There has been an increasing number of folks studying in China, and this is due to the growing Chinese influence across the globe. China’s economic activities in other countries, as well as political relations and cultural activities, have seen many folks go to the Asian giant for education, work, and even tourism purposes.
Getting an education in China, however, has been continuously growing. This is due to China’s global position, as well as the exposure that one stands to get by staying in China. However, the issue of expenditure and living in China is one that you need to carefully consider, like how to save your money when studying in China.
Come Up With a Budget
Creating a budget – more specifically a weekly budget will help you to conserve and save your money. Granted the expenditure at the first weeks of your stay in China will be high since you will need to acquire stuff that will help to set you up and get you up and running. As time goes by, however, you will not have to purchase these items again, and you will be concentrating on basic stuff like meals, personal items, traveling, and other expenses that come in throughout your stay.
When you come up with a budget, you will be able to track your expenses. It will also limit your spending, and prevent you from falling into the trap of impulse buying or expenditure. This way, you can save yourself some cash, and you could come up with a dedicated savings account, or any other account that serves the same purpose.
Opening a local bank account can help you to save money that would have gone to ATM fees and conversion. You can save your money by converting a set amount of funds into the local Chinese currency, and later depositing these funds in the local bank account that you have opened. This fixed amount depends on your expenditure, and it could range from a week’s spending to a month’s spending. Again, for this to work well, you need to have a budget.
A budget – whether weekly, bi-monthly, or monthly; will help you to have a correct figure to convert and deposit in your local bank account. This way, you get to save incurred in the process of converting your foreign currency to local currency every time you make a withdrawal. Also, it will help you save on ATM fees, leaving you with more cash in your account.
Whichever angle you care to look at it, opening a local bank account will help you immensely than operating an account laden with foreign currency. In the long run during your studies, you get to save money that you can channel for other purposes.
Eat Local Food
Eating local food can help you a great deal in your expenditure. When you eat local food, it means that you have to shop for that food at stores or supermarkets. Buying local food is way cheaper compared to eating fast foods or junk, and is also healthier. Fruits and vegetables are essential to your health – and that is why you should put them on your list when it comes to your diet. Not only are they healthy, but they are also popular priced.
Hitting up the local markets once in a while for local foods and local recipes can help to bring your budget down when it comes to food-related expenditure. Beer, pizza, burgers are relatively expensive, and relying on them to constitute your meals is as unhealthy and wasteful as it gets.
Check Out for Affordable Events
There are times that you will want to go out and enjoy the night with a few friends. Well, this does not mean that you have to break the bank every time you have plans for the night. By researching cheap events, free museum days, street festivals, and open-air cinemas, you can limit your night spending and save yourself some money.
Carrying your ID could also help you get discounts or other offers that could help cut costs. The aggregate effect here is that you get to save your money while treating and enjoying yourself at the same time.
In summary, there are various ways which you can save your money while studying abroad in China. Organizing yourself well, monitoring your spending habits, and adopting local practices can help you a great deal when it comes to saving money. The more money you save over time, the more you accumulate in your savings account or that emergency fund. These funds could be of use on a rainy day.