The use of barter-like methods may date back to at least 100,000 years ago but today, money is one of the most frequent thoughts in people’s minds, especially on saving and making them.  When it comes to studying abroad, it’s a chance of lifetime and knowing how to save money becomes more vital than ever. Join Hotcourses Malaysia in uncovering the practical and effective ways to save money while studying abroad as well as some fun facts to share:

1.  Electricity Bills

Needless to say, electricity is money and every kWh (kilowatt hours) used is money being taken out from the pocket.  According to our sources, one New York student spent 8 months sleeping in the library as he could not afford campus housing! The poor student washed in the library’s bathroom and showed at friends’ apartment.  This is perhaps an extreme situation, but spending more time in the library is one smart way to save on household electricity bills; not just to read a book but also a great opportunity to charge your laptop and use the internet, just remember to leave from time to time!

2. Food Costs

We need food and it comes with a price tag. You may think that eating less is the obvious solution but researchers have found that influence from your eating mates can contribute to the solution too. For example, eating with mates with a huge appetite may persuade you to consume more than you need and vice versa. A more forgiving way is to simply cook more at home to save that extra buck.

3. Water Bills

Taking a long shower may be your favourite pass time but it is also an indulgence that costs. Did you know that 1 minute of shower time equals to 150 gallons of water? Try shortening your shower time by a minute or two every day and you will find how easy it is to save on water bills. However, be warned that shampoo residue may lead to hair loss so don’t be overly stingy with washing.  Be smart and be clean!

4. Phone Bills

Almost everyone owns a cell phone and based on our findings, people spend more than $1,300 a year for phone services! For students with a budget, every penny counts so make calls when it is necessary or now and then, consider borrowing your friend’s phone(not too often please!) and do something nice for your friend in return.  

5.  Working Part time

On average, students spend £2,000 a year on feeding alone. Working part time not only generates hard cash but it also helps to gain some useful experiences. Just remember to eat elsewhere other than where you work for goodness sake!

6.  Discount

Sources revealed that we waste more than £445 a year on impulse and last minute buys, and about £335 a year on entertainment! To save money, seek out good deals or discounts; remember to buy what you need and resist the temptations to splurge all the time.

7. Second Hand Stuff

In the UK, 1.2m tonnes of shoes and clothes are being thrown away every year, what a waste!  Buying and/or selling second hand items are actually great ways to buy something at a cheaper price or to get rid of things you do not want in exchange of money.  To avoid getting items that are faulty, check the condition of a product before purchasing.

8. Scholarships

If the above tips are not appealing to you, there is another way! As a student, getting good results can get you some cash rewards too (Dean Honor Roll List)! So study hard to get all As and you just might receive some much needed cash. 

All in all, there are so many ways to save money while studying abroad, in fact, read about more tips prepared just for you.