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• Class24 Study Abroad Team
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• 28-Oct-2024

How to Manage Finances as an International Student: Budgeting and Saving Tips

Living in a new country for studies is a life changing journey that offers personal development, cultural appreciation and improved academic achievement, but it can easily put a hole in your pocket. Knowing how to manage your finances as an international student can mean you can focus on your studies without the constant stress of money managing skills. In this post, we list essential budgeting and saving tips for international students.

1. Create a Realistic Student Budget

The first step in financial management is to budget– actually create a budget that reflects your true income and your true expenses, be realistic and be accurate.e. Start with a list of all of your expenses: tuition fees, accommodation, utilities, food, travel and entertainment, but also add in unexpected costs, thus leaving some flexibility.  See how much you can afford and compare your estimated monthly costs to your monthly income from savings, scholarships, part time jobs or allowances.

2. Find Affordable Accommodation Options

One of the biggest and expensive expenses for international students is, housing and  accommodations. Student housing, in the form of dormitories, share apartments or in homestays, is usually cheaper than private apartments. It’s usually less expensive than living by yourself. Other universities offer subsidized housing or aid in assisting with finding roommates to help cut the bill of rent sharing.

3. Prioritize Essential Expenses

Prioritize Essential expenses over discretionary spending and essentially identify and allocate to them.g. The essentials constitute rent, groceries, transportation, utilities, food and study materials. Cut spending on non essential eating out, entertainment and shopping unless it falls in your budget reasonably. To reduce food expense, do grocery shopping at local markets or discount stores. Learn how to cook a meal at home

4. Save Money on Transportation

In large cities, transportation can be expensive, so use public transportation and not cars or taxis. Find out if your city offers student discounts for public transport, try biking, walking, or consider their car sharing programmes if needed to reduce your travel expenses; Use the transportation pass to Save money and save the planet.

5. Use Student Discounts Wisely

Being a student has its perks, for one you have access to student discount on the services and products of different kinds, such as software, dining transportation, and entertainment, and so on.What it means is that you should always ask is there any student discount and trim your costs to the fullest. A lot of companies and businesses offer discounts for students, so always try inquiring if they have anything for students before buying something .For instance, universities have free or low cost resources such as industrial based training courses, counseling and healthcare services that can help you save on medical expenses and time to the fullest, so look out for free or low cost activities that you can participate in on campus or in where you reside.

6.  Look for Part-Time Work Opportunities

There are quite a lot of countries wherein international students are allowed to work part time on and off campus. If your visa allows, consider finding a part time job or internship which has something to do with your major. A Part time Work allows as to reduce the financial burden when we studying abroad. And by going this route, you will not only have another source of income, but you will also get some work experience under your belt.

7.  Build an Emergency Fund

If you are paying bills and making trips to cover traveling costs with the scholarship money you will run out of it real quick. Accordingly, an emergency fund is a must for applicable expenditures like house repair, traveling, or bills.Apart from scholarships, it is mandatory to fit in an emergency fund in your budget: This will reduce the pressure of sudden emergency costs like traveling or bills. A safety net for when unexpected expenses happen to you.

8. Effective Budgeting

A skill useful during your time abroad as an international student and in your daily life too . This will contribute to help you handle your finances, reduce stress and utilize your educational experience overseas to the best.

9. Cancel your unused subscriptions

Not a tip — it's just a reminder to cancel your unused membership fees. No longer using the gym? Working out at home? Stop your gym subscription you are not using. Learn about products and services offered by streaming services and find out which one caters most to your entertainment interests and buy that instead of paying all of them.

10. Talk to other students

It is not unusual in a big new city to feel like you are by yourself.Sometimes, the loneliness and the weight of the financial burden can be overwhelming especially if you aren’t as privileged as most people who study abroad do.I always tell people who study to speak to the other students, and see if their issues are something you can relate to or can  speak about the same  and see if you can relate to the same issues. Most students at university level are struggling with their budget and they might have some good advice for you! Listen to what people have to say. Keep your ears peeled.  This is the experience that we have come across with every student in a university, you might feel that you are struggling now, but this is part of it. If you keep to our tips and manage your budget responsibly, you don’t have anything to worry about.

Conclusion

With a budget, smart spending decisions, and taking advantage of those student discounts, it is totally doable to not only manage your finances as an international student, but do so in a way that feels healthy. The first part can be difficult, but following these budgeting and saving tips will ease you into the process and build confidence in the financial aspect of the education so you can concentrate on the more important part of the education instead. Don’t forget, you’ve got this, it’s about finding a balance of enjoying yourself without going over your financial responsibility.

FAQ

Q 1: What expenses should I include in my student budget?
A: Your budget should cover tuition, accommodation, utilities, groceries, transportation, and entertainment to give a complete picture of your finances.

Q 2: How can I secure affordable housing as an international student?
A: Explore options like university dormitories, shared apartments, or homestays, and inquire about subsidized housing or roommate assistance programs.

Q 3: Which expenses should I prioritize in my budget?
A: Focus on essential expenses such as rent, groceries, transportation, utilities, and academic materials, while limiting discretionary spending.

Q 4: Am I allowed to work part-time while studying as an international student?
A: Yes, many countries permit international students to work part-time on and off-campus, providing a great way to earn extra income.

Q 5: What are some tips to save on transportation costs?
A: Utilize public transportation with student discounts, consider biking or walking, and look into transportation passes to significantly reduce travel expenses.