A lot of students dream about studying abroad. When you were a little kid, maybe you imagined living in a foreign country, making friends from all over the world, and creating some really special memories. However, once you’re out in the real world—a major challenge is keeping all of your needs, wants, and money organized. You might find that you need to cut back on certain purchases like expensive scents and instead choose alternatives like cheap cologne for men to ensure you’re staying within your budget. Here are some money-saving tips to help you stay afloat while studying abroad.
Budgeting is essential for students studying abroad!
Understanding Your Expenses
The very first thing you have to do is calculate your expenses. Figure out exactly what you need to pay for your tuition, living arrangements, food, transportation, and hygiene. Then, create a budget that is as real as possible. Budget and separate your must-haves (like rent, and food) and your fun-to-haves.
Saving on Housing
Accommodations are another big expense, and you should aim to keep it as low as possible. To do so, you might want to live in dorms, shared housing, or with a host family. Co-living accommodation options are often more affordable, and you can save a ton on rent if you split it with a roommate.
Similarly, do your research and set up student housing through your school. Some universities and colleges offer lower-cost residences to international students, which can save you a bundle you can use for other necessities or save for a rainy day.
Food and Groceries
You can cut some food costs to save money. The most obvious way to reduce your food budget is to cook your meals at home. Making your own food is usually much more affordable than dining out. Shop at local markets and budget-friendly supermarkets, and plan your meals for the week to reduce waste.
Cooking at home helps students studying abroad save money on food expenses!
Transportation
Transportation costs can quickly add up, so be in the habit of checking for student discounts. If you’re lucky, you’ll be able to buy a cheap transit pass, which could save you a bundle. Over time, those savings can really add up.
Entertainment and Social Life
Having fun and socializing is an important aspect of your academic trip abroad, but be careful that you don’t overspend. Try to stick to free and low-cost activities, like university social events, participate in local festivals, visit public parks, and so on.
When you plan your spending, introduce restrictions for each month’s entertainment costs so that you do not waste too much money and have enough funds to cover the essential costs.
Enjoying budget-friendly social activities is key for students studying abroad.
Academic Supplies and Resources
A less considered fact is that school supplies of any sort tend to be expensive. Instead of buying blindly, you could try buying used books, sharing with your classmates, using digital versions, and even visiting your university library (you can check out books, creating copies, and other resources).
Emergency Fund and Financial Aid
Given that life is unexpected, always have a backup fund, just in case. And you should always be on the lookout for financial benefits in order to help boost your financial picture (in lending money and saving money).
Conclusion
Although studying abroad is practically a once-in-a-lifetime opportunity, it’s going to require saving pennies! Once you determine how to budget, save funds for mandatory and non-mandatory activities, and shop till you drop (by finding the best bargains), you will be sure to take advantage of your new life and still live the “dream” without falling too far into debt!
The post Budgeting Tips for Students Studying Abroad first appeared on Abroad101 Blog.
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