5 Simple Ways to Save Money When Studying Abroad

Are you planning to study abroad or already doing so? Are you struggling to manage your budget? We have some tips and tricks to save you from burning a hole in your pocket during your travels abroad. To make efficient budget management a reality, you should stick to these pointers in order to enjoy a hassle-free overseas stay.

Your biggest ally would be a Student Travel Insurance policy that will safeguard you against all the risks and uncertainties during your travel and stay while studying abroad. There are a number of insurance providers who offer student insurance plans, namely Bajaj Allianz Student Travel Insurance, HDFC ERGO Student Travel Insurance Suraksha, and Reliance Student Travel Care Policy.

Manage Your Expenses

There is a difference when you manage your expenses in your home country and when you manage them abroad. While spending money overseas, we do not consider whether we are doing so wisely or not. We hardly analyze our day-to-day expenditure. It’s always advisable to plan a budget and take a note of all the expenses. This might not seem very interesting in the beginning, but it will take you a long way in managing your finances. Taking some time out of your routine to note down all your expenses will definitely prove worthwhile.

There are plenty of smartphone applications you can download to maintain a spreadsheet. You can keep a record of all the payments that you have made while booking a cab, buying groceries, online shopping, tuition fees, books, stationeries etc. Apart from analyzing your expenditure, also take note of how much you want to save. You will have to adhere to the monthly or weekly limit you have set for yourself.

Money saved is money earned, and it will be very useful when any unforeseen expense arises during your stay abroad. A student travel insurance policy would also safeguard you against any medical and financial exigency, which may require a lot of money at once. Stash away some emergency funds, note down everyday outflow, and analyze what you can change and what you can keep. This will help you manage your bank balance.

Unclutter

There are a lot of items which you might have but hardly use. In foreign countries, there are a number of sites where you can sell unwanted items which may be of use to others. You can make a profitable transaction from such unused or unusual items by selling them on eBay and other popular sites. You can use this money to pay your rent, buy books, and so on. This might seem like a lot of effort in the beginning, but it will really help in improving your funds.

Go for Second-Hand Products

We have a mentality to buy new products, as there is a risk of duplicity involved. But overseas, people do not hesitate in buying second-hand products if they are in good shape and hold value to them.  It’s becoming a popular trend and you can reduce your expense by almost 40 percent by following it. Popular e-commerce sites like Amazon, eBay, Craigslist, and Freecycle offer you amazing bargains on pre-loved products which are still in good shape. Social media is also a great platform that connects buyers with sellers. You can easily find such connections on Facebook. Please check the shipping cost before making the purchase, so that you do not end up shelling out unnecessary money on shipping.  

Look Around For Super Saver Deals

While buying groceries or any other utility products, do not stick to just one store. You should experiment with different places and buy from the one which sells goods at minimum prices. You can also do a bit of online shopping to save some extra bucks and look for discounts as well. Save more by checking out different places to find the best deal.

You can now make comparisons online at e-commerce sites and choose the store that offers a better price and great deals.

Make Your Own Meals

If you rely on food from outside or eat in a café every day, you are surely going to end up wasting a fortune. This will make a hole in your budget. If you really want to save something, you should pack your own lunch for your classes. This will also be good for your health, as it will save you from gaining those extra calories with unhealthy food. Rather than spending on gym memberships, you can go jogging, running, or workout at home. It’s all about the little things – like making coffee at home instead of buying a cappuccino from an expensive coffee shop. On an average, you will save around $100-$150 USD every month.

Conclusion – Every little alteration or change that you bring in your purchasing habits will help you to save more when studying abroad. This will make it convenient for you pay your semester or tuition fees and spend more on your curriculum requirements. And if you have student travel insurance handy, you will not need to worry about any emergency medical expense or unforeseen circumstance. If studying abroad is your aim, then you should take note of the above-mentioned tips and tricks to save yourself from burning a hole in your pocket while studying abroad.