Unless you have a college fund (lucky you) or your parents are willing to put themselves in massive debts; chances are you’re going to need to switch up your current lifestyle to finance your future lifestyle. Here are some budgeting tips that helped me and in turn can help you reach your savings goals.
Save 1-2 years prior
If you plan on studying abroad in 2022, then you should start saving from 2020 or 2021. 1-2 years leaves enough room to calculate all expenses and forecast a proper budget. How much you intend on saving is entirely up to you based on your income and monthly expenses. Just know that there is no such thing as ‘saving too much!’
Meal prepping was one of the best strategies I used to start saving to study abroad. My advice is: learn to cook. It will not only save you money, but it is also so much healthier for you. Since I love cooking, it wasn’t difficult for me to create a meal plan and prep every week. I even meal prepped breakfast 🙈. If you’re a beginner, start with simple, quick recipes that won’t require much work or time in the kitchen. By learning to cook now, you’re actually preparing for when you move abroad and actually have to cook for yourself. Look at that, two birds, one stone! 😉
Do I really need the latest Fenty lip gloss or video game? 🤔 Ask yourself this every time you decide to buy something that is not related to your future goal or an essential expense. You must stay focused and limit anything that can reduce the slightest amount of cash from your savings. These little luxuries add up and before you know it, you’re $2000 less from your savings. (fyi, this is not good)
keep track of expenses
It’s important to keep track of all your monthly expenses to plan for proper savings. A simple Excel spreadsheet would suffice but there are many apps that you can use on the go to monitor your daily expenses. Some apps allow you to categorize your expenses so you get a clearer idea of where you might need to cut down.
expect the unexpected
Have you ever heard of a Rainy-Day Fund? It’s basically money that is used for unexpected situations. Newsflash, I guarantee you, you’re going to have at least 1 or 2 rainy days when preparing to move and this money will be quite handy. Apart from your regular savings, save a ‘lil’ something extra in another account to cater for any expenses that arise during preparation.
Was this post helpful? If so, share to help a friend!