Living on a Budget Abroad: Cost-Saving Hacks for Students

Sambhavi
Aug 4
3 min read

Updated: Aug 26

Living as a student abroad can be a challenging task, especially when you have the comfort of your family providing for you in your home country. Starting from scratch in a new country can sound daunting, but if you muster up the courage to stay disciplined with your finances, you can save yourself from financial distress. Your future self will thank you if you follow the given guidelines while living abroad.

We need to understand that it's entirely normal for you to enjoy your time with friends and have a memorable college life. Still, it's equally important to be self-aware of your financial situation and stay informed about your finances.

Let’s look into our requirements to make sound financial decisions for a better tomorrow:

Track Your Spending:

Noting down your expenses can help you stay aware of your expenditure, allowing you to plan your future spending. Keeping track of something as small as $2 will benefit you in drawing financial conclusions and making informed decisions, and it will keep you grounded in your current financial situation.

Curate a Budget Plan:

Planning your budget can help you better understand your finances. Know your income and fixed expenses, such as tuition fees, rent for accommodation, food expenses, healthcare costs, and other recurring costs. Make a list of places where you need to put your money and save accordingly.

Use Public Transportation:

Familiarise yourself with public transportation, such as subway routes or local buses, to reduce your expenses and explore the city like a local. It helps you save a significant amount of money compared to owning a car in the city or hiring expensive cabs/taxis.

Explore Affordable Places:

Discovering pocket-friendly places to study or hang out with friends, such as a nearby library or a small café, can help you spend less while enjoying your time abroad. Ditch going to that expensive coffee place and try exploring affordable options nearby. Convince your friends to make financially savvy decisions and visit places with you, such as the museum or the park, instead of the expensive movie theatre or mall.

Prepare Your Meals:

While ordering food can be a lucrative alternative, learning to cook your meals can help you stay healthy and save a significant amount of money. Try cost-saving recipes which do not require luxurious ingredients to make your breakfast, lunch or dinner. Make your coffee instead of buying it from a coffee shop.

Side Hustle:

Do a part-time job, an internship, or work on a project with your professor to get that extra edge in your work experience as well as earn some money. Reach out to companies nearby or try cold emailing; put in that extra effort to become more savvy and gain confidence on your own.

Surround Yourself with Like-minded People:

When we stay abroad, we are likely to meet people from diverse economic backgrounds. While it's essential to stay connected to most of the people from your class, don't be too close to people who think that it's “uncool” to remain financially conscious. Stay diligent and choose your tribe wisely. Connect with people who hold the same values and goals as you.

Conclusion

Planning and being financially conscious while living alone in a new country can help you manage your expenses more effectively and save money. Sometimes, it's not essential to attend a costly event or buy expensive items; staying financially disciplined as a student is a wise choice that every successful individual once practised. Make better choices and decisions today to build a stable future tomorrow!

We understand that the application process can be overwhelming, so we're here to support you. The study abroad experts at Hello Study Global are there for you every step of the way. From preparing for entrance exams to college applications, we will guide you to success.

Feel free to reach out to us at Hello Study Global.