Planning to study abroad? Here are 9 ways to manage your finances better!

Studying abroad is undoubtedly the most life changing experience!

The opportunity offers students not only the best chances to further their careers, but also the possibility to broaden their horizons, improve their prospects for the future, and take part in novel cultural encounters that can be educational in and of itself.

Record numbers of Indian students have been studying overseas. According to a recent research, Indian students are now the largest international student population in the UK.

The Immigration Statistics Report states that 127,731 visas were issued to Indian students in September 2022, up from 34,261 in 2019 by a whopping 93,470 (+273%). According to data from the Bureau of Immigration (BoI), an all-time high compared to student mobility records over the previous five years was reached by 6,48,678 students, who travelled overseas on student visas up to November 30, 2022.

To make the most of your experience and reach their academic and personal goals, Indian students who choose to pursue higher education abroad must plan ahead and prepare. Most likely, for many, this is the first time they will be fully in charge of and responsible for their daily lives when they are not at home or in their native India. As a result, learning how to handle one’s finances is essential.

Here are some crucial financial management advice for students as they get ready to study abroad:

1) Spending plan

Add up your monthly expenses for rent, food, utilities, travel, study materials, entertainment, and savings for eventual emergencies.

2) Insurance

The cost of medical care overseas might be high, so it is advisable to have insurance for the duration of your time there as a student.

3) Discount cards for students

With these, you can receive special offers at local eateries, stores, movie theatres, public transportation, museums, and other attractions. Similarly, a student travel card offers discounted local public transportation. While you are in India, you can apply for and obtain these cards. Some payment networks even provide them as part of package deals for students.

4) Reduce your expenditures of money

Try to limit the amount of cash you withdraw and use while creating budgets because doing so makes it more difficult to stick to them. Most businesses will accept your Indian bank’s debit, credit, or prepaid cards, as well as your local ban cards if you intend to stay longer and open a bank account. ATM withdrawal fees are also charged for cash withdrawals from your foreign card, but it’s fine to keep them on hand just in case.

5)  Obtaining a card from a local bank rather than a checking or savings account

Given that you won’t have any prior credit history in that country, keep in mind that the local bank credit card you receive will have the highest interest rate available. As you establish a solid credit history for the future, keep in mind to pay your credit card bills on time. Poor repayment discipline will result in higher interest and fees in addition to damaging your credit history there.

 6) Savings account, over a checking account

If you want the money in your bank to earn interest. Unless a specific minimum balance is maintained, there is a monthly fee for maintaining these accounts. Find out which has the lowest monthly fees. You can choose to open a simple checking account if the required minimum balance for savings accounts is greater than you can comfortably afford. Remember to ask about student discounts and fee waivers here as well.

7) Use of ATMs

Use your own bank’s ATM, if you have a foreign bank account; otherwise, you will be charged fees from both that bank and your own. Keeping track of your account balances is also advisable to avoid paying exorbitant overdraft fees. Setting low balance alerts is a smart approach to accomplish this.

8) Use currency cards

These are prepaid international payment cards that may be loaded with foreign money and used to make purchases abroad. If you intend to visit neighbouring nations while you are overseas, you might want to consider a multi-currency credit card to avoid paying FX fees on two currency conversion legs.

9) Control cards

Learn how to enable or disable your card controls for international point of sale (POS), contactless (Tap to pay), and e-commerce transactions from your bank app, if you intend to continue using your India-issued credit, debit, or forex card. With the ability to instantly disable payment functionality, this tool is particularly helpful to have in case a card is stolen or misplaced.

While there are many problems associated with studying abroad, managing money need not be one of them. Keep these pointers in mind while you prepare your finances, organise your life abroad, concentrate on your academics, position yourself for a prestigious profession, and, most importantly, create lifelong experiences and relationships.

Check out latest study abroad updates and blog here>

For Any Business Enquiries


Vineet Mehrotra is a senior management professional with a global working experience of 31 years, having worked in India for 17+ years as well as across the Gulf Region for 14 years . Worked in the capacities of Advisory Board Member/ Chief Executive Officer/Vice President/Group Director/General Manager managing varied roles for Profit Centre Head, Head of Business/Strategic Planning & Implementation & overall stakeholder Management portfolios , managing large teams of 300+
Follow Us On:


With 20+ years of experience in various sectors such as cement, construction materials. Insurance, real estate & education, Ashan has erstwhile worked in ICICI, HDFC & TATA groups and successfully held positions like Associate Director and Sr. VP. He brings along his wide experience of managing large direct teams.
Follow Us On:


Varun Khosla advocates collaborative thinking for advancing knowledge and works with specialists in Human Resources Consultancies. He believes that extraordinary results can be achieved with the right amount of inspiration, encouragement, and understanding of the people and processes.
Follow Us On:


Puja Saluja is an entrepreneur who zealously pursues ideas and brings them to fruition. During her decade and a half career, she has been instrumental in helping millions of Indian students to study, live and work abroad. Her commitment, enthusiasm, strong business networking capabilities, and vision ensure continuous growth for the organization.
Follow Us On:


Vasant Agarwal is an eminent expert on Emotional Intelligence. He is a Director at Discover My Mind/Indian School Counsellor Association and the author of several successful books. Discover My Mind is a community of people dedicated to Emotional Intelligence and related sciences. He has been a speaker at international conferences across India. He is also a Senior Advisor to the International Training Federation.
Follow Us On:


With a career spanning over 35 years , Seema is an intuitive person who looks at possibilities rather than limitations. Her ability to communicate and take people along ensures a strong buy-in across. She demonstrates personal traits of Integrity and trust that allows her to build strong teams that get more done.
Follow Us On:


Akhilesh Kumar is an MBA, Ph.D. degree holder with distinguished experience of 40+years and held various advisory roles in the corporate/academic world. He was a professorat MIT(Massachusetts Institute of Technology) for 15 years and currently working as a Vice-Chancellor at AI Karim University.
Follow Us On:


Globally Certified Mentor Life Coach | Corporate Coach | Spiritual Intelligence Coach | CEO Coach | Spiritual Counsellor | Motivational Speaker | Dale Carnegie T3 Trainer | Consultant | Writer

with a corporate career spanning more than 3 decades in cross cultural organizations …his strength is his breadth and bandwidth – with a focus on the educational fraternity.

Years of interactive group and individual sessions with Students, Faculty, Educational Leadership, Parental counselling and Corporate Management. The diversity and value creation that he establishes with young minds, helps create a personal connect and harness their potential. The personality development sessions with the young learners help identify and inculcate a sense of uniqueness, purpose, confidence and responsibility at a young age.

As a Motivational Speaker, his subject-range includes goal setting and accomplishment, stress management, handling adolescence, career counselling, developing leadership skills, principles of holistic living, spiritual aligning, work-life balance, communication and relationship management, meditation and mind management.

The testimonials on give an insight into the fulfilling experiences

Follow Us On:


James Kerr from Australia is a highly accomplished educationist with 30+ years of experience. He has headed educational institutions in various capacities. He is a very receptive consultant and his consultancy is fetched with clients from across the globe.
Follow Us On:


Since 90’s Vasudha along with developing leadership skills, advises and guides students to increase their confidence and help develop problem-solving skills. She had shared her experiences, life long learning and every thoughts in a bestselling book named GRATITUDE: The Purpose of Life
Follow Us On:


Being the winner of Rex Karma veer Chakra Award, Brahmanand S Siingh is also a National Award-winning filmmaker, author, speaker, and mentor based out of Mumbai. He hasmade remarkable critically acclaimed films and feature films which continue to acclaimacross many platforms.
Follow Us On:


Ashoo Kalra, an accomplished academician with 25+ years of experience in establishing reputed chains of educational institutions and is also a member of ECDF. Being a teacher and leadership trainer, she has published various textbooks and has been an ambassador for DRR activities and SDG Choupal. Besides this, she is an Honorary Board member of UNACCC as well.
Follow Us On:


Anuj is an Engineering graduate armed with MBA. He has close to two and a half decades of experience in Sales and Marketing including ten years in financial sectors. In his assignments he has overseen functions in General management, Sales/Marketing, Business Development, Commercial Excellence, Acquisition and Integration management, Channel Sales and Sales Strategy at ICICI Prudential and Aviva. Since 2019, he is an entrepreneur with knack of teaching finance.
Follow Us On: