A Student’s Guide to Managing Money While Studying Abroad
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. It allows you to send money from the UK to 70+ countries across the world.
Look out for the best rates and make sure you make the most out of it.
4. Save More
It is important that you 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.
You can also use websites like Facebook Marketplace or some local apps to buy second-hand items. These marketplaces are great for textbooks, furniture, or even bicycles.
5. Cook Your Own Food
We know that eating out is tempting. The comfort it gives is so good. But eating out can eventually drain your wallet very fast. However, when you cook at home, it is cheaper and even healthier.
You can start by planning meals for the week. Look out for grocery stores that allow you to buy in bulk. This meal-prepping can save you a lot of time and money too.
6. Pick Affordable Accommodation
A lot of universities provide on-campus accommodations. However, it can be super expensive. Make sure before you make any decision, you look for off-campus options or shared apartments. This helps you cut costs.
There are websites like flatmates.com or Gumtree that can help you find budget-friendly housing.
7. Find Part-Time Work
Many countries allow students to have a part-time job. Before you apply for one, make sure you check your visa rules. Jobs like tutoring, retail, or working at cafes can help you get some extra cash in your pocket.
However, remember! Your academics come first. Make sure you find work that fits your schedule and does not coincide.
8. Use Public Transport
Skipping the Uber rides is something that you can do to save money. It is absolutely unnecessary and takes a lot of money. Instead, use public transportation. It is affordable and offers student discounts too.
For shorter distances, choose walking and cycling. This would not just save you some money, but will also help you get healthier.
9. Build Emergency Funds
Life happens. It does even when we do not see it coming. Unexpected incomes like medical emergencies or sudden travel pop up any time.
Therefore, it’s important to save a small portion of your monthly budget to create an emergency fund.
10. Free Entertainment
Keep this in mind, you don’t need to spend a lot of money to have fun. There are free events happening around the city. Look for free events, local festivals, and student activities.
Visit public parks, museums (many of them have free entry days), and cultural fairs. Make your visits worth it.
11. Avoid Common Mistakes
Stop yourself from impulse buying. Do you really need another hoodie with your university logo? Probably not. Don’t buy credit cards without a plan. If you use one, pay off monthly. This way you can avoid interest. Also, track your expenses. Sometimes, a small purchase like coffee can even add up.
12. Health Insurance is Important
In some countries, having health insurance is important. It is mandatory. It might feel like a burden in the start. However, it is better than paying extra money out of your pocket.
13. Use Campus Resources
Many universities offer free or discounted services just for students. This includes counseling, career advice, or even legal aid. These resources help students to save money while getting the work done. Please don’t feel shy about using them.
14. Use Your Library Card
Instead of buying expensive textbooks, you can check if your university library has the materials you need. Many libraries also have a lot of e-books, journals, and other resources that you can access for free.
15. Join Student Groups
Student groups and societies organize several activities at minimal or no cost. It includes a hiking trip, a movie night, or a cultural event. This way you can socialize without overspending.
16. Travel Smartly
If you’re in a new country, you will probably want to travel. It is important that you look for budget airlines like Ryanair (in Europe) or find deals on apps like Skyscanner.
For accommodation, you can check out Hostelworld or Couchsurfing.
17. Share Subscriptions
There are several streaming platforms or study tools that can be shared with friends. Splitting costs can help you manage your money and will make these services more affordable.
18. Buy in Bulk
For items that you use daily, like toiletries or snacks, buy in bulk from discount stores. It is cheaper and helps you save more!
19. Learn Basic DIY Skills
You might not have done this before, but now! You have to do it. Fixing a leaky faucet or sewing a loose button can save you some bucks. You can learn all these things from YouTube.
20. Get a SIM card with Affordable Plans
Choose a mobile plan with enough data and international calling options. Free applications like WhatsApp and Skype can help you stay connected for free.
The Final Words
Studying abroad is an amazing experience, and if you manage your money well, it’ll be even better. Make sure you manage your finances well and find smart ways to save without missing out on the fun. We wish you good luck, our budgeting gurus!
