Helpful Tips On How To Save Money While Studying Abroad

By Author: Sunil Kumar
Total Articles: 3
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Study Abroad can be a life changing event in student life and it can also be a wallet-emptying one, piling more debt on top of the average student loan.
It is possible to save money while you are living in another country if you know which corners to cut and what tips to follow.

Here are some money tips that can be useful during Study Abroad.

Learn to budget

Learning to make a budget – and sticking to it – is perhaps the most important skill you’ll need to manage your money abroad. Even if you’re moving somewhere with a low cost of living, you could still find yourself short if you don’t keep a handle on where your money is going.

Apply for scholarships

Finding scholarships is not that difficult. Usually, you can just visit the study abroad office at your educational institution or even the financial services office and they will have a large directory of available scholarships.
If your school does not have these offices, you can just quickly have a look on the Internet and find a wide variety of scholarships you might qualify for.

Make the most of student discounts

Take ...
... advantage of student discounts if they are available in your study abroad country. Depending on the country you study in, student discounts can save you money at museums, tourist attractions, transportation, shopping outlets, and even the movie theater. Also, many hostels and other businesses have negotiated discounts for holders of the international student card or ISIC which you should take advantage of.

Find part-time work

Students can find out about part-time jobs that are available by consulting notice boards around their institution, looking in local newspapers and job centers, and visiting the college or university careers office. Many institutions have their own 'job shop', which display part-time and holiday vacancies and may issue job vacancy bulletins.

Smart Banking

First, check if your bank has a local branch or a partner and what are the conditions they work with each other. If your financial institution doesn’t have one, you’ll need to deal with ATMs, which often belong to a private company or another financial institution. In this case, along with a withdrawal fee, the ATM will also charge you a percentage of the sum that you have withdrawn.
In order to avoid that, you should open a local bank account and have your money transferred directly to it.

Go for local brands

Try to buy local brands instead of imported Western products. While it might be tempting to buy a Snickers bar at double the price, you can save more by going local.

International Student ID card

For less than 20, you can buy an International Student ID card (ISIC) that is accepted all around the world. You can save on just about anything, from food and travel to sightseeing and exchange money at the airport. Sure, the cost for the card can seem like a lot of money right now, but you will reimburse yourself and more with its purchase.
Travel in groups
You can easily find deals on accommodation, tickets, and food if you’re traveling with a group of people. Try to plan early to get the best deals.

Save on travel costs

Take advantage of your Student I.D. for discounts on transportation. Whether it is public transportation in the city, airfare or trains, try to book in advance, save money with off-peak travel, and compare prices online and use student travel sites.

Don’t let the cost of studying abroad discourage you. Know what your goals are and don’t be afraid to achieve them. Get started early and you will be able to make your international dream come true.