4 Tips to Increase Your Student Budget
Choosing to study abroad is an investment in your future, but it can stretch your wallet. Creating a budget in school can help you understand where your money goes each month, which is an excellent first step in learning to manage your finances. You can work toward bigger goals like paying off student loan debt, traveling, and saving money for future milestones like moving to a new city after college if you have more clarity on your spending and saving habits.
While college may have fewer expenses, it is still a good time to start tracking your money. The budget you create now will serve you well throughout your twenties and beyond. Furthermore, once you’ve established a budget, you’ll only need to make minor adjustments as your income and spending habits change. There are different methods about creating a budget, including using a budgeting app that connects to your bank accounts or creating a spreadsheet with an online template.
Whatever resource you choose, remember to stick to it and hold yourself accountable so you can reach your financial goals. If you’re wondering how you can maximize your student budget, no matter how big or small, you’re in the right place. Keep reading to discover our top four tips to help international students optimize their budgets while minimizing financial concerns.
ALSO READ: Cost of Living in Canada for Students
1. Understand Your Income and Expenses
Most students will discover that they can divide their income and expenses into a few categories. Knowing where your money is coming from and how it is being spent is a critical step toward budgeting success. The following is a brief overview of the major categories in which your funds will fit into:
Total income includes any money earned or brought to your destination country
This includes the following:
Assistance provided by your financial aid office
Money from family members
Bursaries and grants
Scholarships
Loans
Savings
Money earned from work
Monthly Income: Monthly funds received from a job or another source of income, such as an investment.
Emergency Funds: Money set aside to cover any unexpected or emergency costs.
Variable Expenses: Necessities or want with costs that vary month to month
Fixed Expenses: Wants or necessities with monthly costs that is constant.
To estimate how much money you’ll have to work with on a monthly basis, multiply the above incomes and expenses by a monetary value. This can be as simple as entering and tracking amounts in an Excel or Google Sheets spreadsheet, or as complex as using a budgeting app such as Mint or You Need A Budget.
2. Volunteer with Your Institution’s Arts and Sports Organizations
Attending campus clubs and events can be one of the most enjoyable aspects of studying abroad. However, as enjoyable as these gatherings can be, they frequently come at a cost. Volunteering with one of your institution’s sports or arts organizations is a great way to have all of the fun for free.
Consider volunteering with a basketball or soccer team if you enjoy watching sporting events. If you prefer the arts, consider volunteering with your institution’s theater or gallery program. You’ll be able to watch shows or play games for free while meeting a lot of like-minded people.
Bonus: Many academic institutions will provide cool spirit apparel, such as hoodies, hats, or scarves, to their student volunteers.
3. Rent or Buy Your Textbooks Second-Hand
The cost of textbooks can eat up a significant portion of your budget. Although purchasing a textbook is required for most classes, this does not mean you can’t buy them at a low cost. Your institution’s book store is a great place to start looking for used textbooks. If you want to save time, call ahead and see if they have what you’re looking for.
They frequently put books on hold for students. Another place to look is on Facebook or other online forums. Find a group for your graduating class, program, or course and ask to join it. Students will usually try to sell their textbooks at a discounted price. You may also be able to find and rent textbooks on Amazon or through your institution’s library.
It’s important to note that used textbooks sell quickly, so start purchasing your books as soon as you get your list from your instructor.
Tip: Once you’ve passed the class, sell your textbooks to your institution’s bookstore, a friend, or another student to recover some of your expenses.
4. Review Your Services and Subscriptions
Many students spend money on services and subscriptions that they don’t even use. Typically, these payments are automatically deducted from your bank account, and you may not even notice how much this is hurting your finances.
Reviewing your services and subscriptions to see which ones truly bring you joy is a great way to increase your budget. Cancel any subscriptions or services if they:
- Are duplicates.
- Aren’t used regularly.
- Can be replaced with a free option available online, through your school, or through your community or institution’s library. Some library cards provide students with access to music, movies, comic books, online learning, and online books.
If you truly cannot let go of that subscription or service, consider the following:
Am I eligible for a student account? It is almost always affordable.
Are there dual or family subscription plans available? If they are, ask friends or family if they would like to split the bill on a shared plan.
Can I negotiate with my service provider to reduce my fees? This will have a positive impact on your budget as you save from month to month.
Make the most of your student budget by following these tips and tricks. That way, you can afford to do the things that are most important to you during your time abroad. For your study abroad application processing contact us by visiting our website,www.silvercloudtravelsng.com today. We’ll take it from there.
