Budgeting tips for International Students
As exciting as studying abroad is, it comes with major financial challenges for international students.
Managing your finances while trying to adjust to your new school and the culture of your host country can be a difficult process. With proper planning and knowledge of your finances, you can reduce the financial pressure of studying abroad.
This article will discuss the need for a budget as an international student, how to cut down on your expenses and other tips on managing your finances as an international student.
Budgeting Tips for International Students
Here are 9 practical budgeting tips critical to making the best out of your study abroad experience:
Create a budget
Creating a budget is the most vital step in managing your finances as a student. Budgeting helps you track your income and expenses and set a clear-cut plan for how you spend your money. By putting together a list of your expenses, you can decide what non-essential expenses to cut back on and habits to adopt to stick to your budgeting plan.
When creating a budget that suits your student lifestyle, ensure you set aside savings for emergencies or entertainment. To make it easier for you to track your expenses and stick to your budget, you can explore budgeting apps by having weekly or monthly budgets that will work for you.
Look for cheaper accommodation
Getting accommodation on campus is generally a cheaper option when you consider costs like electricity, internet, water and transportation. For this reason, it is advisable to take advantage of your school’s dormitory facility if you can. However, if you choose to live off-campus, you can consider sharing an apartment with a roommate(s).
Sharing your living space with one or more roommates reduces your accommodation expenses and even the cost of food supply. You should also note that the cost of getting an off-campus accommodation will vary with the location. Smaller towns are usually cheaper options to consider when looking for accommodation.
Buy pre-owned
Another budgeting tip and a good way to cut back on your expenses is to buy pre-owned. Buying already used items will save you a lot of money. Going for second-hand books, clothing, kitchen or housing equipment is always a cheaper option. For textbooks, you can consider looking out for free digital editions of the text to save money.
Reduce eating out
Frequent eating out or ordering food will add up to a lot of money in the long run. To reduce your food budget, you can consider cooking your meals. This way, you can buy fresh ingredients and make your meals while maintaining a healthy diet at a cheaper cost. You can always cook large quantities and reheat whenever you want to have a meal.
Choose cheaper alternatives
The best way to keep a realistic budget is to opt for cheaper alternatives. Explore student discounts, promo and sales deals offered by stores, restaurants and websites. As a student, you will be eligible for many discounts and freebies.
Take advantage of your student status to help you reduce the money you spend on transport, groceries and even social activities. Explore local stores that offer frequent discounts or are generally cheaper and also take advantage of free services that your university may have for students.
Explore scholarships opportunities
Increasing your funding sources is a great way to help your finances. You can apply for as many scholarships as you qualify for, to increase your chances of getting one. Various organizations and groups award scholarships to international students. Although some of these scholarships are small, they are worth the time of research, application process and the added funds you stand to get.
Get a part-time job
If your student visa allows you to work and you can manage a part-time job alongside your studies, then this will be a useful source of income to cover your study and living expenses.
In most countries, international students are allowed to work 20 hours/week during the term time with a student visa. Before taking on any jobs as an international student, you should understand what rules apply to your student visa and if you are eligible to work part-time.
While getting a part-time job will help fund your study abroad experience, you should not prioritize your work over your studies. You can look for flexible roles that will fit into your school programme, like cooking for your friends or exploring other talents you have.
Read more on Study and Work In The UK | A Guide For International Students
Have savings
When setting your monthly spending limit, also remember to set monthly target savings too. Saving money and reducing expenses are the top 2 financial struggles you will face as an international student. However, reducing your expenses, seeking more sources of funding and keeping to your savings limit will help you handle any unexpected expenses.
Though discipline plays a vital role in maintaining a good savings habit, you can decide to reward yourself once in a while to stay motivated in your budgeting plan.
Seek financial advice
Trying to manage your finances and find the right budget plan to suit your student lifestyle will be an easier process when you ask for help. Most universities have dedicated international student advisors you can take advice from, especially concerning your finances.
These student advisors guide you through budgeting tips, cheap accommodation options, part-time jobs and even scholarship opportunities. Take advantage of as much financial advice you can get from the student advisory team and alumni bodies. They can guide you through cost-effective options for savings and budgeting.
Surviving financially as an international student means you will have to be disciplined and dedicated to sticking to a realistic budget and adjusting your habits while focusing on completing your education. With the proper planning and good habits, you will get the best out of your study abroad experience.
