Financial management tips to seek successful careers in Malta

Understanding your spending habits is essential, especially when studying abroad. By understanding your spending patterns, you can make informed decisions about where to cut back and where to allocate more funds. Develop a clear understanding of your spending habits with the help of the financial management tips mentioned below. It will empower you to manage your finances effectively and make the most of your time studying in Malta. 

1. Create a detailed budget 
   Before you start planning to study in Malta, make a list of all the things you'll need money for. This includes tuition fees, lodging, food, travel, health insurance and anything extra you might want to do.  
   
   
2. Look into the cost of living 
   Living expenses can be different depending on which country and city you're in. It's important to find out how much things usually cost in the location you've chosen to live. This helps you plan your budget better and prevents you from facing sudden financial problems. 
   
   
3. Consider exchange rates 
   Think about how money exchange rates might influence your budget. When currency rates change, it can affect your purchasing power and the cost of living.  

If you want to work in Malta, then you can look for job listings on local websites that advertise jobs. These websites often have part-time job options specifically for students like you. This makes it easy for you to find a job in Malta that pays well and has hours that fit your schedule. 

You can start working part-time as soon as you begin your first year. You can find jobs in places like restaurants, bars, or offices. It's helpful for students to find jobs near the area where they study or live, so they don't have to travel far and spend a lot of money. 

You can also talk to your seniors in your academic institution who already have jobs and see if you can join the same workplace. Many students work in places like grocery stores, amusement parks, or restaurants. Some students might even have the option to work remotely. These opportunities are usually easy for students to get. 

The wages in Malta are decent. The minimum wage went up from €777.1 per month in 2020 to €925.3 per month in 2024. 

Working in Malta has a lot of benefits. Businesses adapt to the laws easily, most workers speak English and there are a lot of opportunities in technology, tourism and events. As Malta's economy grows, there are more and more job opportunities every year. 

Saving money is an important part of managing your finances, especially when you're a student and looking for a job. Savings strategies are one of the most important financial management tips for students. By implementing the savings strategies mentioned below, you can build a strong financial foundation for your future. 

1. Open a local bank account : Opening a local bank account can help you handle your financial activities better and avoid paying extra fees for currency conversion. Check out different banks and pick one that doesn't charge a lot and has services that work well for students. 
2. Automate your savings: Set up automatic transfers between your savings and checking accounts. This way, you can save money consistently while making the most of your spending on things like entertainment and transportation to maximise your budget further.
3. Benefit from student discounts: There are student discounts available for entertainment and transportation that can help you save money.

Studying abroad can change your life in big ways, not just academically. It's important to manage your money well to have a successful and stress-free experience while pursuing a career in Malta.

You can manage the challenges of finding work while focusing on your studies and personal growth by setting realistic budgets, using smart money-saving methods, exploring ways to earn money and saving up.

GBS Malta is a well-known higher education institution known for its specialist courses in different sectors.

GBS HE Malta is a licensed higher education institution (MFHEA Licence Number: 2022-010). The license has been granted by the Malta Further & Higher Education Authority (MFHEA), which is an independent, transparent and international authority. The courses offered by GBS Malta adhere to the Malta Qualifications Framework and the European Qualifications Framework.

If you want to know more. Contact student support now.