Starting university in a new country is thrilling, but managing your finances as an international student can quickly become overwhelming.
The rising costs of tuition and living expenses pose a significant challenge, making every dollar count.
This blog will guide you through five essential budgeting tips and tricks, helping you to stretch your dollars further while studying away from home.
Track your spending
Problem:
Priya, an international student from India, is currently enrolled in a Master’s program in Computer Science at the University of Toronto, Canada. Living in the heart of Toronto, she finds herself constantly struggling with her finances.
Despite receiving a scholarship, Priya often ends up overspending on non-essential items like trendy café outings and last-minute concert tickets.
Her casual approach to budgeting means she’s frequently caught off guard by significant expenses, such as her monthly rent and textbook costs, leading to stressful end-of-the-month scrambles.
Solution:
To regain control of her finances, Priya needs to start by tracking her expenses meticulously. Using budgeting apps that cater to students like Mint or YNAB, she can categorize her spending and identify areas where she can cut back.
Priya should prioritize her spending, focusing on essentials like rent, groceries, and academic materials first. She can also save significantly by shopping at more budget-friendly grocery stores like No Frills or FreshCo instead of upscale markets.
Enjoying student discounts at local venues and cinemas, such as the TIFF Bell Lightbox, where students often get discounted rates, can allow her to enjoy Toronto’s vibrant cultural scene without overspending.
Find affordable housing options
Problem:
Amir, a student from Brazil, is pursuing his undergraduate degree in International Business at the University of Sydney, Australia.
Excited by the prospect of living independently, he impulsively signed a lease for a pricey one-bedroom apartment in a trendy Sydney suburb, without considering cheaper alternatives.
This decision has put a significant strain on his budget, eating up most of his monthly funds and leaving little room for other expenses or savings.
Solution:
Amir can alleviate his financial burden by exploring more cost-effective student accommodation in Sydney.
He could also look into sharing a flat in suburbs like Newtown or Glebe, where many students find more affordable rental prices compared to the city center.
Websites like Flatmates or Gumtree can help him find suitable shared accommodations and student forums specific to his university are also great resources for finding roommates and learning about affordable neighborhoods recommended by other students.
Embrace local living
Elena, an art history major from Italy, is currently studying at the University of California at Los Angeles.
Eager to experience everything the U.S. has to offer, she frequently splurges on tourist attractions, upscale dining, and expensive brands that are popular among her American peers.
This lifestyle quickly drains her monthly budget, which she primarily allocated for educational purposes and basic living expenses.
Solution:
Elena can dive into local culture without the hefty price tag by frequenting places like The Getty Center, which offers free admission and is a goldmine for an art history student like herself.
She can swap expensive dining for popular and affordable spots like In-N-Out Burger or food trucks around Venice Beach, known for their delicious and budget-friendly meals.
For shopping, exploring the unique finds at Melrose Trading Post on Sundays can replace spending at high-end stores, offering everything from vintage clothes to handmade arts and crafts at lower prices.
Leverage student discounts
Problem:
Tom, a British student pursuing a degree in Environmental Science at Columbia University and living in student housing in New York City, finds himself financially strained each month.
Despite having access to numerous student discounts, he rarely takes advantage of them. Instead, he pays full price for transportation, entertainment, and meals, significantly eating into his limited budget.
His oversight keeps him from fully enjoying what the city has to offer, as he frequently has to skip social events to manage his finances.
Solution:
Tom can start saving money by using student discounts available throughout New York City.
For transportation, he should utilize the MTA’s discounted fares for students, which can significantly cut down his commuting costs. When it comes to entertainment, he can explore venues like the Metropolitan Museum of Art and the American Museum of Natural History, which offer reduced or "pay as you wish" admission prices for students.
For dining, he can check out places near campus like Tom’s Restaurant and Absolute Bagels, where students often get a discount by showing their university ID.
Use technology to manage finances
Problem:
Sarah, an Australian student studying International Relations at King's College London, struggles with keeping her finances in order due to her informal approach to budgeting.
She often makes impulsive purchases and fails to keep track of her spending, leading to unnecessary financial stress as she runs out of money before the end of each month.
Her lack of a structured financial plan affects her ability to partake in academic and social activities.
Solution:
Sarah should start using apps like Monzo or Revolut, which are popular in the UK for their budgeting tools and real-time spending notifications. These apps also allow for easy splitting of bills, which is handy for shared expenses with classmates or roommates.
For tracking her student loan and understanding how much to save each month, she might consider using Student Finance England’s online services, which provide detailed personal finance advice and planning tools.
Utilizing the digital discounts available through platforms like Amber+, which offers deals on lifestyle, food, and more, can be very helpful in her study abroad journey.
Conclusion
We hope this article helps you understand the 5 best budget tips and tricks for international students in 2024.
Each step you take towards financial health not only eases your daily expenses but also improves your overall student life, allowing you to fully immerse in and enjoy the unique opportunities your host country has to offer.
How can Amber help you?
We help you secure student accommodation of your choice on your study abroad journey. Having served 80 million students (and counting), Amber is your one-stop shop for all your accommodation needs. Download the Amber app from the Google Play Store or App Store to book an affordable home for your adventure.