students studying aboard

Smart Saving Tips for Students Studying Abroad

Studying abroad is a wonderful and life-changing experience. Unfortunately, it does not come cheap. That is why many try to search all the corners of the internet to find a university abroad that offers a reasonable tuition fee. They also look for affordable health insurance for students traveling abroad.

But even after you have found the right school, the most reasonable insurance policy and a modest apartment or dormitory, you will likely still have a hard time saving up money while staying in another country. Fortunately, there are simple tips you can follow.

Withdraw all your money from the ATM

ATM transactions in other countries can be more costly than it is in the United States. So every time you receive your allowance from your parents, withdraw all of it at once so that you will not have to pay transaction dues every time you go to the ATM.

Change banks if possible

There are American banks that have partnered with international banks, which means that their partner banks will not charge you international transaction fees if you withdraw from them. The Bank of America is one. It has partners in the UK, Australia, New Zealand, France and Canada.

Find friends or relatives in other countries

If there is a chance that you have an aunt in France or a cousin in Germany, why don’t you reconnect with them and ask them if it would be possible to stay with them while you study abroad? You might feel it would be asking for too much if you stay with distant relatives for the entire school year, so maybe you can ask if you could stay with them until you find a modest apartment to move in.

Find a part-time job

part time job

Most students who study abroad take part-time jobs so that they will have extra cash to pay the bills. What you can do is start looking for job ads for students before you leave. This way, when you get to your destination, you can spend your free time checking out those part-time jobs to see if they will take you.

Take advantage of your student ID

Use your student ID to get into libraries, museums and other facilities that offer free access to students. Make the most out of the facilities abroad without having to spend a cent.

You can learn about the interesting tourist spots in the country you are in without having to hire a tour guide or buy an expensive travel book. You can also conduct further research on your major subjects without having to purchase several books.

Lastly, find cheap ways to travel around the country you are going to. Of course, you will not be just studying all the time while you are in London, Paris or Milan. It is almost a crime not to explore the place while you are there. In order to save up and at the same time, explore your surroundings, look for cheap fares to get around and use public transportation as often as possible.

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