How to Save Money While Studying Abroad?

Students, regardless of age, should consider studying abroad. Living abroad opens a new horizon for students. It helps me learn about a new culture and gain insights into a topic. The memory of the experience will last a lifetime. When studying abroad, keeping within your budget is crucial. The cost of the trip can be high. This blog will make it easy for you to save money and have fun on your exciting journey with this post. Let’s look at some of the most important advice you should know.

1. Look for scholarships for study abroad

Even if you get admitted to a study abroad program, the tale is still ongoing once that happens. There is usually still time to apply for prestigious scholarships from your home university or the foreign institution where you will study. Hundreds more nonprofit scholarship opportunities are there. Many of these provide only little financial awards; some grants don’t have to be paid back.

2. Beforehand, establish a reasonable budget

It’s a good idea to contact the college you’ll attend and learn more about the cost of living before you depart. If you have any, get information from friends or family members who have already visited your destination.

Even though the cost of your home is fixed, you should still budget for food, transport, and weekend activities in addition to 15% for unforeseen expenses.

3. Take advantage of student discounts on trips and attractions

You can use your university-issued ID for student discounts or request an international student ID card from one of the many organizations that offer these. These reductions can range from 10% to 20% off the price of tube rides, museum admission, and other student expenses, regardless of age.

4. Make Use of Alternative Communication Methods

Unfortunately, despite the technology being continuously improved, prepaid calling cards have not become more affordable in many nations. Consider using a voice-over-IP service like Skype to contact home if you bring a personal computing device like a laptop or tablet. These programmes can provide low fixed rates that outperform more conventional choices.

5. Use ATMs rather than exchange counters

You must know exchange rates and service charges when you need to receive money in your host nation. ATM fees are generally less expensive than those charged by currency exchange counters. The Global ATM Alliance, which several U.S. institutions are a part of, enables you to use partner ATMs for less money.

The Global ATM Alliance, which several U.S. institutions are a part of, enables you to use partner ATMs for less money. Another choice is opening a bank account locally.

6. Decrease the frequency of ATM withdrawals

By using good judgment, you can lessen transaction fees but only partially avoid them. You should be able to take money from the ATM as infrequently as once every week if you have a good budget. When studying abroad, using a credit card could be smart as long as you have a quick repayment strategy in place.

7. Don’t hesitate to go grocery shopping or try street food

Restaurants are generally more expensive outside of the United States. Search for less expensive (but still nutritious) options as a result. Buffets reportedly become students’ best buddies, according to several. Keep an eye on your surroundings, but be bold and occasionally enjoy a meal from a kebab truck or street seller for a reasonable price.

8. Purchase travel insurance

You will need access to public health resources while you’re studying in the majority of countries. Get student travel health insurance, which will provide coverage for the duration of your trip, as an alternative. You may receive the names and addresses of doctors who can help you straight from your university overseas if your host institution commonly accepts exchange students.

Leave a Reply

Your email address will not be published. Required fields are marked *