Studying abroad is the dream of many Indonesian students. The reason is, apart from being able to obtain quality education, the experience of living in another country can also provide very valuable international insight.
One of the biggest challenges when studying abroad is ensuring that your financial needs are met properly, from tuition fees, accommodation, to daily needs.
Apart from that, regulations from several countries make sending money to students studying abroad a challenge in itself.
To make it easier to send money from Indonesia to abroad, one of the best solutions that you can use is the Livin’ by Mandiri application.
To ensure that your financial needs are met properly, good money management is very necessary. Here are some important tips so you can manage your finances better when studying abroad.
Create a realistic monthly budget
In some countries with high costs of living, such as the United States and England, strict budget management is very important.
You need to identify expenses for one month, such as rent, food and transportation. Then, budget the monthly expenses you need.
With this budget, you can ensure your expenses do not exceed your monthly income.
Apart from that, you can also use a financial management application to help monitor cash flow in real-time.
Make sure money transfers from Indonesia are fast and safe
Sending money from Indonesia is really needed by students who study abroad. Therefore, choosing the right foreign exchange (forex) solution is very important.
The Livin’ by Mandiri application offers a foreign exchange transfer feature which is ideal for student needs. Because, this feature allows fast money transfers, even in real-time for certain currencies.
With this feature, you can make transactions at any time without worrying about bank working hours.
Apart from that, this feature can also guarantee that the money sent is received in full without additional fees which are often a problem in international transfer services.
Choose a transfer solution that is cheap and efficient
As a student studying abroad, international transfer fees can be an additional burden due to significant exchange rate differences.
Given these challenges, it is important for you to choose a transfer service that offers competitive rates and low fees.
Livin’ by Mandiri offers cheap transfer fees and competitive exchange rates. That way, you can save more money every time you make a transaction from Indonesia abroad.
The application also offers high flexibility in making transfers to seventeen destination foreign currencies, including US dollars (USD), euros (EUR), Australian dollars (AUD), Singapore dollars (SGD), and pounds sterling (GBP).
To add flexibility, Livin’ by Mandiri added seven new foreign currencies, namely yen (JPY), won (KRW), ringgit (MYR), Swiss franc (CHF), UAE dirham (AED), dong (VND), and peso (PHP).
With these various advantages, customers will get many choices for carrying out transfer services to countries in Asia and throughout the world. In fact, you can now also send US dollars worldwide.
Look for scholarships and student discounts
With many universities offering scholarships or financial assistance for international students, taking advantage of them is a wise move to ease the burden of tuition and living costs.
This is because scholarship funds can help with most educational costs, and some scholarships can even support daily expenses.
Apart from scholarships, there are also international student cards to get access to various offers that can save money.
Save on daily needs
Living abroad can be expensive, especially if you’re in big cities, like London, New York, or Tokyo. Therefore, saving on daily expenses is very necessary.
You can reduce daily expenses by cooking for yourself, using public transportation, and reducing entertainment activities.
Apart from that, you can also look for more affordable accommodation or share accommodation with fellow students to save on rental costs.
Take advantage of technology to manage finances
Financial management is getting easier in the technological era. One of them is a financial application that helps track expenses, set a budget, and even provides warnings when the budget is exceeded.
With existing technology, daily expenses can be managed well and the financial decisions taken will be wiser.
Studying abroad requires careful financial preparation, starting from wise budget management, utilizing scholarships, to choosing profitable foreign exchange transfer applications.