Budgeting and Managing Finances While Living in Student Accommodation in Porto

Traveling far from home for studies is exciting. However, feeling nervous is okay. However, you need to start understanding the way to live independently and manage your finances like a pro. Porto is one of the beautiful cities and here you can budget your finances well as the cost of living is less and you can find many part-time job opportunities.

While staying abroad, you need to manage different expenses comprising housing, food, entertainment, and so on. We understand that settling in for the first time can get challenging but with the below-mentioned list, you can easily manage all your money:

Start with creating a budget: When you are starting to manage your expenses, it is significant to create a budget. You need to know what is coming in, including your loan expanse, wages from your part-time job, etc. to set accurate limits on your expenditures. From bills and food to books and travel costs, you need to take everything in your budget. If you are not sure how much you are going to spend on different things, you can look for some online tools out there to calculate your budget. You can get an idea of average monthly living costs, broken down into lots of heads such as accommodation, transport, internet, food, etc.

Look for student discounts: The best part about being a student is that you get different offers. Discounts for students are usually available online and in person. You can look for it at retail shops, cafes, restaurants, cinemas, theatres, museums, etc. You can generally get a discount of around 10- 20% of the full price. You can also get the best discount on birthdays or any other special occasions. While you can generally be prompted at the checkout. You can keep your student ID on you if asked for proof. There are different sites and apps that can help you search for discounts and deals depending on what you are after.

Consider Travel Expenses: Take advantage of a 16-25 railcard that can help you get a discount on rail travel. You can get special discounts in other categories with this card. Any students who are above the age of 26 can apply for the train card to save money. You can also go with discount cards to save money on everyday commutes.

Track your spending: If you are creating a budget and do not follow it, then you can track your spending. Whether it is small or big, you can keep a note of everything. Do not lose track of it. It can lead to inaccuracies and distract your budget. At the end of the month, you should analyze all your expenses and understand where you need to make changes to save some money.

Look for accommodation wisely: Student accommodation Porto is one of the biggest expenses while you are studying abroad. Most of the students go with university accommodation during the first year. Some of the units have a wide range of options. However, there are private accommodations that are relevantly cheaper and full of different facilities.