Studying abroad in Europe is an exciting adventure, but it also comes with financial challenges. Between transferring money internationally, saving for travel and adjusting to new costs of living, students need smart strategies to stay on top of their finances. Here’s how to manage your money in a smart way while studying in Europe.
1. Create and follow a reasonable monthly budget
Start with your monthly income (scholarships, part-time work, family support) and subtract fixed costs like rent, insurance, transportation and food. Allocate a portion for leisure and travel, and stick to your limits using budgeting tools, such as simple Excel sheets or specialized apps.
2. Track spending in real time
Nowadays, many fintech apps offer instant notifications and expense tracking features. One such example of a smart, yet simple solution is CFPS app. Use it to keep tabs on daily spending and identify areas where you can cut back. Knowing exactly where your money goes is key to avoiding overspending.
3. Save on international transfers
Need to receive money from home? Avoid high bank fees by using CFPS app that offers low fee, fast & secure international transfers. The exchange rate between different currencies is favourable too, so you get more of what you’re sent.
4. Take advantage of student discounts
Europe is full of student deals on transport, museums, restaurants and more. Look for special deals in your local community and also, when you plan your travels, do not forget to ask about special offers on food, movies and cultural sightseeing – you might be surprised how much money this simple lifehack can save you.
5. Set savings goals
Even if you’re on a tight budget, saving a small amount each month can add up. Whether you’re planning a summer trip or preparing for unexpected expenses, always put aside a certain amount. You can even automate this process through rounding up your expenses and putting the leftover to a savings account. Do not forget about the opportunity to get an interest on your savings – this way your money will generate you more income in the long run.
6. Be security smart
Public Wi-Fi and unfamiliar ATMs can be risky. Fintech apps with virtual cards, instant card blocking options, biometric logins and spending alerts help keep your account secure. Always choose a trusted fintech app with renown accreditations, such as CFPS, which is PCI DSS compliant and therefore adheres to the highest security standards.
Living and studying in Europe can be life-changing. With the right financial tools and habits, you can enjoy your time abroad without financial stress. And CFPS is here for you when you need a simple, yet powerful solution to manage your finances wisely. In only 10 minutes’ time, you can open your account, issue a free to use virtual card and use it anywhere in Europe.
