Some tips on saving money!
Studying abroad is, most often, not exactly a pocket-friendly program, and with the increasing exchange rate difference, managing your day-to-day expenses is the most challenging part of the experience. The cost structure of studying abroad can vary on the basis of the country as well as the university tuition fee. On an approximate average,
- The tuition fee in U.S. ranges from $6000-$40,000 and the living costs go up to $10,000-$15,000
- Whereas in the U.K. tuition fee varies between £9,000 – £21,000 and the living costs go up to £9,000 – $12,000.
Here are some tips to help save some money:
1) Get an ISIC!
Obtaining your International Student Identity Card is the first item on your to-do list (ISIC Card). The ISIC card is the only internationally recognised student identification card, and it has been in use for over 50 years.
Over 55 million students across 133 countries use ISIC to access over 150,000 student discounts and offers worldwide including travel, accommodation, food & beverages and study resources.
2) Eliminate additional ATM charges
You're probably aware that ATMs charge non-bank members a transaction fee. But did you know that the weekly surcharge might reach $50? With that money, you could certainly buy a week's worth of groceries!
Because you will be staying in another country for at least a year, it is a good idea to open a local bank account to have easier access to ATMs. E-wallets are the most popular payment mechanism in the world, after credit cards and banking. You can also create PayPal and Android Pay accounts to prevent repetitive withdrawals.
3) Affordable Accommodation
The most prevalent study-abroad housing options include university dorms, homestays, apartments, and student hostels. Apart from on-campus housing, many colleges have affiliations with student residences and hostels, so it's a good idea to check with your university first.
Here are a few platforms where you can search for stays and filter them based on your budget: SpareRooms, Zoopla, Homestay.com, Hostel Room, ApartmentLists, NestPick, SpotAHome, OCXEE
4) Travel & Conveyance
Your daily commute coupled with long-distance trips can turn out to be the costliest aspect of college life. But thankfully, there are options through which you can subsidize your travel budget.
A) Daily Commute - Make sure you know how to get around using public transportation, whether it's buses, subways, or trains. Don't use Uber to get around on a daily basis. For shorter distances, you might want to consider the option to either walk or cycle. In fact, several cities, such as London and Paris, offer a bike-hiring network where you may borrow or return a bike at any time and from any location.
B) Airfare
- Apart from using your ISIC card to avail flight discounts, you can also explore airlines that provide airfare subsidies for students. In addition to a lower price, some airlines will offer extra baggage allowance to students.
Here are some of the airlines that offer student discounts:
i) American Airlines
ii) Lufthansa
iii) GoAir
iv) AirTranU
v) Vistara
vi) Air India
vii) Emirates
- Additionally, below are some of the widely popular platforms designed especially for student traveling concessions:
a) Student Universe
b) CheapOAir
c) STA Travel
Important to remember is that cost-effectiveness is a lifelong asset. Your study-abroad programme can help you become more resourceful. A little self-control over spontaneous purchases and diligent application of money-saving tactics will ensure that your budget runs smoothly.
If you have anymore tips which might help fellow students save money, drop them in the comments section below. :)
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