How to Save Money While You Study Abroad
Going abroad to study is often an incredibly exciting and rewarding experience. You’ll get to encounter all that your host country has to offer, from the types of foods they eat and the nightlife that’s available to their music and culture. As a bonus, you’ll be working towards your degree. Learning is the reason you’re going, but it’s the cultural experience that most people look forward to the most. Yet a lot of students ready to study abroad worry about what to bring with them, such as how much money they’ll require. Some students will be lucky and have money available from their parents, others will be required to work and save up over a length of time, and still others might concentrate on getting scholarships; whatever the case may be, many of the students will have no clue how much they’ll need. There is some good news for these students, however; a few really great ways exist that will help you save money on your trips abroad.
Tip 1: Find a Generous Family to Stay With: Sometimes students studying abroad will choose housing, such as hostels or flats, or apartments, for their shelter needs. If you go through a study abroad agency, however, they are sometimes able to assign you to a family that will let you live with them for the entire time you study overseas.
Tip 2: Most agencies that send you overseas for study purposes can provide a list of ways to save money on your food while in your host country. If you’re living with a family, again, they will probably feed you most of the time. You’ll end up saving lots of money and can spend time being with the people who are helping you out. Also, be sure you shop at a grocery store instead of eating at the cafes or restaurants, as those places are usually costly.
Tip 3: Find out what the local currency is worth in US dollars (or your home currency if you’re not from the US). By doing this you can keep track of how much money you have, how much you’ve spent, and how much things are worth; you can also keep local merchants from taking advantage of you because you are from out of town (which happens more often than you’d think, especially in places like China where bargaining is common). Taking a check card with you can be handy if there are ATMs available where you’re going, but not every country will give you easy access to your bank account. In this case you should probably make sure to convert as much money to the local currency as possible or have traveler’s checks available.
Tip 4: Jot down whatever you purchase. Purchase an inexpensive notebook and note every purchase so that you can keep track of your money. If you use a credit card for all your purchases, this is especially crucial; as many students learn, it’s very easy to lose track of how much you’re spending when everything’s being bought with a card. Even if you are handling cash, you should keep track of how much you have. When you pay attention to how much you’ve spent you’ll probably find yourself asking, “Do I really need this knickknack?” and end up saving lots of money.
Tip 5: Bargain whenever you can. Depending on where you are studying, you can often haggle over the prices in other countries. If you see something that normally costs ten dollars, for example, tell the merchant you’ll give them seven. Remember, every little bit adds up.
Although studying abroad can give you the chance to have one of the most rewarding experiences in your life, it can be costly as well. You’ll probably want to spend as much time as possible learning and having the time of your life and not be constantly worrying about money. Keeping in mind money saving tips like the ones above can help you keep your spending under control so you can focus on enjoying yourself while you study abroad!
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