Lana Oconnell
As an international student, budgeting is essential for your financial well-being and overall university experience. Creating a budget spreadsheet can help you monitor your income and expenses, ensuring you know where your money is going. To get started, you can use a pre-made template from your school's study abroad office, online sources, or create your own using tools like Google Sheets or Microsoft Excel. This template will help you outline your expenses, including tuition fees, rent, utilities, food, transportation, and personal spending. Additionally, you can include projected income from jobs, internships, or savings. By organizing your expenses into essential and non-essential categories, you can prioritize your spending and make adjustments as needed. Remember to consider currency exchange rates if you receive funds from overseas and aim to build an emergency fund for unexpected costs. Financial anxiety is common among students, so don't hesitate to seek guidance from your student services team if needed.
| Characteristics | Values |
|---|---|
| Purpose | Tracking income and expenses to monitor money coming in and going out. |
| Expense categories | Essential and non-essential costs. |
| Essential costs | Items or services that are necessary purchases. |
| Non-essential costs | Items or services that are desirable but not necessary. |
| Additional income | Jobs, work study, paid internships, savings, scholarships, grants, and bursaries. |
| Expense items | Tuition fees, rent, utilities, food, transportation, personal spending, visas, airfare, and medical expenses. |
| Emergency fund | A small amount set aside for unexpected expenses. |
| Currency exchange rates | If receiving funds from overseas, factor in potential fluctuations. |
| Savings | Set up a savings account to help with unexpected expenses and to clear any outstanding debt faster. |
| Budgeting tools | Online budget calculators, school's study abroad office templates, My Travel Emotion template, Google Sheets, Microsoft Excel. |
| Cost-saving measures | Opt for cheaper travel options, student discounts, and consider the cheapest way to travel. |
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What You'll Learn
Essential and non-essential costs
When creating a budget spreadsheet as an international student, it is important to consider both essential and non-essential costs. Essential costs refer to the expenses that are necessary for your studies and basic living, while non-essential costs are more discretionary and can be adjusted or eliminated based on your priorities and budget.
Essential costs for international students typically include tuition fees, accommodation, and visa-related expenses. Tuition fees vary depending on the country, institution, and program of study. For example, in Canada, international undergraduate students can expect to pay around $36,100 per year, while international graduate students may pay approximately $21,100 annually. In the UK, undergraduate degrees for international students can range from £14,700 to £16,600 per year.
In addition to tuition, accommodation is another significant essential cost. This may involve renting a room in a hall of residence or private accommodation, and it is important to factor in the cost of utilities such as gas, electricity, and internet, which may or may not be included in your rent. Visa-related costs are also essential, as you may need to pay for visa applications, renewals, and associated fees.
Non-essential costs, on the other hand, are more flexible and depend on your personal choices and lifestyle. These may include entertainment, dining out, travel (beyond what is necessary for your studies), and any hobbies or extracurricular activities. While these expenses are not mandatory, they are an important part of your overall student experience and well-being. It is beneficial to allocate a reasonable amount in your budget for non-essential costs, ensuring that you can still enjoy your time as a student while staying within your financial means.
When creating your budget spreadsheet, it is advisable to be as comprehensive as possible, listing all known essential costs and allocating realistic amounts for variable expenses. It is also a good idea to build in some flexibility to account for unexpected costs or changes in your circumstances. Additionally, remember to research scholarships, grants, or other financial support that may be available to international students, as these can help offset some of your essential costs and provide financial relief.
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Currency exchange rates
Firstly, you can use Microsoft Excel to manage different currencies. Excel has a Currencies data type that allows you to enter currency pairs, convert them, and extract more information. To use this feature, enter the currency pair in a cell using the format "From Currency / To Currency" with the ISO currency codes, such as "USD/EUR". Then, select the cells, go to the "Insert" tab, and choose "Table". Although creating a table is optional, it makes inserting data easier. With the cells selected, go to the Data tab and choose the "Currencies" data type. Excel will then convert your text into a data type, and you'll see the currency icon. You can also use the Insert Data button to extract more information, such as the exchange rate and the time the rate was quoted. Remember to refresh your data to ensure it is up to date.
Alternatively, you can use formulas to manage currency conversions. For example, if you have amounts in USD and CDN, you can use the formula =[B2="USD",A2*1.2,A2] to check if the cell B2 contains USD and, if so, multiply it by the exchange rate (1.2 in this case). This formula will convert the amount to CDN. If you have multiple currencies, you can nest the IF statements, such as =IF(B2="USD",B2*1.2,IF(B2="HKD",B2*.75,B2)), to convert everything to a default currency. This approach allows you to manage multiple currencies without creating multiple columns.
It is important to note that currency exchange rates fluctuate, so ensure you use up-to-date rates when creating your budget spreadsheet. Additionally, be cautious when using currency data, as it may be delayed and provided "as-is". Always double-check your calculations to ensure accuracy.
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Emergency funds
As an international student, it is important to prepare for unforeseen events that could impact your finances and, consequently, your academic goals. Emergency funds can serve as a safety net during these challenging times. Here are some key considerations and steps to help you establish an emergency fund:
Understanding Emergency Funds
Sources of Emergency Funds
Eligibility and Application Process
To qualify for emergency fund support, students typically need to demonstrate a change in their financial circumstances that puts their academic progress at risk. This could include situations like being unable to return home due to conflicts, facing unexpected family emergencies, or experiencing severe financial hardship. Before applying for emergency funds, students should review the eligibility criteria and gather the required documentation. This may include evidence of income, debt, lease or mortgage costs, and other relevant financial information.
Building Your Own Emergency Fund
In addition to seeking emergency funds from external sources, it is beneficial to allocate a portion of your budget towards building your own emergency fund. This involves setting aside a small amount of money regularly into a separate savings account. While it may take time to build a substantial fund, having this financial cushion can provide peace of mind and help you cover unexpected expenses.
Emergency Fund in Your Budget Spreadsheet
When creating your budget spreadsheet, allocate a specific category for emergency funds. Set a realistic monthly contribution goal, considering your income and other expenses. Track your contributions and ensure that you consistently add to your emergency fund each month. This proactive approach will ensure you have financial reserves to draw upon when unexpected events arise.
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Additional income
As an international student, you may find yourself restricted by the terms of your student visa when it comes to taking on jobs during your studies. However, there are still ways to bring in additional income to supplement your finances.
Firstly, you can consider applying for scholarships or grants. Scholarships are often awarded based on merit, while grants tend to be need-based. Both can provide a significant boost to your income and help ease financial anxiety. It's important to understand the tax implications of any scholarship money you receive and to include any necessary taxes in your budget.
Part-time work is another option for bringing in extra income. Traditional student jobs in hospitality and retail may be an option, or you could look into online tutoring or starting a small business selling homemade products. Just be mindful of balancing your work and study commitments, and ensure you're complying with the conditions of your visa.
If you have savings, it's a good idea to include this as part of your income. You may also receive regular contributions from your parents or family, which should be factored into your budget. For international students receiving funds from overseas, remember to account for currency exchange rates as fluctuations can occur.
Finally, if you have any outstanding debt, consider prioritising paying this off to reduce the overall amount you owe. Alternatively, put any extra money into a savings account to help with unexpected expenses, such as an emergency flight home.
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Budget calculator
There are many different budgeting tools available, such as the Student Cost of Living Calculator, which helps you estimate and plan your expenses. This calculator takes into account your unique spending habits and preferences and gives you a personalised average cost of living for your desired area. Other budgeting tools include the CIBC Student Budget Calculator, which provides general information and estimates based on the information you enter. It is recommended that you consult an advisor when planning your financial goals, as they can help you build a savings strategy.
If you prefer a more hands-on approach, you can create your own budget spreadsheet. This involves keeping track of your income, such as loans, grants, wages, benefits, and bursaries, and your fixed and variable outgoings. Fixed outgoings are expenses that you have less control over, such as rent and bill payments, while variable outgoings are more flexible and include things like transport and socialising. By taking away your total outgoings from your total income, you can see if you're spending within your means and make adjustments as needed.
Additionally, there are budget templates available online specifically designed for students studying abroad, which can be a great starting point for creating your own budget spreadsheet. These templates allow you to plan and monitor your expenses, and can be customised to your individual needs and spending habits.
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Frequently asked questions
Budgeting is critical to your overall university experience. Research by financial education resource Blackbullion found that nearly half of the students considered dropping out of university due to financial barriers. Having a budget means having a plan for your money.
You can start by finding a template online or creating your own with Google Sheets or Microsoft Excel. You can also choose a template from your school's study abroad office. Outline your projected and actual budget, including expenses and expected financial aid.
Your budget spreadsheet should include essential and non-essential costs. Essential costs are items or services you need to buy, such as tuition fees, rent, utilities, food, and transportation. Non-essential costs are items or services you enjoy but don't necessarily need. You should also consider additional income, such as jobs, internships, and savings.
Look for financial support in the form of scholarships, grants, and bursaries. Take advantage of student discounts wherever possible. Consider getting a part-time job, but ensure it does not hinder your studies, and be aware of the rules around working on your student visa.
Aim to spend 80% of your money on essentials and 20% on non-essentials. If you have money left over, put it towards any debt or into a savings account for unexpected expenses. Regularly track your expenses and make adjustments as needed. Remember, budgeting is a dynamic process, and your template may change over time.
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