5 Ways To Reduce Your Expenses in a Foreign Country

After the first few months of arrival in a country, most foreign students are already filled with regret.

There are certain choices human beings make based on intuition, but the habit of extravagance must be curtailed especially when in a foreign country when you are far away from home.

Students easily fall prey to extravagance when they travel to a foreign country, they are exposed to a lot of flashy things and they get distracted, you had find them buying gadgets and clothes which originally they wouldn’t buy.

Students, here are some tips to help you stay conscious of your spending and avoid extravagance in your new environment.

cutting down your expenses

 

Photo by – Michael Wagenhäuser

CONVERT THE PRICES OF THINGS YOU WANT TO BUY TO YOUR COUNTRY’S CURRENCY

This tip is very important as most students are not conscious of the currency the price of commodities are set, and often mistake them for cheap as they might think it is in their own currency.

This tip is also very important as most students are being sent their pocket money or monthly allowance by their parents in a different currency, which most times might be lower than the currency of that country the student is.

Take for instance, a student buying a biro at the price of $5 when originally he might have been able to obtain this commodity at 20 Naira in his country but because he might have unconsciously taken the currency as Naira, he would probably think it’s cheap, whereas $5 is 850 Naira when converted.

ALWAYS CHECK FOR ALTERNATIVES

Most foreign students fall into the trap of spending more simply because they neglect the fact that there could be cheaper alternatives for their choice of purchase.

For example, instead of spending money on a cab you could just take the school bus to the nearest bus-stop to your house and then walk the rest of the short distance to your house rather than spending more on a taxi.

It is very important to always find out if there are cheaper alternatives before making decisions.

AVOID SPENDING EXCESSIVELY ON LUXURY GOODS

Another common mistake most foreign students make is that they spend excessively on luxury goods rather than spending on what they actually need.

Students are easily carried away by luxury goods because of social influence and sometimes even sheer excitement and remember what is wasted on luxury goods could be spent on more necessary items.

HAGGLING IS ALLOWED

Be informed, haggling is allowed even in foreign countries.

Sometimes, indigenes charge a foreigner more on goods as they know the foreigner might not be familiar with the original price, so pricing the cost of goods is essential as this will tell you whether or not the article is worth the price or not, sometimes the seller would succumb and probably sell it at a cheaper rate.

Many foreign students think haggling is not acceptable but this assumption is practically wrong or maybe they are shy.

BILLS! BILLS! BILLS!

In developed countries, Big brother will charge you for everything you use; Light, water, street light, Garbage and any social amenity you make use of.

Cultivate the habit of using only what you need.

  • Be efficient in the use of electricity and water
  • Switch on light bulbs and electrical appliances only when you need to
  • Do not leave the heater on for longer than necessary
  • Boil water instead of using water heater
  • Switch to energy saving bulbs

It is very important to cultivate this habit if you plan on reducing your costs on bills.

We hope this article has been helpful. Please leave your comments and if you have any other point not mentioned here, please share with everyone right on our comment box.

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