5 Secrets to Saving Money while Studying Abroad

Save Money for your Trips

Studying abroad will gain you the praise-worthy credentials you always dreamed of, but will lose you heaps of hard-earned greenies. Maybe the credentials are not what you’re after. Maybe it’s just the desire to travel the world, visit a new place, immerse into a new culture, and gain the experience of a lifetime.

Regardless of what your intentions are, you will, at some point, be worried about budget constraints. Add your tuition and living expenses to the cost of travel, visiting tourist attractions, amazing must-try-out foods, events fees, and what not. College life is expensive! And when you’re living abroad, you can forget about a happy wallet full of cash.

So, is there anyway you can save money and spend an adequate amount that will still allow you to do everything you want to? Learn the secrets to saving money and you won’t have to cut down on any fun activity on your list.

1)     Monitor TheExchange Rate: In case you didn’t know (let’s hope you do), the exchange keeps fluctuating from time to time. So, your incoming earnings measured against the currency of your host country could vary overtime. In simple words, there could be times when your home country’s currency converts to a lot of cash and there could be times when the same amount converts to less. If you’re exchanging  a small amount, it might not make a huge difference. But if you’re exchanging a large amount, you might want to check the exchange rate and see if you should wait for a time when your home country’s currency is worth more, or simply apply elsewhere.

2)     Look into Scholarships: Can you work really hard to improve your grades and apply for a scholarship? Almost every school offers scholarship opportunities to students who manage to obtain high grade point averages. Check out your school’s scholarship options and see if you meet those requirements. You could also check out the scholarship directory on GoAbroad.com. These grants could take care of a large portion of your tuition fee and more (depending on what they offer). That way, you won’t have to worry about your “leisure” spending.

3)     Travel with Low Cost Airlines: If you’re more of an adventure lover, you won’t mind the low cost airlines that are available to students. Many of these airlines offer packages and deals which are definitely worth looking at. You can possibly forgo the fancy lunch option and other services to save up some cash for adventure elsewhere.

4)     The Student Card: Student discount cards are lifesavers. Ask a friend or your University about a student card and make sure you have the one with the most affiliations. Don’t worry about the one-time payment because you will be able to reap the benefits of this card almost anywhere you go (restaurants, grocery stores, book stores, drug stores). A student card can buy you discounts from shopping online and  in-store from a large number of retailers who are willing to give the card holders a benefit.

5)     Love the City Bus/Metro: In many countries, public transportation is one of the cheapest modes of travel (though this can’t be said for every country). Look into the transportation options of the country since this is usually one of the heftiest expenses. You can save a lot of money in the long run by changing your mode of transportation and giving up possibly more of your time. If the distance from your dorm to the campus is tolerable, maybe you could walk to campus.  An underground metro might be cheaper than the bus or a car. You can also purchase a second hand bike instead of a gas guzzling car.

About the Author:


Kirsty Megan possesses a core expertise in offering coursework writing service to students around the globe. Apart from her interest in academic consultancy, she also has an endless passion for everything creative like abstract art, street art, etc.

2 Comments

  1. Great tips on saving money while studying abroad! Many students don’t know how many scholarship opportunities actually exist. There are plenty of them, of course, with a variety of eligibilities and conditions, but every single student can choose the scholarship according to his or her preferences. But to get it the student has to do a lot of work.

    Tools fro reducing of expenses are pretty good. Public transport is an excellent money saver, of course, if you’re not in Switzerland where everything is expensive, but still possible to live a full life.

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