The Best Ways to Save Money and Budget as an International Student

 

Studying abroad can be an exciting and rewarding experience, but it can also be challenging and expensive. As an international student, you may face many financial difficulties, such as paying for tuition, accommodation, food, transportation, books, and other living expenses. You may also have to support your family or deal with currency fluctuations and exchange rates. Therefore, learning how to save money and budget wisely as an international student is vital.

 

Saving money and budgeting is not only about cutting costs but also about making smart choices and planning. We at Uni Guide help students get to their favorite institute but also help them make better decisions once they are there. Here are some tips on how to save money and budget as an international student, especially from an Asian, mainly Pakistani perspective.

 

Apply for Scholarships and Financial Aid.

One of the best ways to save money as an international student is to apply for scholarships and financial aid that can cover part or all of your tuition and living expenses. Many scholarships and grants are available for international students from various sources, such as your home country, host country, university, department, field of study, academic performance, extracurricular activities, background, and financial need. 

You can search for scholarships and financial aid online through your university, local embassy, or consulate. You can also ask your professors, advisors, seniors, or peers for recommendations. Applying for scholarships and financial aid may require effort and preparation, such as writing essays, taking tests, submitting documents, and attending interviews. Still, it can be worth it in the long run.

 

Choose a low-cost destination and university. 

Another way to save money as an international student is to choose a destination and a university with lower living costs and studying costs. Some countries and cities are more expensive, depending on inflation, taxation, currency exchange rates, transportation, housing, food, health care, education, and entertainment. 

You can compare living costs and studying in different countries and cities online through websites such as Numbeo or Expatistan. You can also choose a university with lower tuition and fees or offer discounts or waivers for international students. You can check the tuition and fees of different universities online through their official websites or websites such as Top Universities or Studyportals.

 

Live off-campus or with roommates. 

Living on campus can be convenient and comfortable, but it can also be expensive. Living off-campus can be cheaper, especially if you share an apartment or a house with other students or friends. You can save money on rent, utilities, internet, and other bills by splitting them with your roommates. You can also have more freedom and privacy and experience the local culture and lifestyle more. You can find off-campus housing options online, through websites such as HousingAnywhere or Uniplaces, your university, your local community, or your social network. 

However, living off-campus also has drawbacks, such as commuting, security, maintenance, and compatibility. Consider the pros and cons of living off-campus or on-campus, and choose the option that suits your needs and preferences.

 

Cook your food and eat out less. 

Food is one of the significant expenses for international students, especially if you eat out frequently or buy ready-made meals. Cooking your food and eating at home can be much cheaper and healthier than eating out. 

You can purchase groceries and ingredients from local markets, supermarkets, or online stores and prepare your meals according to your taste and dietary requirements. You can also save money by buying in bulk, using coupons, looking for discounts, and avoiding food waste. 

You can also cook with your roommates or friends and share the food and the costs. Cooking your food can also help you satisfy your cravings for your home country’s cuisine or try new recipes from different cultures. You can find many recipes and cooking tips online through Allrecipes. Of course, you can still eat out occasionally, but you should limit your spending and choose cheaper options, such as street food, fast food, or student cafeterias.

 

Use public transportation or walk. 

Transportation is another significant expense for international students, mainly if you use taxis, car rentals, or ride-hailing services. Public transportation, such as buses, trains, subways, or trams, can be cheaper and more convenient than private vehicles. You can save money by buying monthly or yearly passes or using student discounts or cards. 

You can also walk or bike to your destination if it is close enough and safe. Walking or biking can also help you stay fit, reduce your carbon footprint, and explore your surroundings. This is especially true in Europe, where cities are walkable and bicycle-friendly. 

 

Use budgeting apps and tools. 

Budgeting is planning and managing your income and expenses and setting and achieving your financial goals. Budgeting can help you save money, avoid debt, and improve your well-being. Budgeting can also be easier and more fun with the help of budgeting apps and tools. 

Budgeting apps and tools can help you track your income and expenses, categorize your transactions, set your budget limits, monitor your progress, and give you feedback and advice. Some of the best free budgeting apps and tools for 2023 are YNAB, PocketGuard, Wally, Goodbudget, and Spendee. You can download these apps on your phone, tablet, or computer. You can customize these apps and tools according to your preferences and needs.

 

Divide your money into three sections. 

A simple and effective way to save money and budget is to divide your money into three sections: 

• One for your monthly and daily expenses 
• One for your savings
• One for your family support 

You can use the 50/30/20 rule as a guideline, which means that you allocate 50% of your income to your essential expenses, such as rent, food, utilities, and transportation, 30% to your discretionary expenditures, such as entertainment, travel, and shopping, and 20% to your savings and debt payments. You can adjust these percentages according to your situation and goals. However, you should always prioritize your essential expenses and protection over your discretionary expenses. You can also set aside some of your income to support your family back home if necessary. You can send money to your family through various methods, such as bank transfers, online platforms, or money transfer services. You can compare the fees, exchange rates, and speed of different ways online through websites such as TransferWise or Remitly.

 

Look for free or cheap entertainment and activities. 

 

Studying abroad is about exploring, having fun, and enjoying life. However, entertainment and activities can also be costly, especially if you go to cinemas, theatres, concerts, clubs, or restaurants.

You can save money by looking for free or cheap entertainment and activities. You can visit museums, parks, libraries, or historical sites. You can also attend cultural events, festivals, and workshops, joining clubs, societies, or sports teams, volunteering for a cause, or exploring nature. 

You can also have fun at home by watching movies, playing games, reading books, or listening to music. You can find information about free or cheap entertainment and activities online through websites such as Eventbrite or Meetup or your university, your local community, or your social network.

 

Conclusion 

 

While living abroad is like juggling multiple things simultaneously, it also teaches so much. So, if you are an international student or want to be one, check out our Website or social media pages for more money and budgeting tips as an international student.