As an international student, Financing your education can be challenging. This face of studying abroad has the least fun, But student life doesn’t have to cost a fortune; Meaning you can follow our Studying Abroad Money Saving Tips to manage your finances.
Why should I save money, when studying abroad?
When you are studying abroad, You`ll need to keep an eye on your spending money, cause you aren’t in your hometown and have a limited supply of cash; So try your best to save money.
How to save money as a student when studying abroad?
The best way to save money is to make more but there Studying Abroad Money Saving Tips that you can put into your lifestyle; Here’s how:
1. Create your budget
Creating a budget at the start of every month, helps you to zoom on your finances; Write down your total income then divide it into important needs; Including tuition fee, food, books, course material, housing, leisure, and etc. The first item in our studying abroad money-saving tips is to minimize the amount of every item in your monthly financial plan to save on.
2. Record your expenditure
There are wonderful ways available to track your budget. Therefore you can write your spending on your Note app or physically in a notebook.
3. Use student discounts
Take your student card wherever you go. Hopefully, there are several places where offer discounts for students. With these discounted rates you will save a large amount of money. You can follow this item in our studying abroad money saving tips at various places, like restaurants, cafes, and Cinemas and etc, and even hotels and tours.
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.
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.
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!
6. Open an online savings account
Be smart and intentional about your money. Becareful of how much you are spending and cut back when it is nessecary.You can find apps that help you manageing your saving and spenndings.
7. Keep the change
Toss the loose coins into a piggy bank; Therefore you can start microsaving while studing abroad. Plus there are some apps that rounds your purchases up to the nearest dollar.
8. Sell trendy attire online
A trendy way to save money is to pack up fashionable clothes on sale then sell them online. Even you can plan for diffrent seasons; For instance on July Sale buy items then plan to sell them on next spring.
9. Cut the coffee
A ferequently spending item in student life is buying coffee; Make yourself instant coffee and track the the money to save up.
10. Stop gym memberships
It`s fun to spend time on gym with fellows but you can exercise in a park or at home. Even you can walk on streets and earn money; like walking dogs or taking children to playgrounds.
11. socialize economicly
Find friends that socilize economicly; youcan attend free festicals and events. cook togehere instead of dining out; watch movie and play games at home. Eventually with thse small changes you`ll save alot at the end of the month. Stop Uber-ing it is not economial for a student. Even ou can share the service with othere studets.
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!
With learning money-saving plans, tips, and hacks, you will graduate from the ptogram successfully without having loans and money stress. There are a lot of creative ways to save money while studing abroud; Whats youe speacial trick?