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Last Updated: August 26, 2021

Saving Money While Studying Abroad

Candidates who opt to study abroad will be for the most part focusing on the expenses that will be incurred during the duration of the course. While choosing a university, candidates often look for institutions situated in cities with lower living expenses. It is an important factor along with the cost of attendance of the course candidates are applying for. The locality the candidate is in will decide most financial aspects of their stay in the country they have chosen.

The most common expenses incurred by students who travel abroad for education are that of tuition, rent, transportation, food, basic amenities, healthcare, etc. Candidates will have to research the expenses they will have in the particular city they are living in since it is subject to variation from country to country and city to city.

While candidates will not be able to save money by cutting down college/university expenses, they will be able to create a budget for themselves and always earn extra money to cover their expenses. By making serious lifestyle changes, candidates will be able to save enough money and lead a decent life in the country they are studying in.

General Areas of Expenditure

The expenses that candidates have to research before moving to a different country for higher education start from the cost of attendance of the course they are attending. While most candidates will apply for financial aid along with their college application, they should realistically calculate the amount of money they will require which will fall outside the scope of the financial aid. While the exact amount spent on these aspects will differ from person to person, students will be able to substantially reduce their living expenses if they create a budget for the same.

Managing Finances through Budgeting

Creating a budget might seem to be the easiest option for students who have not previously taken a vested interest in saving money. Budget creation starts from having an awareness of the expenses one might have, including an approximate amount one spends every month for the necessities and extra expenses one usually incurs. Students can keep an online or offline journal to jot down their main expenses for the month along with the income they receive every month. The income can be in the form of an allowance or in the form of financial aid/salary they receive every month. The amount they spent should be drastically cut down to match their income.

While adding the amount they have to spend, students should ensure that apart from the fixed costs they have, they should keep a monthly allowance for health emergencies and other activities they might have to be part of while socializing and traveling within the country. The amount that has been set aside for extra expenses must be carefully charted out and should always have a percent that will go towards savings. If the amount they have to spent monthly exceeds the amount they earn, students should either look for other sources of income or cut down their expenses by knowing what they can live without.

Getting a Source of Steady Income

Most students will ideally have access to financial aid even if the aid does not cover a large part of their educational expenses. Every scholarship or grant a student can receive will ultimately count toward the total income the student will have per month. While most scholarships cover only the cost of attendance, some others will also provide candidates with a stipend that will help with their living expenses.

Applying for internships

Irrespective of the course the student is doing, they will always be able to find internships options. Doing an internship will not only provide candidates with a source of income but they will also be able to showcase the internship as part of their work experience. Some internships provide candidates with credits or points they will require as part of their course apart from the salary they provided.

Taking up assistantships

Candidates who are doing a graduate program in universities will be able to take up assistantships in their respective universities. This will provide them with teaching experience and lab research experience depending on the course they do. While assistantships provide students with experience, it also pays the students well, depending on the field of study they have chosen.

Taking up job opportunities on-campus

Taking up smaller jobs on campus is a great way for international students to dip their toes in the job market in a new country. Some countries require that the students can only work on-campus. Even if the job is low-paying, it gives the student a chance to acclimate well with their university, work without worrying about transportation costs, and work in the safety net of the university. This is an ideal option for the first semester.

Taking up part-time jobs

Depending upon the country the student is going to, they can take up part-time jobs. Students need to be well aware of the work restrictions imposed on their visas. Not following these rules can result in termination of the visa and deportation. Most countries offer candidates a set number of hours they can work every month and the base salary they will be able to receive while doing any job. These jobs needn’t pertain to the field of study the candidate has chosen. While candidates should look for jobs that can aid them in their future career prospects, any job they can find will be able to help them pay their bills on time as long as they don’t clash with their study schedule.

Tips for Saving Money

While saving money can seem to be a hard task due to the unfamiliarity associated with it, students will still be able to start saving by keeping a journal and recording their possible expenses. Categorizing the needs and wants one might have and spending thoughtfully are a few of the methods that can help students in this endeavor.

Some other tips that can help students are-

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