Studying abroad is usually a lucrative dream for most of us irrespective of the country of our choice. From tuition, housing, travel, and insurance the expenses span among several categories. Tackling these expenses could be a nightmare if you are not from a family of means. Certain hacks are used so that you can regulate your expenses while studying abroad. From planning your intake time to finding cheap travel options; these hacks will help you to regulate your expenses substantially. In this article, we are going to discuss 12 such smart hacks.
1) Researching Scholarships and Grants:
Many governments like India offer scholarships for students who want to study abroad. Research such scholarships and apply for them. Just a simple Google search of “Indian government scholarships to study abroad” will give you plenty of information on such scholarships and grants. This is just an example for Indian citizens, you can do the same search depending on your citizenship.
2) Choosing Affordable destinations :
While countries like the US, Australia, and Canada offer world-class education; the expenses are also much higher than those of countries offering the same quality education, Germany for example. Some countries even offer free education however getting into such countries requires good preparation. With proper planning, you can get into such countries with very limited finances.
3) Careful budgeting:
Create and deploy a proper budget including tuition, accommodation, food, transportation, and miscellaneous expenses. Always stick to your budget and track your spending to avoid unnecessary expenses. Numerous applications are used to monitor and track your spending.
4) Choosing affordable housing:
Always choose affordable housing options such as shared apartments, homestays, co-living facilities, and paying guest facilities. These options will reduce your housing expenses to 1/10th of what you pay for a single room or an individual apartment. Apart from the expenses, these shared housing options also get you the bonus benefits of having a constant company and private cooking options, and shared food expenses.
5) Part-time work:
Many countries permit international students to work part-time during their studies. Some students manage their living expenses from the money they accrued from part-time work. However, please do check with the country-wise restriction on working hours and policies.
6) Cooking at home:
Experts say that a large portion of student expenses is due to the costly food. As we discussed earlier, getting a shared accommodation also gets you cooking privileges which will help you reduce the monthly food budget. Shared cooking also reduces the individual expenses to purchase groceries, vegetables, and other cooking appliances. Keeping a common monthly budget and sharing it with the roommates will help you to monitor your expenses efficiently. Shared cooking will also save you plenty of time if the cooking jobs are distributed equally between the members of the shared apartment or room.
7) Student discounts :
Always make use of student-exclusive discounts such as transportation, museums, theaters, and other cultural activities. You can also avail thousands of online student discounts as well. Amazon Student Prime, Audible Student, and other student volume discounts to name a few. Here’s another ultimate list of student discounts:
8) Use Public Transportation:
Travel constitutes a mammoth share of your expenses when you study abroad. Next time an Uber ride comes to your mind, think again! Use government buses or any other forms of public transportation to reduce your travel expenses. These travel options may include buses, public ferries, water transport, trains, and so on. Public transport options are not only cheap but they can subscribed to monthly in numerous countries such as smart cards and travel passes.
9) Buying second-hand items:
From notebooks to laptops buying second-hand items can reduce your expenses to a considerable extent. Amazon, eBay, and Best Buy offer certified refurbished items with limited warranty so that you can purchase these items without the worry of losing money. In case of any damage or defect these stores will either replace or refund the item within the warranty period. There is no shame in using second-hand items as long as it accomplishes a particular academic requirement.
10) Travel Smart:
Subscribe to the bulk booking of local travel with the help of smart cards, travel passes, and exclusive memberships. Many governments offer monthly public transport plans in the form of smart cards and passes. These bulk-booking travel plans are considerably cheaper and more effective in reducing your travel costs. Services like Skyscanner Expedia and Agoda let you compare cheaper flights from all major airlines and pre-book those flights well in advance.
11) Health insurance comparison.
Always compare and select the best health insurance plans for international students. Sites like Policy Bazaar and Insurance Dekho let you compare and select the best health insurance plans at a very low price. Sometimes the same policy benefits of a lucrative policy can be availed at a considerably low premium by comparing health insurance plans of all major providers.
12) Language Exchange:
Engage in language exchange programs with local students, this will not only help you to sharpen your language skills but also open a way to make local friends who may share cost-saving tips. With the help of a network of local friends, you will have endless resources at your disposal from cheap dining locations to shared accommodations.
Planning is key, be frugal with your pending. Always monitor and regulate your budget as per your situation. Use the tools and other mediums to find cheap resources.
Great post! Very informative and well-written. Looking forward to more content from this blog!Thank you