Hello, my fellow students!
Budgeting is very important whether you’re currently studying abroad in a hectic city like
London or thinking back on your own foreign student experience from a few decades ago.
I’ve been there, done that, and now I’m here to share some budgeting ideas gained from my
own studies in both Romania over 20 years ago and London today. I hope you will find my
experience helpful, and you will become a budgeting expert!
Set a realistic Budget!
Before you can start saving money, you will need to set a budget (consider it your
personal financial route map). Calculate your total annual income, which may include
scholarships, part-time jobs, or family financial assistance, and then make a list of all your
monthly costs, including rent, groceries, travel, entertainment, equipment, and supplies for
uni. Being truthful with yourself about your spending patterns is crucial. Let’s take London
as an example: because of the city’s high cost of living, it’s important to create a reasonable
budget. Don’t undervalue costs like rent or transportation. To better understand what to
anticipate, do some research on local typical expenses.
Find Affordable Accommodation
Living alone in London might take up a sizable portion of your cash. To save costs, consider
alternatives like shared accommodation or university housing. If at all feasible, investigate
areas in the outskirts of your city, where rentals are frequently more affordable
(amberstudents.com has some great student rent offers). Back in Romania in my 20s, I lived
in a shared flat. Paying a share of the rent and utilities made it more affordable. I was able
to use the funds I saved on lots of great food and house parties (I do love a student gathering).
Cook At Home
Eating out can be expensive, so try and cook as many meals at home as you can to save
money. Plan your meals in advance, look for affordable food markets and outlets, and loyalty
cards and discount codes will be your friends. Your neighborhood is the best place to start.
Also, cooking along with your flatmates may be a great way to get to know each other
better and a wonderful chance to experience local delicacies.
Make the most of student discounts.
Take full advantage of student discounts. Your student ID card may be the key to paying less
for admission to theatres, museums, movies, and public transport. Investigate websites and
applications that provide discounts for students. Apps like UNIDAYS, Student
Beans and TOTUM allow me to go to restaurants and shop online with great discounts.
Explore Free and Low-Cost Entertainment
You can find many free or affordable entertainment choices in every city. In London,
museums like the Tate Modern and the British Museum offer free admission. You can also
check out free events, public spaces, and student nights at nearby bars, where you can
immerse yourself in the culture of the city, all without spending a fortune. I even managed
to get a student discount (museum entry) while on holiday in Florence.
Use Public Transport Wisely
You can get around the city easily by public transport for a reasonable fare. Traveling
off-peak (between 9 am and 5 pm) will make a big difference to your budget. For
cheaper travel costs think about getting an Oyster travel card, or other cities’ versions. You can
even ride a bike or walk wherever possible, at the end of the day we are all striving for
10,000 steps per day.
Get a part-time job
For extra pocket money, many overseas students work part-time jobs. Research
all employment prospects on campus or in the neighborhood by contacting the career
services at your institution. Just make sure you research in detail any employment-related
limits on your visa. Read my previous blog with tips on finding the best summer job.
Embrace Minimalism
Downsizing your belongings may be necessary if you live in a busy household. Put essentials
first and refrain from making impulsive purchases. Use local charity shops or the Vinted App
to get rid of any stuff you no longer need. And trust me, when you declutter your room, you
declutter your head too.
Book your flights in advance
Traveling might be expensive no matter where you decide to go, so you should take full
advantage of cheap tickets and low-cost airlines while remembering to plan your trips far in
advance. One of the best websites out there to use is Skyscanner.net; it will give you the
best dates to travel when tickets are cheapest.
Seek Financial Advice
Don’t be afraid to ask for financial guidance from your university’s financial advice service or
a local financial counselor if you’re having trouble managing your money. They can offer
helpful advice that is catered to your circumstances with insightful tips on setting up a
budget and handling money while you study.
Budgeting is an essential skill, regardless of whether you’re studying right now in a busy city
like London, or thinking back years ago when you were an overseas student. You can
maximize your student life while maintaining your financial stability with simple steps like
creating a realistic budget, locating reasonable housing, cooking at home, and taking
advantage of student discounts. Budget carefully and enjoy every second of your university
years because the memories you make while studying abroad are priceless!