When you start planning to study abroad, you’re so excited at the opportunity ahead that you might not stop to think about the cost. Yikes!
Studying abroad can be pricey, especially in Europe, China, Britain, Singapore, and other commonly traveled countries.
But one way you can control costs is to learn better financial strategies. If you can find ways to control expenses, and increase your income, then you don’t have to rely on family, or worse yet starve your way through college.
Even better, you can find strategies that are specifically recommended for students abroad. Take advantage of a road often traveled and start saving money.
Let’s consider a few tips you might not have considered before.
1. Get a local bank account where you’re enrolled and do it before you leave home.
Be sure to talk to an International Development Program counselor on-campus, who may be able to help you with financial issues.
There are many banks that have programs benefiting traveling students, and these companies may even eliminate bank transfer fees in exchange for starting a long-term account.
2. Make a list of priorities and take advantage of everything for free.
You’ve heard “make a budget”, but have you considered researching the most important expenses in the local currency? Once you account for your academic fees, food, lodging, and transportation, try to cut costs by taking advantage of free opportunities.
You can even start researching price differences in advance, using a tool like Expatisan to see how currency conversion will work for you.
For example, most international cities offer free library access, digital books, student discounts for shopping, and perhaps even local coupons or holiday sales.
By connecting with other students in the area, you might even find that you can share carpools or other items that would be costly to buy on your own.
3. Look for a part-time gig.
True, studying takes a lot of your energy and focus away. But don’t think of a part-time job overseas as another chore. Think of it as a way to immerse yourself in a new culture, make friends, make business connections, and maybe even learn the local language or dialect.
But you don’t have to run up transportation costs for a second job if you can’t afford it. You could become a virtual assistant or freelancer and even work a job back in your home country. If you can find a simple telecommuting job that pays for books or tuition, you can start taking a chunk out of your student loan payments now.
Here’s some more information on how to find a job wherever you go in the world.
4. Use a crowd-funding website.
No one loves asking family or friends for money. So why not take your minor travel and accommodation expenses to a crowdfunding site?
Pick very deliberate times to ask for money - like holiday seasons or birthdays. Post plenty of photos about your travels and then in exchange for a donation, offer to post updates about what you’re doing.
People do give anonymous donations, but they usually want to feel something or see something unusual in exchange for their support.
5. Rent out your living headquarters at home.
If no one else is living in your old house or apartment, then that’s income you could be bringing in. You could find a renter yourself or even list it on Airbnb.
6. Apply for as many scholarships and student loans as possible.
Many companies and nonprofit organizations may have grants, scholarships, or other financial programs where they help qualifying students with their expenses. Research the local culture too, since well-written essays really do help win scholarships when it comes to a close contest.
But even if you don’t qualify for a grant or scholarship, you can still apply for a private student loan with low fixed or variable rates and pay it back when you find a full-time job.
Studying Abroad Broadens Your Horizons
You are always going to have financial responsibilities in life, but this time in your life is truly a unique experience. Read up on some studying abroad reminders from someone who’s been where you are now.
If you stick to a budget and take advantage of all opportunities open to you, this is going to be some of the best years of your life!
