Find the Best Ways to Save Money Abroad on a Student Visa
Completing your graduation or post-graduation degree overseas can be exciting for sure. But at the same time, there’s the monetary aspect such as tuition fees, library fees, and lab fees are often taken care by the educational loan or scholarships but the recurring expenditures including living expenses such as accommodation, food, medical emergencies, and travel need to be managed by the students themselves.
What if you find a smart way to manage your finances? We are dedicating this section to sharing some of the most prominent money-saving tips while studying abroad. These practical ways are from our students studying abroad.
Top 10 Ways to Save Money Abroad on Student Visa
1. Keep a tab on your budget
One of the most prominent ways to track your expenses is by setting up a budget at the beginning of every month. You can use a pen and paper or keep track digitally, the choice is all yours. Once you have added your basic amenities, make sure to keep funds in hand for emergencies.
2. Share your apartment
Even though living alone is the sole definition of being independent and having your own privacy. It is not the right choice when you are planning to save while studying abroad. Go for shared apartment among 3 or 4 students and divide the cost.
3. Say Yes to Student Discounts, coupons and No to Credit Cards
Student discounts are a great way to save on the majority of your purchases. Same goes for coupon codes at various restaurants, cafes, and even purchases can help you to save moderate funds.
Credit cards are easy to swipe and difficult to pay later. Hence, if you are on a saving streak, splurging isn’t recommended.
5. Always Transfer in Large Sums
Every time you are transferring money online, cross-currency make sure to transfer in large sums. Always try to avoid sending smaller chunks throughout the month. This is predominantly because, with every transaction, taxation and conversion rates are imposed. It is one of the best ways to save money in the long run.
6. Keep Your Mobile Bills at Minimal
Once you get a mobile phone number in your name, it becomes yet another recurring expenditure to bear. Whether you are using your mobile phone to download or stream your favourite movies or shows, it is going to reflect at the end of the month.
7. Consult with Other Students
Stay in touch with our student help groups and find ways to speak to other students in the same boat. Seek how they are managing their expenses. Not to mention, you can also avail of group buy, to get additional discounts on all your purchases.
Tip of the blog
8. Don’t Always Think About Converting Currency
When you start earning in dollars, converting every purchase will create a lot of confusion. Don’t let cash conversions come in your way of living student life. Since each city has its own standard of living, it’s better to get used to the expenditures than to keep converting.
9. Penalties and Traffic Fines are a Huge Add-On
To keep your cost minimal, always try to abide by the traffic rules. Furthermore, try not to fail in the examination, since the cost of re-appearing is always higher.
10. Try to Purchase Pre Owned Goods
Craving for the latest gen iPhone? Well, last year’s model is just as good as this year’s one. Purchasing pre-owned goods can save you a ton of money along the way.
11. Split Your Groceries Among Peers
While spending your time in the dorm, it’s better to adopt the habit of splitting your groceries bills.
The Bottom Line
At times, you might feel like struggling, but chances are everyone with a student visa is experiencing the same. So, make sure to manage your budgets responsibly and save money abroad on a student visa. Once you get everything right, you are always good to go.