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Money Savings Tips for Students Abroad
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saurabhg Offline
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Money Savings Tips for Students Abroad

Let us talk about savings and personal finance for students. If you don’t have work experience before coming abroad, students usually find it tough to understand financial concepts, credit score, credit history, bank accounts and other financial terms. This post will give an overview about:

How to handle money
How to save money
How to avoid credit card traps
How to effectively manage your personal finance (and life)

Planning and Budgeting-
Track every penny you spend (I use mint.com).
Make a budget and stick to it.
Monthly expenses will increase gradually as time passes.
Open an Online Savings Account to deposit money over $2000.
Checkings account doesn’t pay interest.
Saving accounts offered by traditional banks give less than .25% interest.
Don’t buy things that you cannot afford.
Always look for deals before you buy any product and shop online.
Before placing the order, try to find additional coupon code.
Find a job and apply for SSN ( Social Security Number)

Credit cards and Credit History-
Apply for a Credit Card as soon you get SSN.
American Express Blue for Students, Citi Student Cards are good place to start.
Don’t apply for multiple cards. Just 1 card should be enough.
Use the credit card to make day to day purchases.
Use your card only if you have money in you checkings account.
Pay your card in full every month. Using credit cards builds your credit history
Good credit history = high credit score
High credit score= low loan interest rates in future
You will get loan to buy a car once you get the job
Good Credit history = low security deposit (apartments, utilities,..)
It’s bad to carry balance in credit cards.
Understand how credit card payment and interest are calculated.
Don’t play balance transfer games.
Don’t apply for credit cards just because you’re getting $100 free or a free t-shirt

Credit Score
FICO credit score ranges between 300 to 850. Excellent Credit Score = Above 740. It takes time to build credit score along with credit history. Credit score is determined by:
How you pay the bills -credit to debit ratio (credit limit to your balance) -length of credit history -types of credit accounts (credit card, car loan, mortgage, utilities)
Credit scores are reported by 3 credit bureaus: Trans Union; Equifax; Experyouyouian
Don’t mess with credit cards and credit history.
Don’t play games with credit card offers (balance transfer).
Understand how credit score works.
Spending time to learn about credit score will save you a lot of money in long run.
Don’t apply for too many credit cards for zero percentage APR or balance transfer.
Monthly Expenses
Create a spreadsheet using Google docs and share among roommates.
Clearly define a cycle on who is going to pay for expense in what order.
It’s good to have atleast one account in your name (power, gas, internet, tv, ..)
Don’t be silly in sharing few cents or dollars.
First month's expenses will be high.

for more such information visit- https://amberstudent.com/resources/blog/...egWe8YseIM

12-29-2017 04:37 PM
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