It can be costly to study abroad, but universities provide financial aid or scholarships to ease the pressure. Regardless of whether you have funds or not, intelligent budgeting is necessary to enjoy your student years to the fullest.
The following are 10 budget tips I learned while studying in London—hopefully, they’ll help you with your finances as an international student as well!
Select your accommodation carefully
When searching for accommodation, weigh rent against travel costs. Living near campus may be more expensive in terms of rent, but you’ll save on fares and journey time. Determine what’s a must-have for you and reorient your search.
For me, the en-suite bathroom was a must, so I chose a flat that was slightly out of uni range—still affordable and with low travel expenses.
Budget by the week, not by month
Set the monthly budget, then divide it into weekly portions. Determine your fixed expenses first, then budget for the rest. This way, you’ll never be in doubt about where your money’s going.
And still have enough left over for having fun.
I deposit my weekly cash into a bank account online each Monday. That way, I can keep a quick eye on how much I have remaining to spend.
Prioritize your spending
Ask yourself: “Do I want that new outfit, or would I rather take a dance class?” Questions like these help you align your spending with what really matters to you.
I love dancing, so I sometimes treat myself to studio classes. To pay for them, I might skip the bus and walk instead—or think twice before buying something else.
Limit splurges (but don’t cut them out entirely)
It’s fine to splurge now and then—just be reasonable about it. Granting yourself a little luxury one or two times a week allows you to appreciate life without crashing your budget.
Make the most of free (or cheap) things
Large cities such as London and New York are filled with free or low-cost things to do. Look to student societies, local Facebook pages, or even your gym events calendar.
One of my go-to weeknight activities is going to salsa clubs in the city center. The free admission, affordable drinks, and all-night dance party—entertainment without the cost guilt!
(Other recommended reads:)
Simple saving and budgeting tips for uni students
Top apps for student money management
Where to look for student discounts as an international student
Meal prep (or try Too Good To Go)
Prepping food ahead saves impulse takeout. But when papers stack up and cooking seems impossible, use the Too Good To Go app. It allows you to purchase excess food from restaurants and supermarkets at a discounted price. It’s offered in the UK, US, and portions of Europe. A win for your wallet and the environment!
Use student transport discounts
Most cities have student travel discounts. In London, a student Oyster card or contactless pay can cut down your travel expenses. If you cross zones a lot, consider travelcards or railcards—they tend to be less expensive than pay-as-you-go.
Purchase second-hand
Second-hand shops and websites are treasure troves of affordable books, clothes, etc. Mine is Vinted, where I’ve found some of my wardrobe staples. And you can sell your pre-loved items as well—extra money and less trash!
Vinted and Depop are UK-focused, but equivalent apps can be found elsewhere in the world:
US: Poshmark, StockX
France: Vestiaire Collective
Japan: Mercari
Worldwide: eBay
Make use of your uni’s facilities
Lots of universities provide money guidance or workshops—don’t miss out! At UCL GBSH, there are funding advisors and bursary assistance through the student union.
Set financial goals
Having a clear savings goal keeps you focused. For me, saving on little treats paid for a summer trip to Scotland.
Final thoughts
Managing your money in a foreign country can be daunting, but with some forethought (and these tips), you’ll be able to have uni abroad without money worries.