Moving and living abroad can be challenging, especially if you’re a student and you also have to factor in your studies. The “student life” is often not a glamorous one, and it can be hard to make ends meet while you study. If you’re a student abroad looking to make some smart financial decisions while you study, you’ve come to the right place! Here are the top 3 financial pieces of advice that every student studying and living abroad needs to know. Follow this guide and stay one step ahead of your finances next semester!
1. Start from the home
As a student living abroad, most of your spending and money management should come from your home. For starters, do some research for your local area to find affordable lodging to make sure you’re not going overboard in expenses. If you’re in the UK, finding private accommodation for Bournemouth students that’s within your budget is key. Find the best balance between vicinity and comfort as well as utilities and price. When it comes to decorating your home, feel free to make it your own, but stay on budget. When looking for what to buy from groceries to toiletries, make sure to do your research to get the best prices.
2. Budget and plan
The next most important thing you need to do to save money as a student studying abroad is to plan and budget. Start by keeping tabs on and logging your spending to get a better idea of where you can cut costs and save. Once you have an idea of where your money’s going, set up a monthly budget and try your best to stick to it. Be more lenient with your necessities, as times can be tough, but have hard budgets for luxuries and unnecessary items. If you can, set some money aside in a student savings account to keep for emergencies. Good financial planning takes time, but as a student, you’ll have plenty of time to get things in order!
3. Make use of your situation
As a student studying abroad, it’s easy to feel like your finances are a hopeless situation, but it doesn’t have to be! Every country in the world has financial aid, benefits, and discounts that you can tap into. From cheaper interest rates to scholarships to student discounts in supermarkets, there’s always an option! Make sure to do your research and find these resources to use as helping hands when you need them. For some extra money, if you’ve got the time or energy, there are plenty of ways to make money as a student today. Do some research, use your skills, and try simple online work to make some extra cash to help you coast through.
So there you have it! With these top 3 tips in mind, you’re ready to win over your finances and get your degree like a pro! Start by assessing your home and life and all the spending that goes in and out of it. Find affordable accommodation and start budgeting and planning your finances to stay on top. Last but not least, make use of any and all resources available to you as a student studying abroad. Seek out financial aid, apply for scholarships, and look for those discount codes. Good luck and happy saving!