In our latest issue, we’re spilling the beans on cutting costs while studying abroad.
Studying abroad is a dream come true, but let’s face it – the expenses can be a nightmare. The soaring cost of living in top-tier countries with renowned universities can make you wonder if this dream will ever be a reality. But what if we told you that you could turn things around and make studying abroad possible and affordable?
In this second issue of the sepTERMber back-to-school series, we have some fantastic tips to help you slash those living costs and make your international student life a breeze!
Let’s dig in!
1. Money Exchange Hacks
Have you ever wondered why different currency exchange sources give different rates? As an African, it must surely be a common phenomenon.
There are many reasons for this, but the one that concerns us the most is service fees and commissions. Currency exchange providers often charge fees or commissions for their services. These fees can vary widely between providers. Some may offer a lower exchange rate but no fees, while others might provide a higher rate with additional fees.
The most obvious case would be with banks. You may unknowingly hand over extra fees when you convert your cash through a bank. To beat this, try out Google’s currency converter to discover more accurate exchange rates instead. You’ll be surprised at how much many people are getting fleeced of.Â
Opt for transparent service providers regarding conversion charges, and watch your savings pile up.
2. Embrace Shared Accommodation
It’s simple: luxurious accommodations can be tempting but can significantly drain your finances. The more comfortable an apartment is, the costlier. The good thing is cutting costs on apartments doesn’t mean you have to live like a pauper. Consider university-arranged housing or shared apartments with flatmates for more budget-friendly alternatives.
3. Work and Study
Looking to lighten the financial load while studying abroad? Earning while studying is a smart way to ease your financial burden.
A part-time job could just be that ticket to financial freedom. You can schedule work around your classes, explore local culture, and expand your network. Many countries welcome international students to work while they study. The choice of job? Well, that’s up to you!
4. Student Discount Magic
Here’s a secret not many students know about – student discount cards! They’re great for keeping costs low with access to countless discounts.
For example, the ISE or ISIC student cards can unlock a world of discounts with over 100,000 offers worldwide. It’s the ultimate cutting costs measure. So, get yourself one of these cards, and say hello to savings!
5. Mom and Dad’s Money Wisdom
Over the years, you may have heard some money-saving gems from your parents, and the truth is they work wonders!
All that yelling about switching off those electronics when you’re not using them, canceling those unnecessary subscriptions, hopping on public transport (a game-changer in cities like London, Bangkok, and Dublin), and cutting down on dining out could save you a lot!
Here are some other nuggets that you could pull off:
1. Bulk buying groceries with a group
2. Use thrift stores or online student communities for budget-friendly items like furniture, appliances, books etc
3. Use university amenities like gyms, libraries, healthcare services etc.
So, before your flight, sit down for some more financial advice and make a checklist of these small changes that can lead to significant savings.
6. Compare Costs Like a Pro
If you’re not already enrolled in a program, the first wise step in planning your study abroad adventure is to match your college and country choices with your budget.
For instance, it may be time to do your homework on alternatives if you’re eyeing schools like University College London, the University of Toronto, or the University of Chicago with a tight budget. Cities like London, Singapore, Toronto, and Chicago can be expensive, so scout for universities like the University of Warsaw, known for quality education at a more wallet-friendly price.
7. Be Wise with Your Money
Learn to control your spending, especially on food. Food can be a wallet-drainer, but cutting costs for feeding in half by improving your cooking skills can easily solve that. Not to mention; it’s probably healthier!
After taking down food costs, don’t forget to be on the lookout for boredom. It can get incredibly boring, but there are ways to entertain yourself without breaking the bank and still do things you love. For instance, you can save on entertainment by opting for weekday afternoon activities like the theatre, cinema, or amusement parks (it costs less when you go during the week than it would on weekends).
Utility bills can also be downers on your finances. Finding intelligent ways to manage utility bills, like sharing bills with flatmates/ other students, could help to reduce the cost of living.
8. To Car or Not to Car?
Owning a car may not always be a must-have. It could be more of a luxury than a necessity, especially if you live in cities with robust public transportation systems. If you do need to buy a personal car, you need to be smart with your purchase. For starters, a car dealership at this point may hold the same significance as signing an agreement with the devil himself.
Instead, check out on-campus sales, university forums, or even Craigslist for budget-friendly options.
9. Stay Healthy, Stay Smart
If there was ever a time you needed to take the “health is wealth” saying seriously, your time as an international student is it.
However, most international students are covered by university health insurance, so use it wisely. Campus health centers can handle your everyday medical needs, but remember to consult your health insurer if you face hefty bills in emergencies.
To get you started, check out this list of healthcare services for international students by province in Canada and the U.S.
Reducing your cost of living takes strategic planning and a few mindful choices. We hope these tips help you make the most of your international student experience without breaking the bank. Stay tuned for more in our next edition!🌟
