Posted on May 21, 2020
#Study Abroad  #Save Money  #Tips  

Studying abroad can be one of the most exciting experiences of your life. It’s the time to immerse yourself in all the educational and cultural experiences you can find, and try to have as much fun as possible! But many of the incredible activities you want to do on your year abroad will cost money, and being short on cash is a typical problem for students wherever you are! Right from booking the tickets to managing the daily expenses you need money almost everyday.

So what can you do to save money while studying abroad? We’ve put together 7 top tips which will go a long way to helping you out!

Do your research:

1 Before you embark on your year abroad, make sure you do all the research you can. Make sure to do the year as economical as possible. If you haven’t yet decided on a university, you should look at the cost of living in different locations, look for budget-friendly options in the cities where prices tend to be higher. Accommodation is a significant expense you do as a student. It is vital for you to find the best deal while booking a house to live for the next few years.

Get a part-time job:

2 Part-time jobs may sound tricky to come by if you are a student abroad, but it is also the way to earn money and gain some prior work experience which will be beneficial for you in future. The universities also offer part-time job and internship opportunities to the students. Inquire at your university, about the part-time job and internship opportunities and they might be able to help you out. Having a job while studying is the perfect way to earn the extra amount you need to savour your year abroad. Just make sure you have enough time to maintain a balance between your work and academic life!

Learn to cook:

3 One of the most significant expenses for any student is eating out. It’s okay for your bank balance to eat out on special occasions, but if you’re eating at cafés and restaurants just because you aren’t much of a cook then you need to do something about it! Making your own delicious food from necessary ingredients can save you loads of money when you’re in a foreign country, and you can learn about the local cuisine too!

Search for cost effective alternatives:

When you’re studying in a foreign country, there’s only a limited amount you can take with you when you go abroad. You’ll probably have to buy items like crockery and cutlery when you’re there, so try and avoid expensive shops and stick to charity shops or thrift stores. You can pick up some bargains, or give a home to some good-quality but unwanted items!

Start a savings pot:

Whether you use an actual pot or a nifty smartphone app that rounds up your spending, starting a savings pot in a simple way to save your money will go the extra mile. Putting away small amounts of money will gradually help you to save for something big - which could end up being one of your top experiences during the year!

Get an international money account:

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Many banks charge high fees for using the card and accessing money while you’re abroad. This is an unnecessary and unexpected expense for students - especially as fees cahrged for the transaction are often hidden! Luckily, there are plenty of options for international mobile money accounts that simplify your money management while you’re studying abroad. These accounts let you control your finances through your smartphone, and have no additional charges involved while making a transaction!

Paysend provides international money solutions for students abroad, helping them to manage their money with ease while they’re in another country.

Paysend Global Account is an international money account that lets students hold, send and spend their money with a mobile app and international Paysend Mastercard. Students can hold multiple currencies in their account and link their card to one to spend wherever in the world that Mastercard is accepted.

Paysend Global Transfers is an online money transfer platform that lets users send money to over 80 countries worldwide. So if students want to receive money from friends or family back in their home country, they can do so quickly and cheaply - it costs just £1 or €1.5 (or equivalent amount) to send money on the Paysend platform. This means you receive more of the money sent to be used on your student experience!

Head to paysend.com to find out more!

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