Imagine living a remarkable life, achieving great scores, and enjoying financial stability while your friends struggle. It may sound like a dream, but it is possible with a few key steps. This article, written by a Nepali international student in Canada, is dedicated to international students, aiming to shed light on personal finance and make their lives a little easier. Being an international student can be challenging, particularly when it comes to managing finances in a foreign land. Balancing the high cost of living, dealing with inflation, paying hefty fees every semester, and saving for the things we desire can be overwhelming. However, by establishing a solid financial plan and structure, you can free your mind and focus on your academic pursuits, ultimately building a successful career in your chosen field of study.
As a Nepali student of finance, I would like to share some advice with international students:
The easiest and most effective way to achieve any goal is to break it down into smaller, achievable parts. By setting long-term goals and breaking them down into short-term targets, they become more realistic and manageable. Personal finance may seem complex when viewed as a whole, but when broken down into smaller components, it becomes simpler and easier to grasp. Remember, “Personal finance is an art that we must master.” You don’t need to get everything right to succeed; you just need to consistently take a few correct actions. With time, patience, and effort, it is possible to get your finances on track. Design a system that suits your lifestyle.
Making sound financial decisions can have a significant impact on the lives of international students, so it is crucial to plan carefully and utilize time and money efficiently.
As international students, we often find ourselves unfamiliar with the financial landscape of our host country, which can differ greatly from our home country. In a small survey I conducted with 20 international students, including fellow Nepalis, I discovered that almost all of them faced financial difficulties, and the majority admitted to repeatedly making poor financial decisions due to a lack of financial knowledge. However, it is absolutely possible to maintain financial stability by planning and organizing your income and expenses. Avoid the temptation to spend more simply because you have more. As your income increases, your savings should increase as well, not your spending. Every penny we earn will eventually be spent, so it’s important to spend it wisely and make the most of it.
For international students, cost and time are our biggest adversaries. We have so much to accomplish with limited resources. As a student of economics, I have discovered a useful principle: the Principle of Utility. It all boils down to how efficiently we utilize our resources. How can we make the most of every $100 and every moment of free time? Many students, including myself, work multiple jobs for long hours every day, yet still struggle to afford tuition fees and basic living expenses because we lack knowledge of personal finance. It’s essential to differentiate between wants and needs.
For example, I often complete assignments and quizzes while commuting to work, allowing me to achieve excellent grades. Additionally, I buy my groceries in bulk, turning time and cost, which are often seen as enemies, into my allies. Mastering this skill took time, and I am far from perfect, still making mistakes along the way. But most importantly, I continue to learn and grow.
Don’t let poor, unplanned financial decisions turn your exciting Canadian life into a nightmare. As a Nepali international student, you can thrive and enjoy it to the fullest.
