Studying abroad does not have to be prohibitively expensive; there are numerous smart money hacks available to international students.
There is a common misconception that studying abroad is prohibitively costly and that only a select few can afford it.
We're about to reveal the top five money-saving tips for students studying abroad. You can thank us later, and maybe even buy us a coffee!
1. Learn how to set a budget
Making and keeping to a budget is probably the most valuable ability you'll need to handle your money when traveling. Even if you're moving somewhere with a low cost of living, if you don't keep track of where your money goes, you might end up short.
Budgeting can be intimidating at first, and it's easy to make mistakes or fail to account for those expenses.
Start by being generous, but once you've gotten used to sticking to your budget, it'll be easier to save even more by reducing those expenses. Effortlessly save throughout the week, then splurge on the weekend.
2. Take advantage of student discounts
The ISIC card is a UNESCO-accredited document that verifies your student status. You'll have access to over 150,000 student discounts in 130 countries with this passport.
Don't miss out on this opportunity to save money on museums, accommodation, and excursions!
Make sure you order your card early, as delivery will take 3-4 weeks, depending on your country's postal system.
3. Negotiate and Shop Wisely
If you're short on cash, ask for discounts or bargain with sellers to get a better deal. Students sometimes fail to request a student discount, which can be as much as 20% off. That could save you a lot of money on more costly purchases. While there are days, when there is no money to be made in stores, going online, opens up a world of possibilities.
Old books can be found on sites like eBay and Amazon, where you can save up to 90% on certain titles. They're even perfect for selling your old books; you might even make some money by doing so!
4. Understand how to use public transportation
When confronted with a complex new public transportation system, it's easy to overpay or take the easy way out and take a taxi. Examine monthly and annual passes, as well as the expense of one mode of transportation, compared to another.
It's safe to believe that flying is the fastest way to get from one country to another. International travel does not have to be on a plane anymore, thanks to quicker and longer trains and buses. Investing the time to learn how to reduce your travel expenses in your new city can have a significant impact on your overall budget.
5. Look for part-time jobs
Working part-time while studying can be a perfect way to supplement your income and finance your luxuries. Most students can work up to 20 hours a week in addition to their studies, so it's worth looking at what other students in your new city do and applying for jobs when you get there.
Before looking for jobs, make sure to review the terms of your visa, as certain countries do not allow foreign students to work outside of their studies. Government websites provide a wealth of information.