Top 10 Tips to Save Money While Studying Abroad Save Money While Studying Abroad

Pursuing education overseas is a kind of adventure for students. From staying in the comfort of your home with your parents to managing your finances in a new city for your academics is a drastic change. All the things that you learn and manage while alone are helpful. Managing your expenses in a new city away from home is a crucial part of this learning. Whether you have secured an education loan or a scholarship, overspending can create financial burdens. Without a budget plan, using money-saving habits can increase your financial stress. But do not worry! We will help you make smart financial decisions so you do not need to ask for extra money from your family or relatives

The blog uncovers the top 10 hacks and money-saving tips for students studying abroad. Follow these hacks to make your educational dreams a reality.

How to Save Money As an International Student?

So, how to save money while studying abroad? It is a wonderful journey, but managing finances can be overwhelming. It is advisable to create a budget, stick to it, and track your expenses. Mentioned below are the top 10 hacks and cost-cutting ideas for study abroad students that will help you save money while studying overseas:

Save Money on Shopping

Retailers often offer sales and discounts on various products throughout the year. Wait and be patient for the sales and discount seasons to purchase essentials such as clothing, electronics, and study materials. Avoid rushing to shop right after you land in your dream destination. Instead, wait for seasonal sales. You can speak to the locals to know more about such sales. Following this approach can help you cut down your expenses.

Use Public Transport

Using public transport instead of booking cabs can help you save money, which you can use save money for later things. You can also apply for a travel pass for using buses, trains, metros, etc. Owning a 4-wheeler or a 2-wheeler isn’t advisable. It is not just the cost of your vehicle that can drain your finances, but also rising fuel prices, maintenance, insurance, etc. Besides, using public transport, you can also consider carpooling, where students like you can split the expenses and reduce the burden.

Make the Most of Student Discounts

Do you know that you can use your student identity card to get discounts on groceries, travel, retail, etc? A student ID Card in England can fetch you a 30% discount on public transit. Likewise, platforms such as Spotify, Apple Music, etc., offer 50% discounts on student IDs. You can use UNiDays and ISIC to grab great student deals on transportation, clothes, accommodation, etc. Always carry your student ID whenever you go out. Several local shops and eateries also offer student discounts.

Enjoy Budget-Friendly Entertainment Options

Just because you are following your budget and tracking your expenses, you shouldn’t have fun. Whether you watch movies or participate in sporting events, entertainment is a part of everyone’s lives. Entertainment options help in clearing the mind, breaking away from the regular busy life for a quick rejuvenation. You can enjoy budget-friendly entertainment options. Join student clubs that will introduce you to various activities help you enjoy your student life.

Invest in Second-Hand Books

Textbooks and other stationery items can be costly in some countries. A student at a college in the US spends approximately $628 to $1,200 yearly on textbooks and university supplies. Therefore, if you want to save money, invest in second-hand books and supplies. You can connect with your seniors and professors to get bookstores go to local bookstores to pay a small portion of the actual cost. You can check Chegg, Amazon for discounts. You can also download soft copies of your books and study materials from Kindle and VitalSource to save money.

Avoid Eating Out and Cook Your Meals

Dining out at restaurants can drain your finances. So, instead of eating out, purchasing groceries at discount prices and cooking your meals at home. Look for grocery stores that offer fresh produce at reasonable rates. You can also shop in bulk for items that are non-perishable. Cooking is a fun experience as it lets you explore different cuisines, cook healthy dishes, and save money. Sharing cooking responsibilities with friends and roommates is fun and exciting.

Search for Affordable Housing Options

Living costs, especially accommodation expenses, can substantially affect your budget. Search for affordable options like university dormitories or shared accommodations with fellow students. Some colleges also offer help to international students, which decreases costs. Furthermore, search for housing options away from the city centre because the rent is more reasonable in the suburbs. Affordable accommodation can save money.

Opt for Health Insurance

Health insurance is mandatory for international students because medical costs can be high without proper coverage. Know the terms and conditions of the health insurance scheme provided by your college, or consider investing in comprehensive health coverage. If any medical problem arises, use the insurance benefits to save money.

Use the Current Bank Account to Avoid Transaction Charges

Forex charges are applicable to transactions overseas. You may have to pay an extra 3% to 5% on each transaction if you use bank accounts that are not student friendly. This can cost you hundreds. Therefore, it is advisable to go for student-friendly accounts such as N26, Revolut, etc. Such accounts don’t levy any transaction charges. Always select the local currency to avoid hidden charges when you make payments abroad.

Make the Most of University Free Services

Several colleges offer discounts and free services such as healthcare, gym memberships, dining, entertainment activities, etc. Take advantage of such discounts and free services. This will help you save money. Let’s understand the point with an example. Some universities in America help international students save up to $3,000 yearly by providing health insurance in their tuition fees. Your tuition fees may include several on-campus amenities. Explore them and make the most of them.

Conclusion 

So, there you have it! By implementing the top 10 budgeting tips for international students, you can save money and pursue your academic dreams. Managing finances is crucial while studying abroad. Understanding how to save money can help you manage your purchases and enjoy your journey without financial stress. By budgeting, selecting accommodation at reasonable rates, cooking at home, and making the most of student discounts, you can minimise your expenses while focusing on your academics and enjoying the journey. With meticulous planning and smart decisions, you can save money, explore the world, and meet your educational and career goals.

From guiding you throughout the education loan process and grabbing big deals on forex cards to securing scholarships, Career Gyan is your one-stop solution for the ultimate savings on abroad studies. We also help you with university and course selection, exam preparation, and post-travel arrangements. Qck Loans helps you with offering education loans at reasonable interest rates. Hence, wait no more. Contact us today!