It is a fact that money is often in our thoughts, but it doesn’t have to become a nightmare, especially when you are studying abroad! Being away from parents and family can be financially challenging but you will learn many important lessons about managing your money and resources.
Hotcourses Abroad wants to show you that saving money whilst you are an international student can be FUN! With practical and effective ways you will be able to save a few bucks and enjoy your student experience to the max.
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1. Electricity bills
Electricity bills can be very costly and we often take access to it for granted. Get into the habit of wasting energy and your money will easily slip through your fingers like water. According to our sources, one New York student spent 8 months sleeping in the library because he couldn’t afford housing! He used the library’s bathrooms and showered at friends’ places.
This could be an extreme case, but it is a great example of how you could save some energy at home: Spending more time in the library studying and using its electricity supplies will help you save on household electricity bills. You have access to all facilities, internet connection and other academic resources you need.
Just make sure you define a clear line between your study time and your relax time and leave the library for some leisure every now and again!
2. Food costs
Food prices in popular study destinations can be higher than you think. That’s why sharing a home-made meal with friends can save you money, whilst you practice some of your granny’s most successful recipes. Remember to keep a balanced diet and help your friends to keep it too. Researchers have found that your mates can be very influential in your eating habits. For example, eating with mates with a huge appetite may persuade you to consume more than you need and vice versa.
3. Water bills
Did you know that 1 minute of shower time equals to 150 gallons of water? This entails not only a great cost for your pocket but for the rest of the planet. Try new and efficient ways to keep nice and clean without a lengthy shower every morning. Establish your personal ‘shower record time’ and try to beat it every day. You will see how easily you will start to keep a few bucks in the pouch.
4. Phone bills
The fact that some people have chosen not to have a cell phone is almost unthinkable for some of us. But after our findings show that people spend more than $1,300 a year on phone bills, you start to understand why people refrain from it. Either as a pay-as-you-go option or monthly payments, make sure you choose the option that benefits you the most. Or, you might also consider borrowing your friend’s phone for important calls and do something nice for them in exchange.
5. Working part time
Working part-time in a restaurant or café is a popular option among international students. You will not only have access to cash to cover your basic needs, but you can also get some food at work! On average, students spend £2,000 a year on food costs. Working in a restaurant will help you save a few bucks, just remember to treat yourself to something different every now and again.
6. Discounts
We are all young and want to have fun! However, be wise on how you spend your money. Sources revealed that we waste more than £445 a year on impulse buys, and about £335 a year on entertainment! To save money whilst you have the best time ever you should look out for good deals or discounts; always carry your student ID card, browse the internet for vouchers and refrain yourself from getting unnecessary stuff!
7. Second hand stuff
Welcome to the vintage era! Buying and/or selling second hand items at a cheaper price or to get rid of things you do not want in exchange of money are great ways to save money and have an environmentally sustainable lifestyle. In the UK, 1.2m tonnes of shoes and clothes are being thrown away every year, what a waste!
Try to visit shops or trustworthy websites were you can buy second hand items and make sure they are of good quality: second hand doesn’t necessarily mean faulty.
8. Scholarships
Play it smart with scholarships! Being an A* student can also pay off. Students with excellent academic results and good performance in all areas of university life can have great advantage at scholarships applications. Some of the options available are full scholarships or you can apply for small bursaries to help you with your daily expenses.
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