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Managing Your Finances as an International Student: Budgeting and Financial Management Guide for Pakistani Students

13 Dec 2023

For many Pakistani students, studying abroad is a wonderful opportunity but can also be expensive. Living prices outside of Pakistan might be very different from those here, and overseas students sometimes have to pay extra costs like airfare and visa fees. In this article, you as Pakistani students studying abroad get a budgeting and money management guide, emphasizing advice on how to control spending, send money to Pakistan, and maintain your financial stability during your studies.

Make a Budget

Making a budget is the first step in managing your expenses as an international student. This will make it easier for you to see how much money you make and spend each month and show you where you may cut costs. To make a budget, you really should:

  • Determine your sources of income, such as your part-time work, scholarships, or student loans.
  • Include all of your costs, including your rent, utilities, food, entertainment, and transportation.
  • Identify your variable costs (those that fluctuate monthly) and fixed expenses (those that may change from month to month)
  • Spend your income according to your needs, prioritizing your necessary expenses first.

You can make sure you have enough money to meet your bills and prevent overspending by making a budget.

Discover ways to cut costs

Finding strategies to cut costs might be essential for foreign students. 

  • Check for student discounts: Several companies give students discounts, so be sure to enquire whether one is offered before making a purchase.
  • Consider living expenses sharing with other students to save on your rent and utilities costs.
  • Prepare your food: Dining out may be costly, so try to prepare your food at home. Also, you'll eat better and spend less on groceries due to this.
  • Utilise public transit: Public transportation can be significantly less expensive than having a car or calling a taxi.
  • While it's important to enjoy yourself and relax, you should keep your entertainment costs to a minimum to stick to your spending plan.

Keep track of your bank account for online money transfers to Pakistan.

As an international student, having a bank account is essential to managing your funds. To avoid any unforeseen fees or penalties, properly managing your bank account is vital.

The following advice will help you manage your bank account:

  • When choosing a bank, search for a bank that provides low or no costs for international students.
  • Stay on top of your account balance to prevent overdraft penalties. You may do this by setting up notifications or automated payments.
  • Use ATMs responsibly: To save fees, attempt to withdraw larger sums of money less frequently and stay away from ATMs that have excessive fees.

Consider sending the money to Pakistan online

You may be required to send money to Pakistan as an international student to assist your family or make ends meet. Wire transfers and other conventional methods of sending money can be expensive and time-consuming. Yet, sending money to Pakistan using online money transfers may be quick and affordable.

You can utilize a money transfer provider like ACE money transfer to send money to Pakistan online. These providers, which frequently charge fewer costs and offer better exchange rates than traditional banks, let you send money straight to a bank account in Pakistan.

When selecting a provider while utilizing an online money transfer service, be sure to examine costs and exchange rates. To avoid fraud and other fraudulent practices, you also need to make sure that the service is reliable and secure.

Online Money Transfers With ACE Money Transfer To Pakistan

With the help of ACE Money Transfer, a well-known online money transfer service, you may send money to Pakistan quickly and easily. You should think about utilizing ACE Money Transfer to send money online to Pakistan for the following reasons:

Competitive exchange rates

ACE Money Transfer offers competitive exchange rates, guaranteeing that your money is transferred at the best rate.

Due to their speedy and dependable service, you can send money to Pakistan effortlessly and fast with ACE Money Transfer.

Numerous Payment Methods

Bank Transfers, Credit/Debit Cards, and Mobile Wallets are just a few of the numerous payment methods that ACE Money Transfer provides. This makes it simple for you to select a payment method that suits your needs.

No hidden charges

There are no hidden fees or charges with ACE Money Transfer, so you always know how much you are paying for your transfer.

Modern technology is used by ACE Money Transfer to make sure that all of your transactions are secure and safe. Your money is in safe hands because the service is completely licensed and controlled, giving you peace of mind.

How to Use ACE Money Transfer to Send Money to Pakistan?

With ACE Money Transfer, sending money to Pakistan is a quick and easy process. 

Sign up with ACE Money Transfer

To send money to Pakistan through ACE Money Transfer, you must first sign up for the service. To accomplish this, visit the ACE Money Transfer website or download the ACE Money Transfer mobile app. You will need to submit some basic information, such as your name, address, and contact information, during the brief and simple registration procedure.

Choose Your Way of Payment

You must select your payment method after signing up with ACE Money Transfer. Payment methods from ACE Money Transfer include bank transfers, credit/debit cards, and mobile wallets. Choose the payment method that best suits your needs.

Provide the Recipient with Information

You must then input the recipient's information. This contains the name, address, and phone number of the intended recipient. You must also supply the recipient's bank account information if you send money through a bank transfer.

Enter the Transfer Amount 

You must input the transfer amount after entering the recipient's information. The exchange rate and the total cost will be displayed to you by ACE Money Transfer. Before moving on, double-check the information.

Confirm the transaction 

After entering all the information, you must confirm the transaction. You will receive a message or email from ACE Money Transfer confirming the processing of your transaction.

Track Your Transfer

You may follow your transfer using the ACE Money Transfer website or mobile app once you confirm the transaction. With real-time updates from ACE Money Transfer, you can track the progress of your transfer and find out when it will be delivered.

Bottom Line

In conclusion, online money transfer services like ACE Money Transfer provide a practical and dependable choice for transferring money to Pakistan. You may quickly send money to Pakistan online to your loved ones with a few clicks from the comfort of your home. 


How can Pakistani international students create an effective budget while studying abroad?

Pakistani international students should start by listing all their expected income sources and expenses, including tuition, accommodation, food, transportation, and personal expenses. They should then prioritize their spending, track expenses diligently, and make adjustments as needed to stay within their budget.


Are there specific financial challenges that Pakistani international students might face while studying abroad?

Pakistani students may encounter challenges related to currency exchange rates, international banking fees, and adjusting to different cost-of-living standards. It's essential to plan for these challenges and seek advice from financial advisors or fellow students.


What are some strategies for Pakistani international students to save money on tuition and living expenses abroad?

Students can explore scholarships, grants, and part-time job opportunities. Additionally, they should consider sharing accommodations with roommates, cooking at home, and using public transportation to reduce living expenses.


How can Pakistani international students build a good credit history while studying abroad?

To build credit, students can open a local bank account, apply for a credit card, and use it responsibly by paying bills on time and maintaining a low credit card balance. Building a good credit history can be beneficial for future financial endeavors.


What should Pakistani international students do if they face unexpected financial emergencies while studying abroad?

Students must have an emergency fund to cover unexpected expenses. If they encounter a financial emergency, they can also reach out to their university's financial aid office or seek assistance from the Pakistani embassy or consulate in their host country.

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