You’re in a new country, and very excited to start your new life. The fresh independence is making you happy and you’re probably handling all the expenses for the very first time.

We don’t want to kill that happiness with the stress. And that’s why, we have made a simple and easy-to-follow guide to help you manage your money while keeping up with everything that’s important.

Excited to know more? Let’s find out.

1. Set Up a Budget

As a student, budgeting is probably the most boring thing to do. But you know what? It works wonders. It saves your life. You can start setting up a budget by listing your monthly income. This could include scholarships, part-time jobs, or even funds back from home.

The next step is to map out all your expenses including Mint or YNAB. Keep reviewing your budget weekly to make sure you’re balancing your savings and expenses.

2. Learn About Currency Exchange Rates

Once you have set a budget, the next comes spending. Before you spend, make sure you understand the currency exchange rate between your home country and your host country.

There are several apps that help you understand currency exchange rates and help you avoid overpaying. One of these applications is XE Currency Converter.

Also, try exchanging money at banks or trusted agencies so that you get better rates and lower fees.

3. Money Transfers

If you need to transfer funds to your home, make sure you are using a reliable money sending app. Sending money with an app ensures you send your money quickly and with zero fees.

4. Save More

Always carry your student ID to avail all the possible discounts. There are many restaurants, stores, and even transportation systems that offer discounts specifically for students.

5. Cook Your Own Food

Eating out can drain your wallet very fast. Cooking at home is cheaper and healthier. Plan meals for the week and buy groceries in bulk to save money.

6. Pick Affordable Accommodation

University accommodations can be expensive. Look for off-campus options or shared apartments on websites like flatmates.com or Gumtree.

7. Find Part-Time Work

Many countries allow students to work part-time. Check your visa rules before applying for jobs like tutoring, retail, or cafes.

8. Use Public Transport

Skip Uber rides and use public transportation, which is affordable and offers student discounts. Walking and cycling also help you save money.

9. Build Emergency Funds

Unexpected expenses happen. Save a small portion of your monthly budget to create an emergency fund.

10. Free Entertainment

Look for free events, local festivals, and student activities. Visit public parks, museums (with free entry days), and cultural fairs.

11. Avoid Common Mistakes

Avoid impulse buying and unnecessary credit card purchases. Track your expenses carefully.

12. Health Insurance is Important

In some countries, health insurance is mandatory. It’s better than paying high medical expenses out of pocket.

13. Use Campus Resources

Universities offer free or discounted services like counseling, career advice, and legal aid. Don’t hesitate to use them.

14. Use Your Library Card

Instead of buying expensive textbooks, check if your university library has the materials you need.

15. Join Student Groups

Student groups organize activities at minimal or no cost, like hiking trips, movie nights, or cultural events.

16. Travel Smartly

Look for budget airlines like Ryanair (in Europe) or find deals on apps like Skyscanner. For accommodation, try Hostelworld or Couchsurfing.

17. Share Subscriptions

Share streaming platform or study tool subscriptions with friends to cut costs.

18. Buy in Bulk

Buy daily-use items like toiletries and snacks in bulk from discount stores to save money.

19. Learn Basic DIY Skills

Fixing small things like a leaky faucet or sewing a button can save you money. Learn from YouTube.

20. Get a SIM Card with Affordable Plans

Choose a mobile plan with enough data and international calling options. Use free apps like WhatsApp and Skype to stay connected.

The Final Words

Studying abroad is an amazing experience, and if you manage your money well, it’ll be even better. Find smart ways to save without missing out on the fun. Good luck, budgeting gurus!