My situation's kind of complicated, so I haven't found a lot of advice for it. I'd be grateful for any tips.

So, I've been lucky enough to be able to study for a year in Tokyo on a very generous scholarship. Because I know I'm prone to fritter away money on little things, I'm making a concentrated effort to save, and by my calculations I should have $4000-6000 left over by the end of the year, maybe even more if I find a part time job that'll take someone with rubbish Japanese. In addition to that, I have a practically empty account in England, where I normally study, and a high yield savings account that holds about $7000 in my home country. I also have a student loan that would leave you gasping for breath, but with very relaxed terms due to being a state loan.

My question is basically - what should I do with this sum of money at the end of my year in Japan? Should I leave it in Japan? Transfer it back home and save it towards my loan? Some other clever thing I haven't thought of yet? Being a Japanese major, I may very well end up in Japan after university, but I might also end up in England, or in my home country.

To get a good response you'll probably need to provide much more detailed information about your situation. When will you start full-time employment? What major expenses do you have or anticipate soon? Do you have a family? etc.....

Whatever your situation, it sounds like you have a ton of debt. You need to get on some type of monthly budget and an organized plan for managing your money and paying off your debt. The Dave Ramsey Baby Steps plan works for many people but the main thing is you HAVE A PLAN for your money instead of just "well I have some money here and some money over there." If not, the money you do have will continue to get "frittered" away.

Your situation doesn't sound complicated, but if it is to you, then just start simplifying. I would start by only having one or two accounts. Perhaps one savings and one checking account. Keeping things simple is one of the biggest ways that everyone can start moving to financial peace.

I agree. Start with defining your goals then develop a plan to get there.

When you are young it can be difficult to think of your long term goals. That is completely normal. If your goals are centered around completing college in a good position then they are probably just a few years out and they will be more about establishing a lifestyle that lets you get through school on what you have. If the goal is to buy a house - longer term and different plan. If you are concerned with retirement then that would be even longer term and would call for a completely dfferent plan.


Try to explain what your goals are and teh people here will give you lots of suggestions.

I agree with debtfree and DH

It's difficult to give specific advice when specific and detailed information is lacking and without knowing your future employment or location.

My first impulse, is to suggest paying off the loan with everything you've got because when allowed, personal debt can evolve into a nasty nasty beast.

However, a budget and debt elimination plan - whichever one you find works well for you will accomplish three objectives.

1. Ensure you have a tight rein on your spending over the next year to have the highest amount of money left over.
2. Develop disciplined money habits that will follow you throughout the rest of your life.
3. Jumpstart your overal debt elimination program, with either less debt or more cash when you decide on where to start your career.

I also enjoy Dave Ramsey's systems. You can listen to him online or visit his blog for more information as well.

Best of luck,

You should definately set up a plan.
I remember when I started working. I also figured out that I could save so and so much money after a year. Well, I didn't pay close enough attention and had no real plan so when the year came to an end I had only saved about 500. Way less than I had planned. After sitting down and crunching the numbers I came up with a plan, a budget.

Of course, I found it hard sometimes to stick to my budget because I didn't know exactly what my expenses were. In the past I had just bought stuff until my account was empty so I hadn't paid any attention to what my actual expenses were. Now, a couple of years later, I know much more about were my money is going so I can plan and even save more than my original plan.

focus on your current situation first. you do not know if you will ever end up in japan again. you do know you have expenses in the UK when you go back to school. seems like any easy decision on what to do with the money in japan.

the other stuff, i echo what others say, that without more info, one cannot give sage advice