Savanna Hoffman
International students should save money to reduce costs while studying abroad. There are numerous ways to save money, such as creating and sticking to a budget, sharing living spaces, buying used textbooks, and taking advantage of student discounts. Additionally, international students can work part-time jobs, apply for scholarships and grants, and plan meals to save on food expenses. It is also important to be mindful of foreign exchange rates and the potential limitations of student loans for international students. With proper planning and financial strategies, international students can manage their expenses and have a fulfilling college experience.
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What You'll Learn
Save on accommodation costs by living off-campus or with roommates
As an international student, accommodation is likely to be one of your biggest expenses. To save money, consider living off-campus or with roommates.
Off-campus accommodation is usually cheaper than on-campus options, such as university halls of residence. While bills may not be included in the rent, you can keep costs down by being careful with your energy consumption and choosing utility providers wisely. Most household bills will be split between you and your housemates, so the more roommates you have, the cheaper your share of the bills will be.
If you're studying in a country where campus accommodation is rare or non-existent, such as Germany or Holland, you'll likely be looking at private accommodation options. In this case, renting a room in a shared house is usually the most affordable choice.
Living with roommates has other financial benefits too. You can save money by sharing groceries and other household items, and you may feel more motivated to cook at home, which is cheaper than eating out.
To find off-campus accommodation, you can check student notice boards, local newspapers, and housing websites. Comparison websites can help you find the best deals on utilities and other services.
Remember, your accommodation will also impact your student experience. Living off-campus or with roommates can provide more opportunities for independence and socialising, but it may require more effort to get to know your fellow students and engage in campus life.
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Make use of student discounts and deals
As an international student, you should take advantage of student discounts and deals to save money. Many companies offer student discounts to help students save money on their expenses. While the savings from a single purchase might not seem like much, they can add up to significant savings over time. For example, you can save money on food by taking advantage of student deals at restaurants, meal delivery services, and meal kit services. Some restaurants offer discounts of up to 10% to students. Additionally, meal kit services like Blue Apron, EveryPlate, and HelloFresh offer significant discounts to students on their first orders, as well as ongoing discounts for a year.
When it comes to technology, there are several brands that offer student discounts on their products. Apple offers discounts on Macs, iPads, and accessories, as well as promotions like gift cards and discounts on Apple Care+. HP, Samsung, and Lenovo also provide student deals, with discounts of up to 40% on select products. Logitech offers a 25% discount on all tech products to verified students through UniDays, and Microsoft offers up to 10% off on select products.
If you're looking for software subscriptions, Adobe Creative Cloud offers a student discount of $19.99 per month for the first 12 months. Avid also provides education pricing for students on software like Pro Tools, Media Composer, and Sibelius.
For students in the US, US Mobile grants a 20% discount on any plan, while Verizon offers varying discounts on phone plans and internet services.
Additionally, signing up for a student account with UniDays can give you access to exclusive student discounts from various brands, both in-store and online. You can also explore credit card options specifically for students, which can help you save even more on your purchases and build your credit score. Discover it® Student Cash Back, for instance, offers 5% cash back on everyday purchases.
Lastly, don't forget to check with your favourite retailers and restaurants to see if they offer student discounts. Many establishments, especially those in college towns or major cities, may provide discounts upon request.
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Take advantage of free or low-cost entertainment
As an international student, entertainment can take up a large chunk of your budget. To save money, look out for free or low-cost entertainment options. Many campuses and cities host free or low-cost events, such as movie nights, concerts, and cultural festivals. For example, Emerson College offers its students, faculty, and staff one free ticket to any in-person ArtsEmerson theatre performance, film screening, or concert. The Celebrity Series also offers special student pricing for select performances throughout the season, including advance student tickets and student rush tickets for events at Symphony Hall, the Berklee Performance Center, and NEC's Jordan Hall.
If you're a movie buff, AMC Theaters provides 30% off tickets every day for showtimes before 4:00 pm. You can also check out the various discounts and deals on streaming services. For instance, Amazon offers 10% cashback with a free Prime Student subscription.
Public libraries are also a great source of free entertainment. The Boston Public Library, for instance, offers books, movies, magazines, events, contests, prizes, and classes at no cost. The Los Angeles Public Library provides similar services, including access to books, magazines, films, and wireless printing.
Many cities also offer discounted transit passes for students, making public transportation an affordable and eco-friendly option for exploring your surroundings.
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Buy used textbooks or rent them instead of buying new
Textbooks are expensive, and the cost of new hard-copy textbooks continues to rise. International students can save money by buying used textbooks or renting them instead of buying new ones. Here are some reasons why:
Renting textbooks
Renting textbooks is a great alternative if you cannot afford to buy brand new books. This option is offered by many college libraries and bookstores, as well as online bookselling platforms. Renting textbooks can help you save money, especially if you only need the book for a short period, such as before an exam. When you rent a book, you usually get the latest edition, which is rarely the case with used books. Renting also gives you the flexibility to decide if you want to purchase the book later, either new or used. However, the primary drawback of renting is that you have to return the book, and late returns may incur hefty fees.
Buying used textbooks
Used textbooks are typically cheaper than buying new ones, and you can often find them on the same platforms where you would rent or buy new books. For example, Amazon offers a wide range of new and used textbooks or e-books. Other websites like Chegg, Textbooks.com, BookFinder, and Campus Books allow you to compare prices from various retailers to find the best deals on new and used books. Additionally, many universities have textbook exchanges or buyback options, where you can sell your purchased books back and recoup some of your money.
Making a decision
Whether you choose to rent or buy used textbooks, it is essential to weigh the pros and cons of each option and consider your financial situation and needs. While renting can provide significant savings, the drawback is that you have to return the book. On the other hand, buying used textbooks gives you the advantage of owning the book, which can be useful for reference in the future, especially if you plan to pursue graduate studies or a career in academia. However, the most significant drawback of buying textbooks is the price, and you may need to keep the book in the best condition possible if you intend to sell it later.
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Plan ahead and budget for expenses
Planning ahead and budgeting for expenses is crucial for international students looking to save money. Here are some detailed tips to help you do that:
Understand Your Income Sources
Start by listing all your sources of income, such as scholarships, grants, part-time jobs, or financial support from home. Continuously search for scholarships and grants specifically for international students to supplement your finances and reduce your financial burden.
Outline Your Expenses
Create a comprehensive list of your expenses, including tuition fees, accommodation, utilities, groceries, transportation, and entertainment. Tuition fees can vary across universities, so carefully selecting the institution you apply to can help you save money. Some universities, like Tulane University in Louisiana, do not charge application fees.
Use Budgeting Tools
Utilize budgeting apps or spreadsheets to track your spending and identify areas where you can cut back. This practice will help you understand where your money is going and ensure you stick to your budget.
Plan for Specific Expenses
Break down your expenses into categories and plan for specific costs. For example, instead of buying new textbooks, consider buying used copies, renting, or opting for digital versions. Take advantage of student discounts whenever possible, whether for meals, mobile plans, or entertainment.
Save on Accommodation
Accommodation is typically one of the largest expenses for students. To save money, consider living off-campus, which can be more affordable than on-campus options. Share a living space with roommates to reduce rent and utility costs. Look for accommodation within walking distance of your school to minimize transportation costs, or consider staying with a host family to immerse yourself in the local culture.
Manage Foreign Exchange Rates
If your home country has a weaker currency than your study destination, carefully monitor exchange rates to avoid overspending.
By planning ahead, being mindful of your expenses, and utilizing the various cost-saving strategies available, you can effectively budget and save money as an international student.
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Frequently asked questions
International students should save money to reduce financial burdens and manage living costs while studying abroad.
International students can save on accommodation by living off-campus, sharing living spaces, and using platforms like Craigslist or Facebook Marketplace to find affordable housing.
Yes, international students can buy used textbooks, rent from platforms like Chegg or Amazon, utilise textbook exchanges, or seek out digital versions.
General tips include budgeting, cooking at home, shopping second-hand, using student discounts, and working part-time, either on or off-campus.
International students in the US should be mindful of medical costs and foreign exchange rates. In the UK, energy costs can be high, so simple habits like turning off lights can help reduce bills.
