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Writer's pictureThe Headmaster Counsulting
Sep 5, 20224 min read

How to Save Money at University

International education is costly, and with the newly discovered freedom, it's not easy to stick to a budget and save money at university! Here are some tips to help you plan your finances better while making the most of your experience.


Make a budget

Making a budget is paramount to saving money! Planning your budget and finances ahead of time allows you to track your expenses and save smartly. Budgeting will enable you to identify what you need to spend on and what you want to spend money on.


Track your spending

Make sure to keep track of your every purchase and every expense. You can track these expenses using various budget apps like Goodbudget, Mvelopes, etc. Keeping track of expenses helps you identify your expenditure better and makes you more aware of where your money is going.


Differentiate between 'Needs' and 'Wants'

While the distinction might seem straightforward, stating it could help you rationalize your spending decisions. If you want more flexibility in your budget, in the long run, you should focus on making 'need' based purchases in the short run.


Have more than one bank account

Having more than one bank account can help students make smarter spending decisions. For example, you can put your student loan and wages in one account and have another for paying bills and direct debits. In addition, you can keep your savings in an account that offers higher interest rates.


Explore student discounts

Student discounts are one of the many perks of being a student. A lot of products and services allow student discounts.

  • Flights - Websites like StudentUniverse help you avail of the best deals for your airfare.

  • Electronics - Brands like Apple, Lenovo, Microsoft, HP, etc., allow student discounts that help you grab a better deal. You can avail these deals and discounts to cut down on your cost.

  • Digital subscriptions - Many digital platforms, like Amazon Prime, Hulu, Spotify, etc., offer different student discounts that make them worthwhile deals.

  • Movie Theatres - Many theatres run "College ID Nights" in theatres that allow extra discounts to students. For example - Cinemark, AMC, etc.

  • Hotels - Websites like UNiDAYS, StudentUniverse, CheapOAir, etc., can help you plan better stays and make student discounts available on properties.

Use campus services

Make sure you make the most of the on-campus services available. For example, you can avail yourself of facilities like the gym, projector, game rooms, TV rooms, etc., to save the membership costs outside the campus.

Walk or use public transportation since vehicle maintenance and fuel can add to your expenses quickly. The less you use your car, the more money you can save.

  • Career Counselling Services - Make the most of counselors available on-campus to help you save the expenses of having an independent career counselor.

  • Peer Tutors - Peer tutors are a great way of saving tutoring costs since the university pays the tutors. Availing peer tutoring is helpful for your academics and building relationships and brushing your communication and social skills.

  • Medical Counseling - Many universities provide their students with medical insurance before arrival. Students should also look at options in their home country that can cover their medical costs abroad.


Have at least one 'no-spend' day each week

This might initially seem challenging to keep up with, but once you develop a habit, it becomes surprisingly beneficial for your budgeting. Of course, this could take some advance planning, i.e., planning your expenses ahead of time and self-restraint.


Claim loyalty points when you shop

Getting yourself a reward card might help you hoard points and claim money off, free treats, and other discounts that could help you save more money in the long run. Make sure to get one at the supermarket you visit most often.


Get your tax back

Most students pick up a job either on-campus or off-campus - get taxed. But, since international students are not residents of the country, they can reclaim their tax back since they're not entitled to pay the taxes yet.


Buy Second-Hand Books and Other Items

The prices for second-hand items are considerably lower than the brand new ones; buying second-hand goods is a great way to save money. You can find great products at a fantastic bargain.


Get swapping

Swapping things online is an excellent way of acquiring new things without shelling a penny. Get in touch with people selling things they do not need anymore, and you can offer something to them in return. You can avail the "swap-goods" facility on websites like Vinted, Depop, Freecycle, etc.


Search for free entertainment

The idea of having fun doesn't necessarily require you to go to clubs or extravagant parties; you can also look for simpler alternatives that are not too hefty in your pocket. All you have to do is put in some extra effort to find activities and entertainment that don't require you to shell out a lot of money.


Look out for money!

We mean look out for scholarships, bursaries, and awards that ease the financial burden of studying at university. There could be not-so-popular scholarships that do not even receive many applications, thus increasing your chances of receiving the scholarship.


Be Smart About How You Pay School Fees

You should avoid paying your tuition, housing, or other fees with a credit card since 1.75% of the fee is added to the total amount. Instead, look for other alternatives and payment modes to reduce the total amount.


Sell Your Old Textbooks, Clothes, Electronics, And Furniture

When you're finished with a textbook, you can always sell it back! Look for bookstores or students willing to buy it from you. Selling things you do not require anymore makes up an excellent opportunity to earn money.

 
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