Edwise International – Study Abroad Consultants: Tips for Budgeting When Studying Abroad

Countries like the United States, United Kingdom, Australia, and Canada stand out as education hotspots with world-class universities. Studying abroad not only gives you a global experience, but the post-study job offers are lucrative. Studying abroad is a global phenomenon, with students traveling across countries, continents, and oceans to get the best education possible. To study abroad has countless benefits, from helping you look for a good job to improving your social life. International education is a quirky and highly rewarding experience that boosts your career, personal development and much more. Thus, many students choose to continue their studies in an international destination.

But all pros considered, it is an established fact that studying abroad is an expensive business. And not having a good plan to maintain finances can pinch pennies to get by. However, studying abroad doesn’t have to cost a fortune – there are plenty of smart money hacks for international students with some basic planning and understanding.

1. Get a local bank account

One of the downsides of studying abroad has to be the conversion and ATM fees you have to pay. Setting up a bank account in your new country is the primary measure of your financial survival. It’s a good idea to open an account in your new host country and get a credit or debit card to use.

2. Make a spending budget

In financial management, developing a budget is one of the most important steps. Plan how much money you would like to be shelled out. Be sure to incorporate things like monthly rent, utility bills, groceries, transportation, data charges, entertainment, study materials, and travel expenses. Maintain a realistic budget (typed or not). This will help you stay on track and prioritize the things you really want to do over the things you might not.

3. Engage in part-time jobs

In most countries you can work up to 20 hours per week and full time during school holidays. Find a job in compliance while checking if your student visa allows you to work. Working alongside your studies can be a great way to earn some extra cash and improve your job skills. Make sure your job doesn’t overshadow your studies.

4. Take advantage of a student pass

One of the benefits of being a student is the endless list of coupons and discounts you get. So, try to bring your student card (ISIC) with you as soon as you set foot in the university. The ISIC card gives you UNESCO-approved proof of your student status. The card gives access to over 150,000 student discounts in 130 countries. This card will allow you to benefit from discounts on restaurants, shops, cinema tickets, transport and various cultural events.

5. Learn to cook

One of the biggest costs for any student is food. When budgeting for food, the general rule is that it will be cheaper if you prepare your own meals. Use your “restaurant meal” budget and buy fresh ingredients to cook at home. Avoid relying on ready-made foods, as this will prove unsustainable in the long run, especially when your budget is tight. One can save around 30-50% of their food budget with this.

6. Choose a city with a low cost of living

In general, Asian countries have quite a low cost of living and have a number of wonderful educational institutions that are worth visiting. You can give your finances a boost right from the start by choosing to study somewhere with low daily living costs.

7. Save on the essentials

Take the time to understand how to reduce your travel costs and make a big difference to your overall budget. Rent usually eats up a big chunk of your budget, whether you live on or off campus. Each option has its own pros and cons, so see which works best for you. And if you choose to live away, consider moving in with a roommate to cut costs. Look for ways to save money and make sure you use it wisely. Reduce your daily expenses by: shopping during sales, joining a library, using digital copies of books, using affordable phone services, etc.

For further assistance or questions, students can contact us, Edwise International, and take advantage of our wide range of student services in destinations like Universities in Canada, study in canada, study in uk, study in ireland, study in the United States, study in new zealand, study in australia, study in singapore and many other countries.

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