When studying overseas, you’d often think about how to save money for your travels, living expenses, education necessities, and saving for emergency cases. Hence, it’s important to plan your finances well. Here are some tips for you to plan your spending carefully.
 

When you plan your finances, you need to assess your belongings and essentials. Ask yourself these questions:

• What do you need when you’re overseas?
• What are your essentials?
• What are the items you don’t need?

Once you have decided which items are important, list down the things you need to pay for regularly while you study overseas. Keep in mind to only keep the essentials on the list. 

• Accommodation fees
• University fees
• Car rental / transportation fee
• Utility fees

You should research the living expenses of that country and roughly plan your budget. When you have a large sum of money in your savings, document all your finances so you can keep track of where your money is spent. For example, make a spreadsheet or use an e-banking system to track your spending.
 

Scholarships are widely available nowadays with flexible terms and conditions, so always inquire about the university’s internal scholarship, external scholarships, or governmental scholarships.

Common financial aids you can get as an international student include:

• University scholarship
• Government scholarship
• Scholarships by charitable organizations
• Fellowships
• Loans

With the aid of a scholarship, you are able to plan your expenses better. Look out for universities that offer scholarships for international students to reduce your financial burden. 

Your student ID holds a lot of power when it comes to discounts. There are many perks for a student. Use it to your advantage because most restaurants, book stores, entertainment stores, and cafes usually have student discounts. Some countries also provide student discounts on public transportation which is an essential part of your daily expenses. This can help you save more money. 
 

Living expenses may differ depending on situations which could mean you may need to exchange your money when this happens. This can be a hassle, especially when you have to constantly queue at the money changer and look around for one that offers good exchange rates.

This could be troublesome  when you are a student because you are always juggling assignment deadlines, going to classes, attending discussions, lectures, and more.

Now, you don’t have to wait in line at the money changer or worry about having to open a foreign bank account; you can convert the money you have in your savings account wherever you are by using HLB Connect, our e-banking online system in Malaysia.

Did you know that HLB Pay&Save Account allows you to buy and sell foreign currencies at competitive rates with just a few taps on HLB Connect Online? You can do this at your convenience while studying abroad with the Multi-Currency Feature. This account also gives you interest when you deposit, make online payments, and spend with your debit card.

Planning for your finances especially with a different currency can be a lot to process and may be overwhelming. With these tips, you can be more financially prepared to better enjoy your student life. If you are looking to open an online banking account in Malaysia for when you study overseas, open an HLB Pay&Save Account with HLB Connect Online, to make tracking your spending and converting to 12 different foreign currencies is a breeze.