Practical Tips To Budget Well When Studying Abroad
Choosing to study internationally to acquire a new language, enhance your career prospects, immerse yourself in a new culture, or seize the chance to attend a renowned institution, offers numerous advantages to pursuing education overseas.
Even so, it’s no secret that student life often involves financial hurdles. Whether you are relying on a student loan or your tuition is covered, you will still need to afford living, medical, transport, and other costs. As a result, most students find themselves penny-pinching to stretch every cent.
But with these savvy budgeting tips, you will be able to live more comfortably while studying abroad.
Get International Student Insurance
International student insurance offers medical coverage, travel benefits, repatriation, dental and vision coverage, and more. This kind of insurance policy is also mandatory in many countries due to the essential nature of the benefits it offers students.
A student insurance policy can improve your budget by helping you avoid unpredictable extra costs. Healthcare costs alone can be astronomical, so even a visit to the emergency room could throw your financial stability off if you don’t have insurance.
Create A Detailed Budget
One of the biggest budgeting mistakes students make is not including every cost. Unfortunately, even the smallest charges to your account can set you off track with your budget. So, it’s essential to detail every cost you have for the month, from insurance premiums and groceries to a single sweet treat. The more detailed your budget is, the more transparency you will have regarding how much money you have and what you can afford.
Use A Budgeting App
Budgeting the old-fashioned way with a pen and paper won’t suffice. Not only is there a good chance that you will lose your paper budget, but you will probably also forget to track your spending and make adjustments as you go.
Budgeting apps are accurate and easy to use. You won’t need to use your calculator to add and deduct costs. Moreover, the app’s notifications will also help you stay on track.
Research Living Costs
The cost of living differs across the globe. With this, it’s essential to research living and housing costs before moving. You won’t want to pay too much for rent, and there should be student accommodation options if you decide to stay near your school. So, take some time to find the best apartment for your budget.
Cook At Home
It’s no secret that food costs have been increasing dramatically since the end of the COVID-19 pandemic. As food prices keep rising, it’s become more important to budget grocery costs carefully.
Cooking at home can be more affordable when meal-prepping, bulk buying, and freezer space are factors. By cooking and prepping meals for the week, you will also save time and reduce your power bill substantially. It’s also wise to learn a few pocket-friendly recipes. Chicken curry, stir-fry noodles, one-pan spaghetti, and caponata pasta are all cheap and easy meals.
Take Advantage Of Student Discounts
Find out if there are student discount programs available in your host country. You might find that restaurants or even grocery stores offer discounts for students. Even if the discount is small, it will free up some room on your budget.
Consider Part-Time Work
Working part-time while studying abroad is often essential for students. There are also tons of part-time opportunities worth considering. From waiting tables and child minding to freelancing from home and more, you will be able to find a part-time income opportunity that will help you get by without impacting your education goals.
Set Aside Emergency Savings
Emergency savings funds are essential for everyone. Even though it can be challenging to put money aside when you don’t have much money to begin with, it’s vital to keep in mind that every penny adds up eventually. So, if you are only able to spare ten dollars a week, it’s wise that you do. Unpredictable costs can quickly upset your financial stability, especially when working with little funds.
Avoid Credit
Credit might be tempting for anyone who needs a bit more from their wallet each month. However, the high costs of interest often make credit a dangerous game. Instead of being lured by credit offerings, it’s best to seek higher-paying part-time employment opportunities.
Review Your Budget Regularly
While it’s crucial to track your spending, it’s just as essential to revise and adjust your budget at the end of each month. You might have additional costs that you need to add in, or there could be costs that you can eliminate and allocate elsewhere.
Budgeting well with little money can be tricky. But with student insurance, savvy spending habits, an innovative budgeting app, and part-time work, you will be able to get through each month without financial stress negatively impacting your education and your experience as a student abroad.
