Financial tips for students studying overseas

As international student on a tight budget and being far from home, students overseas need an armoury of good advice on how to better manage their small budgets and making them last for the week or month, especially in cities where cost of living may be high.

Furthermore, parents or guardians are far away and may be hard to reach so as a student, managing your finances is very much a part of learning how to be more independent.



Search for a good bank
Before deciding on which bank you would like to open an account with, conduct some research on whether they charge any fees for any of their services. For example fees for using the ATM or monthly charges for the account that they are opening.

Open a Savings Account
Be sure to deposit a certain amount of money to your savings account either weekly or on a monthly basis and try making sure that you avoid withdrawing from it for any unnecessary spending. These funds are crucial for a rainy day.

Withdraw once or twice a week only
Instead of going to the ATM daily, try practicing to withdraw only a certain amount once or twice a week or if possible in a month. Try to keep from using your ATM/Debit card and spend with what you have at the moment.

Keep a budget/financial log
Keep and record your spending. This way you can always be aware of your budget and be sure that you stick to it!

Ask for student discounts
When making a purchase, remember to ask if they have student discounts and preferably to make it a choice to shop in stores that do offer these discounts.

Find out if your University provides scholarships
Some universities and colleges provide scholarships and beneficences for the students. Find out if you are eligible and apply for it. Also, find out if there are any ways for you to pay cheaper tuition fees or accommodation fees. That way it could save you a lot of money.

Pack a lunch
Instead of eating out every time you feel like eating, why not pack a lunch and learn how to prepare low-cost meals such as pasta.

Buy generic brand products
When going grocery shopping, buying generic brand items are much cheaper compared to the other brands that are out there. Make sure to check that they both have the same ingredients, so it’s almost like buying the same thing; only cheaper.

Get coupons
Coupons usually give out discounts or promotions. Try to get these and you’ll be saving more than you think.

Enjoy free activities provided
There are some universities as well as colleges that provide entertainment and activities for the students. Join and participate in these events and that way you can save money from spending on entertainment like movies and such.

Share expenses with housemates
When living with other people, it is a good idea to share the household expenses. It is a lot cheaper this way rather than having everyone to pay for each other’s own things because sharing the expenses means that you will be dividing the costs between each other.

Use e-mails or text messages
Instead of long distance phone calls, try using email or text
messages instead.

There are also various cheaper ways or methods that are free to communicate with family members of friends via the Internet such as by MSN or Skype.

Buy used books
Rather than buying new text or reference books that may be expensive, get great deals on second-hand ones from senior students. By the end of the semester, you could always resell them and get part of your cost back.

Search for discounted rates when travelling
Before deciding on which means of transport to take, look for cheaper options first. Whether by airplane, train or bus, you can sometimes find cheaper deals on different airlines or operators.

Shop at factory outlets
When buying clothes, a good option would be buying at the factory outlet where the products are of the same quality as the retail ones but prices are way cheaper.

Avoid buying “dry clean only” clothes
It is better to avoid buying “dry clean only” clothes as it would mean that you would have to pay extra for dry cleaning when you need to do it. Dry cleaning can be pricey, so avoiding this method of cleaning will save you some money.

Borrow instead of buying
During special occasions, such as gatherings/parties, it is a good idea to borrow an outfit from a friend rather than buying them. Buying them might be expensive and you might even never wear them again, which is a waste.

Make your own gifts
Instead of buying gifts, try making them instead. You could bake some muffins or knit a sweater, either ways this would save you a lot more than having to buy an expensive gift at the shops.