Studying abroad is an enriching experience that offers academic growth and cultural immersion. However, managing finances in a foreign country can be challenging. Learning how to save money while you study abroad is essential to managing expenses and avoiding financial stress. Here are comprehensive strategies to help international students save money while studying abroad. .
This guide covers practical tips on how to save money as an international student, including specific strategies for students in the UK.
Create a Realistic Budget
A well-planned budget is the foundation of financial stability. Many students struggle with expenses because they don’t track their spending.
How to save money while study abroad Effectively:
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List Your Income and Expenses
Identify your sources of income (family support, scholarships, part-time jobs, savings). List all the expenses for studying abroad such as rent, utilities, tuition fees and variable expenses like food, entertainment, transport. This way you will get a clear understanding of what are the expenses of studying abroad.
Further Reading:
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Use Budgeting Apps
Apps like Mint, PocketGuard, or YNAB can help you monitor expenses.
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Prioritize Needs Over Wants
Instead of eating out frequently, allocate funds to essentials first.
Example: A student in London would be expected to spend between £1,200 - £1,500 per month for living costs. Budgeting would save him unnecessary costs like pricey coffee runs and impulse purchases.
Opt for Affordable Accommodation
The cost of housing is one of the largest expenditures for international students. Choosing the right accommodation will save a great deal of money.
Ways to Save on Accommodation:
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University Dormitories
Accommodations in university campuses are less expensive and don't have daily transportation costs.
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Shared Housing
Renting an apartment with roommates helps split the rent and utility bills.
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Homestays
Some students opt to stay with a local family, which usually includes meals.
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Look for Student Discounts
Websites like SpareRoom, Uniplaces, and AmberStudent offer affordable student housing options.
Example: A student in Manchester may find university accommodation at £500-£700 per month, while renting an apartment alone could cost £1,000+. Choosing shared housing can cut costs in half.
Utilize Student Discounts
Most countries offer student discounts on transport, shopping, and entertainment.
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Transport Discounts
In the UK, the 16-25 Railcard gives 30% off train tickets. Many cities offer student metro/bus passes at reduced rates.
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Retail and Entertainment Discounts
Websites like UNiDAYS and Student Beans offer discounts on brands like Apple, Amazon, and Adidas.
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International Student Identity Card (ISIC)
Recognized worldwide, the ISIC card provides discounts on travel, food, and activities.
Example: A student in London using an Oyster Student Travel Card can save 30% on public transport costs, reducing monthly travel expenses from £150 to £100.
Cook Your Own Meals
Eating out frequently is costly, especially in cities like London, Sydney, or New York. Cooking at home can save hundreds of dollars per month.
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Smart Grocery Shopping
Purchase in Wholesale: Stores like Costco, Aldi, or Lidl offer cheaper prices for buying in bulk.
Choose local markets instead of supermarkets: Farmers' markets are usually fresher and cheaper than supermarkets.
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Prepare Meals in Advance
Cooking in batches and storing food reduces daily meal costs.
Example: Buying lunch in a café every day may cost £7 per day, which therefore costs £200+ a month, whereas eating at home could be a mere £60-£80 a month.
Shop Smart and Save on Essentials
This is the best way to greatly reduce your monthly spending.
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Second-Hand Items
These can occasionally be sourced from Facebook Marketplace, eBay, Freecycle, etc., very cheaply.
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Shopping Discounts as a Student
Electronics, books, clothing, and many other things can be availed at a discount.
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Sales & Cashback Offers
Use cashback websites like TopCashback or Honey to save money while shopping online.
Manage Transportation Costs
Transport costs can add up quickly, especially in big cities. Here’s how to reduce them:
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Use Public Transport Instead of Taxis
Monthly student passes often offer significant savings.
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Walk or Cycle for Short Distances
Many universities provide bike rental services for students.
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Use Ride-Sharing Apps with Student Discounts
Apps like Bolt or Uber sometimes offer student discounts.
Example: A student in Edinburgh using a monthly bus pass (£50-£60) instead of daily tickets (£4 per ride) saves over £30 per month.
Find Part-Time Jobs and Freelance Work
Working part-time can help students cover their expenses.It is one of the main aspects of study abroad budgeting
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On-Campus Jobs
Many universities offer jobs in libraries, cafes, and research departments.
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Freelancing Opportunities
Platforms like Upwork and Fiverr allow students to earn from writing, graphic design, and tutoring.
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Teaching or Tutoring
Teaching languages or academic subjects can be a great way to earn extra cash.
Example: A student in Australia working 20 hours per week at a part-time job earning AUD 20/hour can earn around AUD 1,600 per month.
Complementary Read:
UK Part- time jobs for international students
Part-Time Jobs For International Students In USA
Reduce Utility and Energy Bills
Saving energy and water reduces bills and helps the environment.
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Turn Off Unused Electronics
Unplug devices when not in use.
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Use Energy-Efficient Appliances
Choose LED bulbs and power-saving settings on laptops.
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Monitor Heating & Cooling Usage
Avoid excessive use of air conditioning and heating.
Example: A student in Canada reducing heating usage by just 10% can save around CAD 20-30 per month.
Use Free or Low-Cost Resources
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Make Use of the University Library
Rather than buying books, borrow them from the library.
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Free Networking Events & Career Workshops
Universities also often host free networking events and career workshops.
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Use Campus Facilities
Gym memberships can be quite pricey. Most universities have free access to gyms and recreational centers.
Example: Students pay £40 a month to go to a private gym instead of using the gym at the university for free.
Plan Travel Wisely
Students often travel during holidays, but transportation can be expensive. This is the answer to the most commonly asked question how to save money for study abroad?
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Book Flights & Hotels in Advance
Websites like Skyscanner and Student Universe offer student travel deals.
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Travel Off-Peak
Booking trains, buses, and flights during weekdays can save money.
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Use Budget Airlines and Trains
In the UK, using Megabus or National Express is cheaper than regular trains.
Example: A flight from London to Paris can cost £100+, but booking in advance on Ryanair can reduce the cost to £30-£40.
Conclusion
Managing finances wisely is essential for international students. Knowing how to save money while studying abroad can help international students manage their expenses and enjoy their experience without financial stress. By budgeting, choosing affordable accommodation, cooking at home, and taking advantage of student discounts, students can significantly cut costs while making the most of their study abroad experience.
If you’re wondering how to save money while studying abroad, these tips will help you navigate expenses effectively and enjoy student life without financial stress!
Must Read:
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Frequently Asked Questions:
Q. What are the most common budget-busting expenses for international students?
A. The most common expenses that drain a student’s budget include frequent dining out, transportation costs, entertainment, and impulsive shopping. Subscriptions and buying new textbooks instead of renting or borrowing can also add up quickly. Managing these expenses wisely can help students stay within their budget.
Q. How can I find affordable accommodation options while studying abroad?
A. Students can save money by opting for university dormitories, shared housing, or homestays, which often include meals. Websites like SpareRoom, Uniplaces, and AmberStudent offer affordable rental options. It’s also wise to start searching early and compare prices before committing to a place.
Q. What are some cost-effective ways to travel and explore the host country?
A. Using public transport instead of taxis, booking flights and accommodations in advance, and traveling during off-peak times can help save money. Many cities offer student discounts on transport passes, and budget airlines or buses like Megabus and National Express provide cheaper travel options. Exploring local attractions and walking or cycling can also cut costs while allowing students to experience the city better.
Q. How can I save money on food while studying abroad?
A. Cooking at home is one of the best ways to save money, as eating out frequently can be expensive. Shopping at budget-friendly grocery stores, buying in bulk, and meal prepping can further reduce costs. Students should also take advantage of university meal plans or student discounts at restaurants.
