How to Be Financially Savvy as an International Student

Studying abroad is an exciting adventure, but managing finances in a new country can be challenging. From tuition fees to daily expenses, it’s essential to be smart with your money. Whether you're planning your move or budgeting for everyday life, here are some practical ways to stay financially savvy as an international student.

1. Plan Your Moving Expenses Wisely

Moving to another country isn’t just about buying a plane ticket—it involves many hidden costs. Take time to plan and predict all possible expenses, whether you're handling the move yourself or hiring professionals.

• If you’re moving locally, consider a DIY approach by renting a truck and asking friends for help.
• For long-distance or international relocations, start researching moving companies early and request bids. Avoid peak seasons (May–September), weekends, and holidays, as these tend to be more expensive. Don't forget to negotiate the price!
• Declutter before you move—sell or donate items you don’t need instead of paying extra to transport them.
• Save on packing costs by using free boxes from supermarkets and wrapping fragile items in clothes or towels instead of buying bubble wrap.
• If you have non-urgent items (like books), consider shipping them via postal services—it’s often cheaper than paying a moving company.
• If your move is temporary, consider self-storage for bulky or valuable items instead of transporting them across continents.

2. Create a Budget and Track Your Expenses

A budget is your best friend when managing student finances. Track your income (scholarships, part-time jobs, family support) and expenses (rent, groceries, transportation, entertainment) to ensure you’re not overspending.

There are plenty of budgeting apps that can help, such as:

• Monzo – A banking app that lets you track expenses, set spending limits, and categorize your spending.
• UNiDAYS – Provides exclusive student discounts on fashion, food, and tech.

3. Find Affordable Accommodation

Rent is one of the biggest expenses for international students. To save money:

• Look for shared housing or university dorms—they’re often cheaper than private rentals.
• Consider living slightly further from campus where rent may be lower. Just factor in transportation costs.
• Compare rent prices and avoid peak rental seasons when rates are higher.

4. Save on Transportation

• Take advantage of student travel discounts on public transport. Many cities offer student travel cards that significantly reduce costs.
• Use a bike-sharing program or walk if possible—it’s free and great for your health!
• If using ride-hailing apps, check for student promo codes to cut down costs.

5. Be Smart About Shopping and Eating

• Always ask for student discounts in restaurants, stores, and entertainment venues.
• Cook at home instead of eating out. Apps like Tasty provide easy, step-by-step recipes, including budget-friendly options.
• Buy groceries in bulk or shop at discount supermarkets.

6. Use Money-Saving Apps

There are plenty of free apps that help international students save money and manage life better:

• Alarmy – Forces you to wake up with fun challenges (great for adjusting to a new time zone!).
• Google Translate – Essential for breaking language barriers and learning local phrases.
• Duolingo – Makes learning a new language fun with gamified lessons.
• SoundNote (iPad & Macs only) – Lets you record lectures and take notes simultaneously for easy revision.

7. Be Strategic About Banking and Exchange Rates

• Open a local student bank account to avoid foreign transaction fees.
• Use money transfer services with low fees instead of traditional bank transfers.
• Monitor exchange rates and transfer money when the rates are favorable.

8. Work Part-Time if Allowed

Many countries allow international students to work part-time. Check visa regulations and find a job that fits your study schedule. This can help with expenses and also provide valuable work experience.

9. Plan for Emergencies

Unexpected expenses can arise, so set aside an emergency fund for things like medical bills, travel, or urgent purchases. Having some financial cushion can prevent unnecessary stress.

10. Be Mindful About Travel Costs

Studying abroad often means exploring new places, but travel can be expensive. Look for student travel deals and book tickets in advance to save on flights and accommodation.