5 tips for saving money while studying abroad

The world is your oyster… isn’t that how the old saying goes? Well, they failed to mention that the oyster is going to cost you a pretty penny, especially if you study abroad in the UK.

Don’t get discouraged yet however, because if you’re disciplined with your resources then you can definitely make the move a little easier on your bank account with these tips on saving money while you’re abroad.

Let’s get started!

Tip 1: Accommodations

Dorm rooms and flat-shares come at a high price, especially if you’re studying in cities like London or Manchester. University students pay premium room prices to be located both centrally and within close proximity of their faculties and campuses. The cheaper alternative? Consider living with a host family, at least for half of your stay in the UK. You’ll not only save money, but get a first-hand glance into the British culture.

Tip 2: Skip the extras

Once you arrive, it’s easy to sign up for organised day-trips or choose the airport to campus shuttle bus out of convenience. A lot of the time though, these services cost more than if you would find the way on your own. For example, instead of the airport shuttle, take public transit. Instead of the day-tour, get onto travel websites and create your own sightseeing map and itinerary.

Some universities may also offer to organise mobile phone contracts for you but it’s far cheaper to walk into the phone store yourself and pick up a cheap pay-as-you-go phone and SIM card.

Tip 3: Mix and mingle

If you skip the group excursions, you’ll have more freedom to meet locals. Use sites like Couchsurfing to meet up with other foreigners in your city as well. You never know, if you stop by their neck of the woods later, you may find yourself with free accommodations! Love to cook? Skip the restaurant scene and invite friends over to make a meal together. Make a dinner party out of it! It’s fun and will save you a ton of money.

Tip 4: Money matters

Always changing money can be expensive. You may as well write-off traveller’s checks immediately; they’re a thing of the past. Instead, do a direct withdrawl at an ATM (hole in the wall). Banks usually give the best, most up-to-date currency rates. Plan out your budget accordingly, taking out enough to cover you for the week or month instead of multiple (and costly) withdrawls on a regular basis. If you’re staying at least a year in the UK, then it’s a good idea to open a bank account for the duration of your studies. This will greatly minimise banking fees.

Tip 5: ISIC

Never underestimate the power of the International Student Identity Card (ISIC). It is recognized in 120+ countries around the world and offers around 40,000 discounts in travel, transportation, accommodations, sightseeing attractions and more. It’s a handy card to keep with you at all times. When in doubt, ask about student discounts. In order to get one you need to be a full-time students, that’s it!

With a little creativity and a willingness to do things independently, you’re on the right track to saving money while studying abroad. Your semester or year abroad doesn’t have to cost a fortune. Have any money-saving tips of your own? Let’s hear them in the comment section below!

Images: money – Paul Papadimitriou, lonelyplanet – jaybergesen, / Flickr cc.

Tagged as: international students, people, student surviving tips, surviving tips, travel abroad