Malaysia has been a popular country for many years, and it is an ideal study destination for many students coming from different countries in order to learn and enjoy, but what scares many students is the cost and high financial budget that some may not be able to afford in order to study abroad... In this article, we will review how to live and study in Malaysia with a Limited budget and without bearing a huge financial burden...…
In this article, we will look at how to live and study in Malaysia with a budget without breaking the bank.
Discover other cultures and improve social and life skills
After you have decided to study in Malaysia, other important issues such as good preparation and budget planning come to the fore, so that you can continue to live and study in Malaysia. Students often face some difficulties with spending and money management while studying abroad, studying and living expenses often pile up, causing stress and jeopardising their studies. Developing spending habits and skills is crucial for students, as it will minimise stress and set you up for long-term financial success.
Learning how to plan a budget, use savings strategies and make informed decisions will help you cope with the financial challenges that come your way, gain responsibility and discipline, and build financial independence - all valuable skills for later in life.
Because you have already gained the skills of self-confidence, financial independence, a sense of control over your money and where you spend it, you will experiment without the constant worry of failure; in short, developing expense management skills is not just about being an international student, it is about making the most of your educational journey.
This article gives us the opportunity to delve into how to live in Malaysia, and Kuala Lumpur, manage your budget wisely, and take advantage of the best opportunities to ensure a stress-free academic life.
Depending on whether you for a private apartment or a room in a shared accommodation, you will need a budget of approximately:
| Service / Accommodation | Cost (MYR) |
|---|---|
| Small Room | 1250 |
| Medium Room | 1450 |
| Master Room | 1650 |
| Private Apartment | From 2500 to 4000 |
| Personal Expenses | Approximately 2000 |
When you decide to travel abroad for studies, in a country such as Malaysia, there are several important things you need to be aware of, including tuition fees, accommodation costs and calculating daily expenses such as food and transport. This can be achieved by creating a well-thought-out plan before you travel as an international student.
Through a well-prepared plan, we can better manage expenses and avoid the problems and obstacles that travellers encounter; making your study life easier, more comfortable, smoother and less stressful.
Here are some steps to help you prepare an effective budget plan for managing your expenses while studying in Malaysia.
Remember before going anywhere, it is essential to have a good understanding of the cost of living well; in terms of the basic expenses for accommodation, study, food, transport, recreational activities, shopping, and other necessary financial transactions, so that you can determine the financial expenditure and act according to a specific plan.
First, we need to divide the topic into several main axes and identify some significant points, the most important of which are:
Identify your main sources of income, such as financial support from parents and other sources, such as income from part-time work.
Rank them from the highest priority to the lowest priority and importance. For example; housing or accommodation costs and study expenses, living expenses such as food and drink; followed by transport, then compute the total cost of entertainment, leisure, shopping, and other expenses come later.
As an international student in Malaysia, you should take advantage of the offers and discounts available to international students and scholars on products and services, such as the discounts available on modes of transport.
At the same time, try to avoid shopping during periods of fake offers when there is no reason to buy, especially online purchases that are considered lucrative deals because they are discounted.
There are some students who, by nature, cannot organise their expenses according to their needs; therefore, use one of the applications that help organise and manage costs effectively and efficiently... These applications can calculate everything related to the financial costs of studying and living, as well as your monthly savings and what remains of them.
Try to cook your own food at least once inside the place where you live; it will reduce the cost of the meals you order daily or eat out, and create a pattern for a healthy lifestyle and high-value meals.
Read more: Secrets of the Asian Paradise: Malaysia, What You Need to Know Before Traveling!
Living for study purposes. Consider sharing accommodation with other students. This option is ideal if this is your first experience of travelling and studying in Malaysia. Not only will you save on accommodation costs, but you will also save on other costs such as electricity, gas, water and other necessary utilities, which will be shared among the participants.
Telecom and Internet Consumption:
Choose the right telecom and internet service from a variety of options according to your needs; it is a reasonable cost with appropriate internet and connection speeds.
Minimize internet usage data using the internet settings on your phone or laptop; close applications that you do not use in the background and do not watch high-definition videos to avoid the end of the package, and use Wi-Fi when you need to download large files.
Use online calling apps such as Skype or WhatsApp instead of making expensive international phone calls.
Reduce your consumption of power by turning lights off that you don't need when you leave the house; replace traditional light bulbs with energy-efficient LED bulbs.
Minimize your water use by not wasting water and turning off the TAPE while brushing your teeth. Reuse water by using laundry water to water plants, wash vehicles or clean the house.
Replace appliances and water fixtures such as old tapes and showers with ones that control water flow, reduce consumption and lower water pressure. Check for water leaks and make sure they are repaired properly so as not to cause water leakage, as this will increase the cost of water use in addition to causing more damage to the house you live in, it is better to share all these costs with other people as each of you can bear part of all of these costs.
Once you have decided to study in Malaysia, it is important to open a bank account to manage and control your money.
A bank account will help you complete transactions, such as receiving payments, making transfers, paying bills, and other banking services easily and quickly
It is essential to be well organized well and to have some money saved to cover expenses related to emergencies that occur suddenly and without prior notice, such as a break in one of the water pipes, a power cute, or a malfunction of the fuel source in your home for various reasons; or encountering a strange situation that forces you to bear an unplanned cost. Therefore, it is necessary to include an additional amount for such situations.
Following effective shopping habits will significantly contribute to saving money as an international student in Malaysia; take advantage of offers and discounts, especially during seasons, holidays, and public events when prices are greatly reduced. Buy goods in larger quantities than usual, provided they can be stored, and choose alternative brands instead of famous brands. By following these steps, you will notice a significant change in your money-saving efforts.
Buy in cash as much as possible and avoid using credit cards and prepaid card payments. This will minimise large purchases, and avoid ATM fees, especially if they are not affiliated with your bank, as they charge additional fees on top of those already charged by the bank.
Write down all your expenses to identify and track spending, set a specific target and stick to it, it could be spending a specific budget on studying and the necessary textbooks and other tools; try as much as possible to stick to the target you have set and do not exceed the limit you have set for yourself.
Read more: Your guide to exploring the heart of Malaysia: Kuala Lumpur in 30 Days
When it comes to the necessity of borrowing, make sure that you understand the types of loans, their conditions and repayment methods well, remember to borrow a small amount that covers only your basic expenses such as tuition fees, accommodation expenses, food and drink and others, arrange for the repayment plan at the required date and avoid delays, in this case, you should look for other alternatives for financing, such as looking for part-time job opportunities as mentioned earlier.
Reduce financial stress in general by thinking rationally; don't go to luxury hotels and resorts with 5-star service; if you want to buy something with a certain amount of money, don't make a quick and frequent purchase without studying the decision well; look for jobs that fit around your study schedule.
Immerse yourself in Malaysia's local culture and leisure activities but don't overspend; follow all cultural events and activities in Malaysia via websites and social media platforms; take advantage of free events at popular festivals and discounted museum visits.
We are often associated with the culture that education abroad is expensive and expensive, so we need to popularize the idea of studying abroad and in Malaysia on a limited budget and not too expensive.
Some students may resort to looking for job opportunities to cover their expenses, for example, to help their families who are paying for their study costs. Therefore, a part-time job is an ideal option in such cases, as it will allow you to cover some of the extra costs imposed on you; while at the same time, allowing you to continue your academic commitments.
Don't forget to check the regulations and laws regarding international student work to be fully informed about all the details.
By adopting effective strategies, we can manage our finances wisely and focus more on our academic endeavours and cultural experiences.
Discover other cultures and improve social and life skills One of the essential aspects that many people, especially travellers, overlook is good planning and organisation for effective budget management and reducing expenses as an international student in Malaysia; this matter can enhance their cultural perspective towards Malaysia.
The experience travellers gain from browsing markets and exploring restaurants will enrich their cultural knowledge by introducing them to Malaysian culture, as well as some adaptability skills. If you are still struggling to manage your problems managing your money, please visit some of the helpful websites such as:
By following these strategies, you will be able to manage your budget and control your budget effectively.
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