Choosing to study abroad is an investment in your future, but it can stretch your wallet. Thankfully, there are many ways students can learn to make the most of their money. If you鈥檙e wondering how you can maximize your student budget, no matter how big or small, you鈥檙e in the right place. Keep reading to discover ApplyBoard鈥檚 top four tips to help international students optimize their budgets while minimizing financial concerns.聽
1. Understand Your Income and Expenses
Most students will find they can sort their income and expenses into a few categories. Knowing where your money is coming from and how it鈥檚 being spent is an essential step to maximizing your budget.聽
Below is a brief overview of the major categories your funds will fit into:
Total Income: Any money you earned or brought to your destination country
This includes the following:
- Assistance you receive from your financial aid office
- Money from family members
- Grants and bursaries聽
- Scholarships
- Loans
- Savings
- Money earned from work
Monthly Income: Recurring funds that you receive monthly from a job or another income source, such as an investment聽
Emergency Funds: Money that you鈥檝e set aside to cover any emergency or unexpected costs聽
Variable Expenses: Wants or necessities with costs that vary month to month
Fixed Expenses: Wants or necessities with costs that remain constant every month
Add a dollar value to the above incomes and expenses to estimate how much money you鈥檒l have to work with on a monthly basis. This can be as simple as entering and tracking amounts in an Excel or Google Sheets file, or using a budgeting app like or .
Financial Questions International Students Should Consider When Studying Abroad
2. Volunteer with Your Institution鈥檚 Arts and Sports Organizations
One of the best parts of studying abroad can be attending the clubs and events on campus. However, as fun as these gatherings can be, they often come with a price tag. A great way to enjoy all of the fun at no cost is to volunteer with one of your institution鈥檚 sports or arts organizations.聽
If you enjoy watching sporting events, consider volunteering with the basketball or soccer team. And if you鈥檙e more into the arts, volunteer with your institution鈥檚 theatre or gallery program. This way, you鈥檒l be able to enjoy shows or games for free, and meet many like-minded people in the process.
Bonus: Many academic institutions will provide their student volunteers with cool spirit apparel like hoodies, hats, or scarves.
3. Rent or Buy Your Textbooks Second-Hand
You鈥檒l find the cost of textbooks can take up a large chunk of your budget. Although purchasing a textbook is a requirement for most classes, it doesn鈥檛 mean that you can鈥檛 buy them cost-effectively.聽
A great place to begin your hunt for second-hand textbooks is your institution鈥檚 book store. If you want to save yourself time, give them a call beforehand and see if they have what you鈥檙e looking for. Many times they鈥檒l put books on hold for students. Another place to search is on Facebook or other online forums. Find a group for your graduating class, program, or course, and ask to join it. Here, students will usually try to sell their textbooks at a discounted price. Also, you might be able to find and rent your textbooks on or through your institution鈥檚 library.聽
It鈥檚 important to note that second-hand textbooks go quickly, so be sure to begin purchasing your books as soon as you receive your list from your instructor.
Tip: Once you’ve passed the class, try selling your textbooks back to your institution鈥檚 book store, a friend, or another student to make some money back.
4. Review Your Services and Subscriptions
Many students spend money on services and subscriptions that they don鈥檛 even use. Typically, these payments are automatically deducted from your bank account, and you may not even notice how much this is hurting your finances.聽聽
A great step towards maximizing your budget is to review your services and subscriptions to see which ones truly spark joy for you. Cancel any subscriptions or services if they:
- Are duplicates.
- Aren’t used regularly.
- Can be substituted with a free option available online, through your school, or through your community or institution鈥檚 library. Some library cards give students access to music, movies, comics, online learning, and online books.
If you really can鈥檛 say goodbye to that subscription or service, ask yourself the following questions:
- Am I eligible for a student account? It’s almost always cheaper.
- Are dual or family subscription plans available? If they are, ask friends or family if they’d like to split the bill on a shared plan.
- Can I negotiate my fees down with my service provider? This will have a positive impact on your budget, as you save from month to month.
Keep an eye out for our cost of living series that will go live next week on ApplyBoard鈥檚 blog.
Use these tips and tricks to maximize your student budget. That way, you can afford to experience the things that mean the most to you during your time abroad!
Head over to the 星空影视Platform to find your perfect academic institution and program today!
