Needs Vs Wants: Budgeting Cheat Sheet For International Students

When separating your wants from your needs, it helps to check with yourself how essential the item is with regard to your daily life.

If the item is important for your studies such as tuition fees or something you need for your day-to-day living such as groceries, then you can prioritise and spend on them – since these are needs. Other needs also include transportation and accommodation.

While it can be easy to confuse wants with needs, do remember that your wants aren’t exactly as crucial as your needs (even though it may feel like it!)

Wants – such as student holidays, high-end restaurant meals or even a trip to the casino – should be an occasional treat rather than a regular one. After all, you can do without most of them as long as your needs are covered.

Now that you’re able to identify your needs and wants, it’s time to move on to managing your student budget so you can stretch your dollar!

As they say, it is important to have some savings set aside for a rainy day. After all, you never know when you’ll suddenly need a larger sum of money.

It helps to keep this emergency fund separate from the money you get to access daily – perhaps in another bank account – so that you don’t accidentally spend it.

Your essentials such as books, bills and accommodation are non-negotiable and you’ll definitely have to fork out the money for them.

Hence, you should take note of the specific amount to pay and make sure that you have this money ready for when you need it, be it monthly or on a specific date.

Either paying upfront or parking this money in a separate account could help ensure you have the necessary funds.

You may be unsure about the exact cost of living in your study destination before you get there. However, you can do some research or get some information from family and friends who have been to the country before you fly over. If all else fails, taking the first few days to get a feel of the cost of living could help too.

After which, setting a budget can help you to control your spending. Start by making a list of all the things you need to spend on and how much each item costs, then do the math and plan from there. Once you’ve done up your budget, the next step is to stick to it! In the event you have any extra money left after getting all your needs covered, you can give yourself a little treat and save the rest.

From student meals to public transport concession passes, the saving possibilities are endless when you’re a student. Hence, tapping into student discounts is one of the best ways to save on your day-to-day expenditure.

Getting an International Student Identity Card (ISIC) ensures that you have proof of being a student in the country you’re studying in and also gives you access to a whole world of exclusive discounts. Having said that, getting discounts doesn’t mean you get to go on shopping sprees! Making shopping lists and sticking to them whenever you’re out can help keep your spending in check.

While it might feel like a struggle to juggle a part-time job along with your assignments and exams, this is actually a great way to get extra pocket money to spend!

As a part-timer, you’ll have the flexibility to work according to your availability – that means you can plan according to your schedule and take on those shifts based on your capacity.

On top of earning that additional income, you’ll also get to build your skills and grow your professional network, which we believe is a win-win situation for you.

Have you been thinking about furthering your studies overseas? At IDP, we’re here to support you and turn your dream into reality!

Our team of education counsellors can help you with tailored guidance to pursue your career aspirations abroad and navigate the application process with you.

Also, they can give you budgeting advice for your study adventure overseas so that you stretch your dollar during your time abroad. Get started with your free counselling session today!