An Essential Open Letter to Foreign Students in Ukraine This Spring

Hi, fellow foreign students in Ukraine. I’m back with another letter as I promised in winter. Oh yeah! It’s spring. The season of light shower, warmth and chill. Are you ready for this season? I can hear someone scream, “Yes”. Ok, let’s go!

This letter is not going to deal with how you should dress in this spring (for those of you who are fashion maniacs), but going to state how you can manage your finances as a student (financial management).

Yes, I know that you’ve been waiting for this season in order to flaunt your beauty and style, but if you’ve poor financial management then you won’t be able to make this happen. You will be disappointed and look miserable.

So, let’s start with financial management.

I’m very concerned with a lot of students who fell short in their expenses because they lack financial management. No one is born with financial management gene –we learn it and you’re not left out.

I have garnered some baby steps toward your financial management as a student:

  1. Know Your Income
  2. Deduct your constant spending from your income
  3. Save 10-15 percent of your initial income for a rainy day
  4. Keep log of everything you buy no matter how little they are (This is not ridiculous folks. It literally helps one to  know how much one is spending and what one is buying that doesn’t worth it)
  5. Take the bus instead of constant cab/taxi or better still walk if you can (it’s an exercise during spring)
  6. Don’t live beyond your means (If you can’t afford staying in an apartment, don’t follow what others do. Remember that your family background is different from others. You can manage living in the dorm. After all, you’re still a student and you won’t live in the dorm forever)
  7. Avoid fast food and expensive restaurant/ cafeteria (it is better you cook at home and eat to your satisfaction and also eat before going to class in the morning.  Buy your food stuff in bulk. Trust me, it helps a lot)
  8. Avoid expensive outfits/dresses/clothes (If you can’t afford new ones, there’s no shame or crime in buying second hand. In fact, no one will know if you don’t tell them)
  9. Buy only the things that you need and not things that you want (your textbooks and other things related to school are what you need)
  10. Be self-disciplined (This is very important because you can’t achieve financial management without self-discipline.)So, you must discipline yourself and set principles for yourself.

I know, of course, that this list is not the perfect financial management/plan because our income is different and we all came from different family background, but I’m very hopeful that no matter your income or your family background the list above will still be helpful.

I hope you find this helpful till we meet again in summer for another essential letter from your boy MOAB…See you

-MOAB © 2014

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