The cost of studying abroad can end up being high. To mitigate this, many universities offer scholarships or some form of financial support for students. However, whether you have a scholarship or not, managing your budget efficiently is always a crucial part of being a student.
Here are 10 budgeting tips I’ve found useful during my time studying in London, which may help you navigate your own finances as an international student.
Make smart accommodation choices
When looking for accommodation, weigh the cost of travel against the cost of rent. Living closer to university might mean slightly higher rent, but you’ll save on commuting costs and time. Decide what is non-negotiable for you in your living space and adjust accordingly.
For me, an en-suite bathroom was a must-have, so I chose a place a bit further away from campus, with minimum travel cost that fit my budget.
Weekly budgeting
Set a monthly budget and then break it down weekly. Work out how much your expenses are for each month and then build your budget around that figure. This helps you to keep track of your expenses and ensures that you have the funds for necessities, as well as some extra money to spend on fun things.
I transfer my weekly budget amount to a digital bank account at the start of every week, so at any given point I can easily view how much money I have left to spend that week.
Prioritise expenses
Ask yourself questions such as, “Would I rather buy a new outfit or attend a dance class?” This can help you prioritise your spending habits.
I love dancing and occasionally splurge on classes at dance studios. To accommodate this, I might walk instead of getting the bus or really reflect on any purchases I am considering to make sure I have enough for my classes.
Limit spending splurges
Allow yourself a few treats, but try to keep them within reason. For instance, allowing one to two splurges a week can help you enjoy life without overspending.
Enjoy free activities
Large cities such as London and New York offer numerous free or low-cost activities. You can check with student societies, local Facebook groups or even your local gym for their schedule of events.
One of my favourite weeknight activities is visiting salsa clubs in central London. The entry is free, and they usually have great discounts on drinks. This means you can dance the night away without burning a hole in your pocket. It’s a great way to have fun and hone a skill without breaking the bank.
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Plan your meals or use the Too Good To Go app
Planning and preparing your meals can be a game changer. If you have food ready at home, you’ll be less tempted to eat out.
Alternatively, for days when university work is piling up and you simply don’t have the time to prepare food, consider using the Too Good To Go app. This app lets you purchase unsold food from restaurants, cafes and grocery stores at a significant discount. It’s available across the UK, the US and several areas of Europe and is a great way to save money while also helping to reduce food waste.
Use public transport discounts
Many cities offer student travel discounts to help keep the cost of travel low. In London, you can invest in a student Oyster card or a contactless payment method to save on public transport expenses.
Look into travelcards and railcards if you travel frequently across different zones – they can offer more savings than pay-as-you-go.
Shop second-hand
All cities will have an array of thrift shops and online platforms where you can buy second-hand books, clothes and other items at a fraction of their original price.
One of my favourite apps for second-hand items is Vinted, where I’ve purchased some of my favourite clothes. You also have the opportunity to sell unwanted items, too. This means you can make a little money back and avoid fast fashion waste.
Vinted and Depop are both based in the UK. However, there are similar sites worldwide for second-hand shopping. For example, Poshmark and StockX are based in the US. Students in France can access Vestiaire Collective. Mercari also offers pre-loved items in Japan, and eBay is accessible worldwide.
Utilise university resources
Take advantage of any financial advice or workshops offered by your university. They can provide valuable insights into managing your finances better.
At UCL GBSH, we have student funding advisers, scholarship information and assistance through our students’ union.
Set financial goals
Specific savings goals can motivate you to stick to your budget. Knowing what you’re working towards can help you keep your finances on track.
I love travelling, and limiting my weekly treat has allowed me to save for a summer trip to Scotland.
Managing your finances in a new country can be daunting, but with a little planning and these practical tips, you can make the most of your time at university without financial stress overshadowing your educational experience.
Enjoy your time abroad, and remember, a little budgeting goes a long way.
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