‘Saving’ and ‘students’ are two words that do not generally make their way into the same sentence, however this changes when it comes to international students. There are number of measures which can be implemented in daily life to ensure the reduced living expenses comprising of food, accommodation, commuting and study related expenses.
1. Prefer the second-hand textbooks
Although, nowadays, majority of the content related to curriculum is being made available in digital format where students usually access it via tablet or laptop; however, textbooks still being at core of the curriculum. Many modules require the extensive content access which are usually not available digitally for which students are in need to have such textbooks.
For this, there are number of options which can help save over the purchase, where firstly to find such books in the college or university library or even at number of public libraries, can be borrowed for number of weeks at a nominal cost or security deposit.
If needed, only buy the most important books, and even then, you will be able to find cheap second- hand copies online or through your university. Sell them on when you are finished with them to recoup some of the costs.
2. Travel Cards
It is evident that student life comes with a freedom to explore the places, allowing to be a traveler but not at the cost of disturbing the finances. For this, in Europe, there are number of providers which offers travel card packages to cover the daily commuting costs as well as travelling to tourist places from one country to another in Schengen area.
These cards allow a holder to use any mode of transport such as subways, buses, trains or even flights at a discounted rate, helping save a significant amount of money on monthly basis.
3. Living off-campus.
It may require some calculative approach but living near the campus in shared accommodation would help save money significantly. After the tuition fees, housing is one of the significant portions of expenses, where it may be more convenient for international students to live on campus, living off campus provides the opportunity to save a chunk of cash.
You may consider splitting your time between on and off campus housing. This could allow you to adjust to life in your new country while living on-campus for a while and then to live in an apartment or house for the rest of your studies. Please keep in mind that it is more affordable to have roommates to cut the cost of living, whether that be on campus or off campus.
At present, one of the most emerging options observed in Europe is to acquire homestay, where student gets the exposure of local culture and language by living with the local landlord and their families, which also helps them save time in terms of cooking food and other chores as the homestay options usually includes the one-time meal and other utility charges, helping save not only lot of time but also the costs of groceries.
4. Smart Grocery Shopping
Food expenditure is unequivocally unavoidable, as being an international student and in hustle of studies and local errands, compromising on food quality can lead to health issues eventually resulting into poor study performance and energy levels. However, it is also required to ensure the costs of food and raw groceries remains minimal without compromising over the required quantity as well as quality.
For this, whenever possible, plan the food preparations in advance with your housemates if you are living in a shared accommodation; however, if you are living separately, ensure to prepare the meal plans for the week in advance. Either way, you will be able to do a cost-effective ‘big shop’ at the start of each week and avoid the need for too many expensive takeaways, working on your culinary skills at the same time. You will also be saving money by making your own packed lunches rather than buying a sandwich or going to a coffee shop every day.
5. Second-Hand Store Shopping
Second-hand stores can be excellent places to supply yourself while maintaining a bit of frugality. If you can find one, second-hand stores can often sell ladies’, men’s and children’s clothing, books, toys, ornaments, kitchenware, videos, music, computer games, furnishings and other assorted goods at a far discounted rate.
Some also sell furniture and electrical appliances, and others are more specialist, like ones that specially sell books, bridal wear, or music.
6. Festive Sale
Keeping an eye for seasonal sales and stock clearance is a great way to save money. When looking for a bargain, timing and information is everything. The prime sale seasons can differ from country to country, though there are often big sales after Christmas and in the New Year in most places. There are also increasing numbers of big sales online, such as Prime Day offered by Amazon.
Above all, the all-important question when it comes to buying stuff- do you really need it? It might look cool or seem really interesting, but more often than not, purchasing something which is of no use is just a waste of money. A good test is to leave it for a month. After that, ask yourself if you are you still interested? If so, then get it for yourself and enjoy.
7. Seize the Student Discounts
It is important to keep in mind that there may be some extra cash in simply being an international student. Many businesses in your town may provide special rates and discounts if you present your student ID card before purchasing. If you do not see a sign stating a business offers a student discount, make sure you ask as you may be able to save a substantial amount off on entertainment, food, coffee and more. There are also additional discount cards you can purchase like the ISIC card that can offer even deeper discounts to students.
8. Spends Tracking
It might not be the most exciting task on daily basis, but keeping track of your finances is the best way to make sure you do not overspend and land yourself in trouble.
As a starting point, you could create a spreadsheet showing your income from student loans, scholarships and bursaries, parents, and any part-time job you have, and note down regular outgoings such as your rent and mobile phone contract. You will then be able to see exactly how much you have available to spend each month.
Sticking to your limits has never been easier, now you can check your balance at any time using your mobile banking app. If you do go overboard, the interest-free overdraft offered with the majority of student bank accounts will help tide you over.
9. Pay the Right Taxes
If you work part time while studying, you will likely have to pay tax similar to every other local. It is possible you may not have to, but if you do have to pay and you do not pay your taxes you could be in for a big fine and penalty besides.
Also, paying taxes over your wages on time not only helps in building the credit repo but also helps prove your legal stay period, which may eventually help towards securing the permanent stay visas such as Blue Card in Europe.
Hence, there is no doubt that being an international student also requires a specific financial approach for ensuring the optimal expense habits without breaking the bank. In your journey, Focus Education is enthusiastically willing to support your financial planning from the very first step of application to securing the visa as well as even after you reach the destination country and seeking further guidance. Reach out to us and we will assist you on helping you achieve your dream of studying in Europe.
