compute your total expenses based on your input.

Depending on which app you download, you may even create a daily, monthly, or annual budget. Some apps also alert the user once they’re close to their spending limit. Download an app or apps that have all the features you need.

Pricing Comparison

Another great app to add to your online management tools is one that enables pricing comparisons. For example, if you want to compare the prices of textbooks in your area, you can visit a website or download an app that specifically does that. 

There are plenty of websites that compare prices across a wide range of products. These include travel accommodation, food, stud materials, clothing, and more.

Online management is essential for international students these days. Flip through our stories here at MSM Unify, overseas education consultancy, to get more money tips and tricks when studying abroad.