How can I manage my expenses as a student abroad?

Niyo for students Student Life
1

I’ll be starting uni soon and will be there for 2 years.

2

Managing expenses as a student abroad requires careful financial planning and responsible budgeting to ensure a fulfilling academic journey without unnecessary financial burden.

Before departing for higher studies abroad, students should research and estimate the total cost of education, including tuition fees, accommodation, textbooks, health insurance, transportation, food, and personal expenses. Many universities provide estimated living costs on their websites to help students plan better.

To manage expenses effectively, here are strategies you can try out:

  1. Scholarships and Financial Aid: Research and apply for scholarships, grants, and financial aid opportunities that cater to international students. Scholarships can significantly reduce the financial burden of studying abroad.

  2. Part-Time Work: Some countries allow international students to work part-time during their studies. Balancing work and academics can provide extra income and valuable work experience.

  3. Budgeting: Create a detailed monthly budget, taking into account all expenses and sources of income. Track spending regularly and make adjustments to stay within the budget.

  4. Affordable Accommodation: Opt for shared accommodations or university dormitories, which are often more cost-effective than private apartments.

  5. Public Transport and Student Discounts: Utilize public transportation, which is usually more affordable than owning a vehicle. Many countries offer student discounts on public transport, cultural events, and leisure activities.

  6. Cooking at Home: Preparing meals at home can be more economical than eating out regularly. Cooking with friends can also be a fun and cost-effective social activity.

  7. Second-Hand Books: Look for second-hand textbooks or digital versions to save on the cost of educational materials.

  8. Emergency Savings: Build an emergency savings fund to handle unexpected expenses or emergencies without compromising academic pursuits.

By planning ahead and managing expenses wisely, students can focus on their studies and embrace the international experience without undue financial stress.

3

Managing your finances while studying abroad can be tricky, but with a few smart moves, you can stay on top of things without stressing too much. It’s tempting to go all out while living abroad, but it’s important to live within your means. You can still have fun—just look for budget-friendly options to enjoy yourself without burning through your savings.

Here’s what I’d suggest:

  1. Set a Budget

First things first, make a budget. List out your expenses—tuition, rent, groceries, transport, and fun stuff too. Prioritize the essentials like rent and food, but definitely leave some room for savings or emergencies. Keeping track of where your money’s going can really help. Often things like auto-pay subscriptions to apps can eat into your budget! Keep a close watch on such expenses. Apps like Mint or YNAB are super handy for keeping tabs on your spending. They can help you stick to your budget and remind you when bills are due.

  1. Consider a Forex Card

If you’re going to be spending in different currencies, getting a Forex card can save you money on conversion fees. Something like the Niyo Global Card is great because it has zero forex markup, so you don’t lose out on exchange rates every time you swipe abroad.

  1. Take Advantage of Student Discounts

There are a ton of discounts out there for students. From transportation to tech products and even food, your student ID can save you a lot if you know where to use it. Always carry it along with you, you never know where it might be useful and help you save a bit!

  1. Open a Local Bank Account (or Use a Global-Friendly Card)

Some countries charge fees for using foreign cards at ATMs. If you’re going to be there for only a year, opening a local bank account might not be worth it, but if you’re studying and living there for a while, you might want to open a local bank account or use a global-friendly card with free ATM withdrawals (like the Niyo card) to avoid those annoying fees.

  1. Watch the Exchange Rates

If you’re transferring money from home or converting currencies, keep an eye on exchange rates. Timing it right can help you get more bang for your buck.