7 Financial Tips for Students to Save Money Abroad
When you are studying abroad, it is essential to keep an eye on your wallet. Considering that you aren’t in your hometown and have a limited supply of cash, you have to be careful about where you spend your money.
But how can a college student manage money while studying abroad?
There are many things that can help you save your money as a college student overseas. You can create your budget, find ways to manage your expenditure and also get a job to help you earn some money and add to your experience.
We’ve collected here 7 financial tips to help you manage your money while studying abroad. Let’s explore them in detail!
Tip 1: Create your budget
One of the best ways to track your money is by creating a budget at the start of every month. Sit down with your total income on one piece of paper and divide it into the things you spend on; including tuition fee, food, books, course material, housing, leisure, and everything else you can think of.
Once you have everything down on paper, divide the budget roughly into several parts; don’t forget to keep a savings section for the money you want to keep in hand— every student needs to have some funds in case of emergencies.
If you aren’t sure what you spend on and your money flows away like water, head over to our next tip!
Tip 2: Record your expenditure
Whether you are an old soul or the spirit of the new generation, there are wonderful ways available to track your budget. For one, there are diaries and notebooks that have separate sections for each month’s budgeting. You can make use of these if you prefer physically writing down things.
Alternatively, there are hundreds of apps available that go one step ahead and visually present everything in a graph. For instance, if the month of January went in deficit with your fixed budget, your app will let you know. Plus, this is also a great way to track each expense and figure out what you spend most on. After a single month of using the app for every penny spent, you will have a comprehensive graph on what you spend most on and where you need to cut down. It may seem elementary, but it really works!
Tip 3: Use student discounts
First things first; take your student card wherever you go. There are several places that offer student discounts to help out people just like you. In fact, 10 or 20% may seem miniscule compared to the load of student loans and finances you have to cover but trust us; even that can go a long way.
Not only do you get these discounted rates at various restaurants, cafes, and eateries, you can also avail yourself of a discounted travelling rate in public transport!
Whenever you visit some place, ask if they have student discounts even if it isn’t immediately visible. There is no shame in saving money; in fact, it is much appreciated if you are being responsible as it reflects positively on your management skills.
Tip 4: Transfer large sums
Whenever you are transferring money online, especially cross-currency, we recommend that you transfer large sums once instead of smaller sums multiple times. The taxation and conversion rate may be subject to change and you don’t want to pay extra each time. This is a great way to save money that matters in the longer run.
Tip 5: Open a saving account
If you don’t have one already, open a savings account at a bank that offers maximum profit. It may be a low income each month, but it still matters as money loses value over time. If your saved money is in a savings account, it wouldn’t stay stagnant and lose its value. Plus, expensive transfer fees and currency fluctuations can be avoided.
Having a bank account in your adoptive country may also bring a sense of belonging and being grounded. Try not to delay it!
Tip 6: Stop converting in your head
Whenever we move from one country to another, there is one other problem that accompanies the culture shock. Each city has its own living standards and it wouldn’t do you well to keep comparing the prices to back home. In fact, if the prices are higher in your new city, you will constantly get upset when purchasing even basic necessities!
Our advice: stop obsessing over the exchange rate and spend with the new currency in mind. In short, get used to the pound!
Tip7: Talk to other students
In a big bad new city, it is not unusual to feel like you’re all alone. The loneliness and the weight of the financial burden can become too much to handle sometimes, especially if you aren’t as privileged as most people who study abroad.
If you ever feel lonely, speak to the other students and see if they can relate to your issues. In our experience, most students at university level are struggling with their budget—and they may have some great advice for you! Keep your ears peeled and hear what others have to say.
You may feel like you are struggling now, but this is the experience of every university student we have come across. As long as you manage your budget responsibly and follow our tips, you would have nothing to worry about.