The excitement of going to a new country to study is something every student should experience. With a big move like this comes potential worries, like keeping to a budget. If you’re wondering how to manage money while studying abroad, make sure you follow these useful tips.
- Open a local bank account
- Remember to budget
- Sign up to student discounts
- Get travel passes
- Buy then sell used textbooks
- Share accommodation
- Get an international Student Identity Card
- Food shop in the evenings
1. Open a local bank account
If you end up using your current bank card in an ATM to change your money into a different currency, chances are you could pay some fees. To work around this, open a local bank account as soon as possible.
You won’t have to worry about exchange rates and you can save a lot more money in the long run. Also, look out for student-friendly banks that offer incentives.
2. Remember to budget
To manage your money in the best way, make a budgeting plan beforehand so you know how much you can and can’t spend. It’ll stop you overspending and worrying about finances later down the line.
Plan how much money will go on your accommodation, food, study costs, your social life, travelling, insurance, the internet and your utility.
To make it all easier for yourself, look at budgeting apps like Squirrel, Wally and Splitwise that you can use on your smartphone.
3. Sign up to student discounts
The great thing about studying abroad in a place like the UK is that there are so many student discount opportunities for you to take advantage of. You can get student discounts from pretty much anywhere from Apple to Spotify and cinemas to clothing brands.
Create accounts on student discount applications like Unidays and Student Beans or buy an NUS card. Whenever you shop online or go to a store in-person, double check that they offer student discounts for much better deals and save money along the way.
Tip: Shop during the sales or download apps like Groupon which are full of cheaper items. While many items will already be discounted during sales, you might find that some still drop the price with student discount codes.
4. Get travel passes
It would be a shame to move to another country and not explore what it has to offer. While tickets can sometimes be a little expensive to go from city to city, think about buying a travel pass so you don’t pay each time you travel. Also, buying tickets well in advance is always the cheapest way.
Another way to save money is to use bus companies as well as trains as they regularly have cheap deals if you book in advance. While the 16-25 Railcard is always popular because it costs only £30 for the whole year. It makes it super cheap to travel around the country without it having an impact on your bank account.
5. Buy then sell used textbooks
Another thing students often forget about is the price that comes with paying for textbooks. Sometimes, you have to rely on these while studying on your course. To save money, avoid trying to buy brand new copies and find used editions instead.
They’ll be quite easy to find online from retailers like Amazon or eBay, or previous students might be selling theirs at a cut-price. Once you’ve finished with the textbooks and don’t need them again, do the same and sell them on to other students who are in a similar position to you.
6. Share accommodation
The great thing about studying abroad is that you have so many options when it comes to accommodation - such as renting your own private accommodation, student halls or even a house share. All of these are great for socialising and making friends outside of your course, so it’s important you find a place you’re comfortable staying in.
If you really want to save money, either look into comparison tools to find the best deals around or share accommodation with fellow students that are in the same position as you. By sharing a bigger place, you’ll pay far less than you would if you lived on your own.
7. Get an International Student Identity Card
For something more exclusive to international students that are studying abroad, the International Student Identity Cards (ISIC) will be your best friend. Think of it as a passport that’s going to give you access to even more exclusive discounts that others simply can’t get.
The discounts you can take advantage of include:
- travel
- shopping
- accommodation
- food
- entertainment
- transport
- insurance
Combine this with other student discount applications and cards and you’ll save a lot of money during your time abroad.
8. Food shop in the evenings
In the evenings, most supermarkets start to heavily reduce prices on items they need to clear out by the end of the day. So, you can start making lists on what you need and time your visits perfectly so you get discounted food items.
It’s even better if you’re flexible on brands, as you can save even more money on food that’s still good to eat.
Make Sure You’re Ready to Study in the UK With Your All-in-One Guide
Budgeting, travelling, accommodation and international student visas. These are just some of the things you need to think about ahead of moving abroad to study. We understand it can be a bit overwhelming, that’s why we’ve created your very own all-in-one guide to studying in the UK.
It includes everything you need to know about what we mentioned above, plus so much more to make your move as easy as possible. To get your free copy, just click the link below.
