Studying in Monaco is a dream come true, but living in one of the world’s most luxurious destinations comes with a big price tag. As a student at the International University of Monaco (IUM), managing your budget is very important. But with this tips, that I’m going to share with you, you can enjoy the Monaco lifestyle without draining your bank account. Here’s how I made it work:
1. Rent Smart: Live Outside Monaco
Finding affordable accommodation in Monaco is nearly impossible for students (cheapest apartment price starts from $3000 and they usually don’t rent for a short time). My solution? Renting in nearby cities. I chose Menton, a very pretty French town just 10 minutes by train from Monaco, and it was the best decision I made.
I decided to rent a large apartment through Airbnb for €900 per month. While you can save even more by sharing a flat, I decided to live alone after a year in Drexel dorms (which is a real traumatic experience) – and I haven’t regretted it. Menton is peaceful, scenic, and far more affordable than Monaco. Other great options include Cap-d’Ail, Beausoleil, or even Roquebrune-Cap-Martin, which are also close to Monaco and cheaper than Nice, which is further (20 minutes by train) and more expensive.
2. Cook at Home and Shop Wisely
Eating out in Monaco can quickly add up, so I recommend cooking at home. Groceries, dining, and even shopping are significantly cheaper in Ventimiglia, an Italian town just 20 minutes from Monaco by train (and 10 minutes from Menton). With a Student pass you can go there for free! Also, plan your meals in advance to save both time and money.
3. Get a Student Train Pass
Transportation can be a major expense, but a student train pass will save you a lot. For just €90 per year, you can travel unlimited on regional trains between Marseille, France, and Ventimiglia, Italy. This means you can explore the French Riviera and even go to Italy at no extra cost!
For reference, a one-way train ticket from Nice to Monaco costs around €5, so this pass is a steal.
4. Take Advantage of Student Discounts
Being an IUM student comes with perks! Many restaurants and cafes in Monaco offer discounts. For example, a salad place just 3 minutes from campus gives 15% off to IUM students. Always carry your student ID, as you might discover more spots offering discounts.
IUM also occasionally provides students with free tickets to AS Monaco football matches. These games are a great way to experience local culture without spending anything!
5. Explore Monaco for Free
Monaco offers plenty of activities that don’t cost a cent. You can visit Old Town (Monaco-Ville), relax at Larvotto Beach, or enjoy the scenic Princes’ Palace views. Walking around the harbor or taking a hike up to Tête de Chien gives you unforgettable experiences.
6. Avoid Tourist Traps
It’s easy to overspend in Monaco if you stick to touristy spots. Look for smaller, local cafes instead of big-name restaurants. Use your student pass to explore less-touristy towns like Eze, Villefranche-sur-Mer, or Antibes for affordable dining and entertainment.
Cannes, France
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