Study Abroad

How to Save Money Studying Abroad

July 17, 2020
how to save money studying abroad student

Guest post written by Andrea Cánovas, StudentJobUK

Would you like to live an experience in another country — but you’re concerned about finances? As a student or young professional, it can be complicated to figure out a way to budget properly and still make time for having fun. If you’re interested in learning how to save money when studying abroad, then you can’t miss the following tips: 

Plan your expenses 

Everyone has heard the phrase “organization is key.” It’s easy to get lost in day-to-day tasks — but in order to save money abroad, you need the ability and willpower to manage your expenses. A realistic notion of how much you have spent and how much you are expecting to spend will help you see what you could start cutting back on. To visualize this, create an Excel sheet where you can see your income and expenses in different colors. 

Another trick to keep your expenses in check is to download a money-management app like Mint or BillTracker. In these apps, you can manage your finances and track where your money is going quickly and efficiently — it’s definitely the easier version of the excel sheet! 

Avoid commissions 

Another great — but often overlooked — trick to save money abroad is to keep an eye on your transfer and exchange fees. Open a bank account in advance in whichever country you are traveling to. This way, you can avoid paying extra taxes every time you pay with your credit card from your native country. Banks normally offer student credit cards with low monthly fees, so this is definitely worth doing a little research on! 

Get a job beforehand 

Yes, this may be the most common money-saving tip. But it can’t be missing from this article!

In order to save money abroad, you will need to try to find extra sources of income. If you’re a student and you know you don’t want to work full-time during your experience, looking for a part-time job or internship you can balance with your studies may be the solution for you. When it comes to student jobs, you have several options that are easy both to apply to and to work.

Why not have a look at some bar staff jobs, for example? Bartending or waitressing are easy positions that don’t have to clash with your lectures. Plus, learning about work-life balance is also part of the process of becoming a proper professional! 

If you are going to follow this advice and look for a job prior to your experience abroad, try researching tips on working abroad before you go. It’s essential to know about your employment rights and contracts if you’re entering the professional world for the first time.

learn how to save money studying abroad

Money-Saving Tips and Career Advice for Students Abroad

Being able to live and study abroad is a once-in-a-lifetime opportunity — spend your time enjoying the experience and ease your financial worries by putting these tips into action.

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