It is imperative that you monitor and calculate your expenses when you travel to study in Ukraine because you are not at home and you will have a limited budget of cash. So you have to be careful about your financial expenses and your necessary needs abroad.

But, how can you as an undergraduate manage your money while you study in Ukraine?

There are many things that can help you save your money as a university student abroad, such as setting a budget for yourself and finding ways to manage and manage your expenses, and also to get a job that will help you earn some money and at the same time add to your practical experience.

We have collected for you in this article 7 of the best tips to help you manage your money while studying in Ukraine. Let’s get to know it in detail!

1: Plan your budget

One of the best ways to monitor your finances and expenses is to plan a monthly budget at the start of each month. Sit down and write your total monthly income in one section, then in the other, write down your expenses including tuition fees , food, books, references, study materials, housing rent, the cost of hiking and entertainment, and everything else you can think of as expenses.

Once you are done writing this down, divide the budget into several parts and do not forget to put in a saving section and write in it the financial value you want to keep and save and other sections for the money expected to be spent on necessities or emergencies.

If you are not sure of your monthly spending or question your ability to organize it, read our next tip that will help you a lot!

2: Record your own expenses

Whether you’re a tech fanatic or a fan of old paper and paperwork, you can use many of the great, easy-to-use methods available to track your expenses and plan your budget. For example, there are special financial notes and books that contain clear and detailed sections of the budget for each month.

You can use one of the modern smart phone applications available that takes your hand step by step in drawing up a well-defined plan for your budget. For example, if you ran into a fiscal deficit in January, this smart app would alert you. In addition, this method will provide you with tracking of all your bank balances and accounts. It will give you a complete picture of the things that you are spending more or less on. And after one month of using such apps, you will have a comprehensive graph of what you spend in your life and put your hand on what you need to cut back on.

3- Use the student discount card

Do not hesitate to buy student discount cards wherever you go because there are many places that offer special discounts for students, with rates ranging from 10% to 20%. These percentages may seem really small compared to the size of student expenses and your needs while studying abroad, but trust that even this small percentage will save you a lot in general in general.

With these student discount cards, you can get discounted prices in many restaurants , cafes, transportation, and more in different cities. Whenever you visit a place, do not hesitate to ask about student discounts. And do not be ashamed of anything, my friend, there is no shame in saving money and managing it economically without extravagance or scarcity. On the contrary, you will be held in high esteem because society will view you as a responsible person with administrative skill.

4- Transfer a large amount of money in one go

Whenever you want to transfer money online or elsewhere, especially when converting between different currencies, we recommend that you convert any large amounts at once instead of dividing the transfer process by several times so that you do not lose a lot of money due to money transfer taxes or the change in the value of the currencies used in the transfer. This way, you will save a lot of money in the long run.

5- Open a savings bank account

If you do not have a savings account, open a savings account with the bank that offers you the most suitable offer. You may have a low monthly income as a student, but your savings and accumulation of this simple money in the bank will benefit you in the long run because the money loses its value over time. This will help you protect you from fluctuations in currency values.

The step of having a bank account in your new study area will undoubtedly be beneficial on the financial level, but on the other hand it may also create a feeling of some belonging to your new place.

6: Stop making financial comparisons on your mind

We always face different problems when we move from one country to another, and one of the most important of these problems is the problem of cultural difference . You should realize that every city has its own standards of living that are different from other cities. Therefore, it would not be good for you to always compare the prices that you know in your home country with the prices that you will find in the new city in which you study abroad. In fact, this will make you feel frustrated, especially if the prices are more expensive in the new country.

Our advice to you is to stop comparing prices in your local currency when purchasing your needs in your new study destination, but consider the currency of the country in which you are studying and deal in it.

7: Talk to your colleagues and take their advice

It’s not uncommon to feel lonely in a big, new city. This feeling may intensify for you, especially if you are burdened with financial burdens that will require you to cover them in some cases. But what is the solution?

If you feel lonely at any time, talk to fellow international students and try to find a solution to your financial problems. From our experience, we assure you that most undergraduates struggle with planning their financial budgets – and they may have some great advice and past experience that can help you!

You may feel that managing your financial affairs on your own is difficult, especially at first, but do not despair, as this is the case for every university student studying abroad! As long as you manage your budget wisely and responsibly, do not worry about anything.

Published On: April 9th, 2021 / Categories: living in Ukraine /

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