Janice Lozano
As an international graduate student, there are several ways to save money while studying abroad. Firstly, creating and sticking to a budget is essential. This involves tracking income sources, such as scholarships, grants, and part-time jobs, and outlining expenses like tuition, rent, groceries, and entertainment. Additionally, housing is a significant expense, and sharing living space or living off-campus can reduce costs. Cooking at home, buying second-hand textbooks, and utilising student discounts on transportation, streaming services, and dining can also save money. International students should also consider the varying tuition fees between countries and universities, with some countries offering tuition-free or low-cost degrees. Lastly, health insurance is crucial, as medical costs can be high.
| Characteristics | Values |
|---|---|
| Create a budget | Use budgeting apps like Mint or PocketGuard to track your spending and identify areas where you can cut costs |
| Save on textbooks | Buy second-hand textbooks, rent them, or seek out digital versions |
| Save on food expenses | Make your own meals, use student discounts, and shop at budget stores |
| Save on accommodation | Share your living space, live off-campus, or consider a homestay |
| Save on utilities | Turn off lights, limit water usage, and use energy-efficient appliances |
| Save on transportation | Use public transportation, walk or cycle, or use university shuttle services |
| Save on phone plans | Compare providers for cheap data plans |
| Save on insurance | Focus on increasing your excess, buying online, and taking advantage of multi-policy discounts |
| Save on health insurance | Consider ISO Student Health Insurance or other affordable international student plans |
| Save on taxes | Calculate your income and expenses properly for accurate tax amounts |
| Increase income | Take on part-time work, apply for scholarships and grants, or work on-campus |
| Research tuition costs | Tuition fees vary between countries and universities; consider studying in Germany, where public universities are typically tuition-free for international students |
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What You'll Learn
Budgeting and tracking expenses
Creating a Budget:
Start by listing all your income sources, such as scholarships, part-time jobs, or financial support from home. Be sure to include all sources, no matter how small, as they contribute to your overall financial picture.
Next, outline your essential expenses, which may include tuition fees, rent or accommodation costs, groceries, transportation, utilities, and entertainment. Be as comprehensive as possible to ensure that all your bases are covered.
Once you have a clear picture of your income and expenses, allocate your funds accordingly. Prioritize the essential expenses first to ensure they are covered. From there, you can decide how much you can allocate to other areas, such as entertainment or leisure activities.
Tracking Expenses:
To effectively manage your budget, it's essential to track your spending. This is where budgeting apps and tools come in handy. Utilize budgeting apps like Mint or PocketGuard, which can help you record and categorize your expenses. These apps often provide insights and reports that show you where your money is going, helping you identify areas where you may be overspending.
If you prefer a more manual approach, consider using a spreadsheet or simply writing down your expenses in a notebook. Whichever method you choose, ensure it's something you're comfortable with and will consistently use.
Tips for Saving:
- Accommodation: Sharing a living space or living off-campus can significantly reduce rent and utility costs. Consider finding roommates or using platforms like Craigslist or Facebook Marketplace to find affordable housing options.
- Meal Plans: Take advantage of on-campus dining halls, which often offer affordable meal plans. Cooking your own meals is also a great way to save money. Plan your meals, buy groceries in bulk, and cook in batches to save time and money.
- Textbooks: Textbooks can be expensive. Opt for second-hand textbooks, rental services, or digital versions, which are usually much cheaper than buying new books.
- Student Discounts: Always carry your student ID with you, as many places offer student discounts, including restaurants, movie theatres, and even some retail stores. These small savings can add up over time!
- Transportation: If possible, use public transportation, walk, or cycle, as these options are usually more affordable than owning a car. Many cities offer discounted transit passes specifically for students.
Remember, budgeting and tracking expenses is a personal process, and it may take some time to find a system that works best for you. The key is to be consistent and make any necessary adjustments as you go along.
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$17.54 $18
Cheaper textbooks and learning materials
Textbooks and course materials can be expensive, but there are several ways to save money and find cheaper alternatives. Firstly, consider buying second-hand books. Check your campus bookstore, bulletin boards, online retailers, student exchange networks, or second-hand bookstores near your university, as they often receive textbooks at the end of each semester. You can also buy old textbooks from your seniors or use your university library services.
Another option is to rent your textbooks. Many bookstores and websites offer textbook rental services, and rentals typically cost less than buying new books. Chegg, Amazon, and Campus Book Rentals are some popular sites for students to rent textbooks.
You can also save money by going digital. Seek out digital versions of your textbooks on educational platforms, or check if your university has an online library. Nonprofit websites like Open Library and Project Gutenberg also offer free books and reading materials for students.
Additionally, you can compare prices online for used, new, and rental books on aggregator websites like BookFinder.com, BookScouter.com, and CampusBooks.com. Sometimes, older editions of textbooks are significantly cheaper and have few substantive differences from the newest edition. You can also ask your professors if they can recommend free open-source textbooks or options for turning in homework that don't require paying additional fees.
Lastly, don't forget to ask about student discounts when buying textbooks, and look into scholarships specifically for textbooks offered by retailers like Barnes & Noble.
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Student discounts and deals
Always carry your student ID
Get into the habit of carrying your student ID with you wherever you go. You never know when a student discount might come in handy! Restaurants, cafes, and movie theatres often offer student discounts, so it's always good to have your ID on hand.
Explore discount platforms
Websites like UniDays, Student Beans, and IDP provide deals specifically for students. These platforms can help you save money on everyday expenses, from fashion and electronics to dining and groceries. They may also offer discounts on public transportation fares, streaming services, gym memberships, and museum entries.
Save on textbooks
Textbooks can be expensive, but there are cheaper alternatives. Consider buying second-hand books from campus bookstores, online retailers, student exchange networks, or platforms like Chegg, Amazon, or Gumtree. You can also rent textbooks from various bookstores and websites, or seek out digital versions on educational platforms.
Take advantage of student meal plans
Many universities offer affordable meal plans that provide access to on-campus dining halls. These plans can be a convenient and cost-effective option for students. However, if you prefer to eat off-campus, many restaurants and eateries surrounding campuses offer student discounts.
Share your living space
Accommodation is often one of the biggest expenses for students. To save money, consider renting a shared apartment or living with roommates to reduce rent and utility costs. Look for off-campus housing options, as these tend to be cheaper than university dorms. Platforms like Craigslist, Facebook Marketplace, and Roomster can help you find affordable housing.
By taking advantage of student discounts and deals, you can save money and make your student budget go further.
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Part-time work and scholarships
Part-time work is a popular way for students to save money during their studies. International students in the UK, for example, may work up to 20 hours per week if they are not from the EU, and as many hours as they like if they are. In the US, students on an F-1 Visa can work up to 20 hours per week on campus during the academic year and 40 hours during the official breaks.
Yale University offers a wide range of on-campus jobs for students, including working in the marketing and communications department or for the university newspaper. These jobs can help students financially and provide valuable work experience and skills for their CVs.
However, it is important to remember that part-time work should not negatively affect your academic performance. It is recommended to balance your work and studies effectively and not rely solely on a job to meet your basic needs.
Another way for international graduate students to save money is through scholarships. Many universities offer scholarships to high-calibre international students, such as the University of Birmingham and Imperial College London in the UK, and Yale University and Harvard University in the US. Some scholarships are also specific to certain countries, such as the University of Birmingham's loans for US and Canadian students.
There are also numerous external scholarships available for international graduate students, such as the:
- 180 Medical Scholarship Program for students with specific medical conditions
- Architects Foundation Scholarships for students in architecture and related fields
- Fulbright Program
- Rotary Peace Fellowship for students committed to peace and conflict resolution
- World Bank Graduate Scholarship Program for citizens of countries other than the US
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Affordable accommodation and utilities
As an international graduate student, accommodation and utilities will likely be your biggest expenses. Here are some tips to keep these costs down and save money:
On-Campus vs Off-Campus Accommodation
The first decision you'll need to make is whether to live on or off campus. On-campus accommodation, such as university dormitories or residence halls, can be convenient as they are often located close to your classes and other facilities. They usually include utilities such as water, power, gas, internet, and trash services, so you know exactly how much you're spending each month. However, they can be pricey, and you may have to share a room with other students.
Off-campus accommodation usually involves renting a room in a shared house or apartment, which can be cheaper than on-campus options. You will likely have more privacy and your own room, but you will also have to pay separate bills on top of your rent. When choosing off-campus housing, consider the distance to the university, as a longer commute may increase your transportation costs.
Shared Living
Whether you choose on or off-campus accommodation, opting for a shared living space can significantly reduce your rent and utility costs. You can find roommates through platforms like Flatmates.com.au, Gumtree, Craigslist, Facebook Marketplace, or Roomster.
Utilities
To save on utilities, adopt simple habits like turning off lights when not in use, limiting water usage, and using energy-efficient appliances. In addition, shop around for utility providers and compare prices using websites like comparethemarket.com to get the best deals. If you're living with others, remember that most household bills will be split between all housemates, reducing your individual costs.
Transportation
The cost of transportation can add up, especially if you need to commute to campus. Many universities are located in areas with varied transportation options, so consider using public transportation, which often offers discounted rates for students.
Cooking and Groceries
Eating out can be expensive, especially for students. Cooking your own meals at home is a great way to save money. Plan your meals, make a shopping list, and buy groceries in bulk whenever possible. International students can also take advantage of student discounts at grocery stores by using their student ID cards.
By following these tips, you can effectively manage your accommodation and utility expenses as an international graduate student.
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Frequently asked questions
Textbooks can be expensive, but there are cheaper alternatives. You can buy second-hand books from campus bookstores, online retailers, or student exchange networks. You can also rent textbooks from bookstores and websites, or seek out digital versions on educational platforms.
Accommodation is often the biggest expense for international students, after tuition fees. To save money, you can live off-campus with roommates, or look for off-campus housing options that are usually cheaper than university dorms. You can use platforms like Craigslist, Facebook Marketplace, or Roomster to find affordable housing.
Eating out regularly can quickly drain your budget. Cooking at home is a cost-effective alternative. Shop at budget stores, local markets, or supermarkets for your groceries. You can also prepare meals in bulk and bring lunch to campus instead of buying food daily. Don't forget to always carry your student ID to take advantage of student discounts!
