If you are thinking funds are going to be your friends while studying abroad, you may want to reconsider. Although living in a foreign country can be very expensive, there are certain hacks that can get you through your ‘student years’ cost-effectively. Especially, if you come from a country whose currency exchange rates significantly reduce the worth of your home currency, you might want to give this guide more than one read.
Here are 5 ways how you can save money while studying abroad and make your living a lot less distressing.
Excel at Public Transportation
You would rather travel by a taxi alone than traveling in a train full of foreigners. However, think again! Taxis cost a lot more than public transports. Study how the transportation in that land works. Learn ways to master traveling by them.
Once you have discovered the routes and explored the public facilities, you would learn that you have been saving a lot of your funds. However, you should consider getting home early as public transportation is not available 24-7.
If you want a cheap ride, you will have to catch that last public ride. Furthermore, you must know that traveling at nighttime is much more expensive than traveling in daytime. It is, in fact, double the usual cost sometimes.
Withdraw A Big Amount At One Time
Withdrawing cash from an ATM is chargeable for international visitors. In America, the charges are around five dollars per transaction. It is about the same in other countries, as well. If you withdraw small amounts around three times a week, you will be wasting $15 every week, which is $60 a month. That is huge! You can use these sixty bucks and buy yourself a nice meal.
Another hack that you can employ: Before actually flying overseas for studying and temporarily settling down, check if your bank has partnered with an international bank. When banks have partnerships, they do not charge this huge international transaction fee from their customers.
Slash Down Your Calling Expenses
It is quite natural to miss your loved ones when you are away from them. Everybody misses their family, friends, and beloved. And sometimes, you are tempted to call them without considering how much it would affect your budget.
Calling abroad is very expensive. Upgrade your way of getting in touch with your closed ones by opting for internet calls. They are much cheaper. They cost around 20 bucks less than the normal phone calls. Use Skype or other video calling services. If you do not wish to do any video calling, Skype also offers internet phone calls. Become tech-savvy. While abroad you are required to adopt a cost-effective lifestyle.
Grab Online Offers And Deals
Instead of spending time on social networking sites, you might want to log into sites that give out cheap or free deals and coupons on products and services. Start stacking coupons. They are your best friends. This will make survival easier.
If you love shopping, you can even check into online shopping sites that sell products at discounted prices. In this way, shopping for international fashion will also become more fund-friendly. Also, traveling becomes economical when you have a couponsapp loaded into your smartphone.
Use Your Student’s ID
Did you know you can get discounted stuff by flashing your student’s ID? Well, now you know.
You can access facilities like public libraries and museums. Learn to flash it wherever possible. For example, libraries and museums encourage student visits. They give free memberships to students. This promotes their place and you get your free knowledge and a hangout spot. In fact, you can borrow much more than just books from these libraries. You can access CDs and DVDs, magazines and newspapers, and more. This enables you to gain information while saving your money.
You also get to use student discounts in cafes and restaurants. Some movie theaters also offer certain discounts for students. So, keep that ID neat and well groomed.
What Did You Learn From This?
Do not give up on your dream of studying abroad. Create trouble-free and economical living conditions for yourself. To achieve an economical lifestyle, you are required to familiarize yourself with the currency rate of the country you plan to go to. After you are comfortable with the monetary numbers, try using these hacks. Consider this as your ultimate guide to saving significantly while studying abroad.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.