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How to save money when living and studying abroad

Top tips for saving for college if you want to study abroad


If you’ve got a bad case of wanderlust, but want to continue your education, then why choose between the two? Studying abroad, even for a year, is a fantastic way to truly experience the culture of a new country whilst also keeping up your academic commitments. Plus, it can increase your independence and confidence, showing you just how much you’re capable of.

But moving abroad can be daunting, even with the support mechanism of your chosen institution behind you. From accommodation to packing, a bit of preparation can go a long way. One of the things you’ll need to work out is how you’re going to pay for your study abroad semesters – not only tuition, but also living expenses.

Worried? Don’t be. Let’s take a look at some top tips to help you realise your dreams of studying abroad.


Tips when studying abroad

Work out how much you’ll need

The first step to any plan is to work out your goals. When you think about studying abroad, you may have no idea of how much you will need, outside of tuition costs, which are set by the university. This can make it difficult to understand how much you should look to put aside in savings before you go.

The cost of living in your chosen country will likely be different from your home country, so do some research into how much common items like milk, bread, a pint and a bus journey will cost you. Your university may also be able to give you some information about this, or you could see if there are any student forums online that can help.

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Once you’ve got a rough idea of how much things cost, you can create a realistic budget. Make sure to add a contingency for unexpected costs.

 

Automate your savings

If you’re working a part-time job to help save for uni, then make sure you’re saving your money as efficiently as possible. It can be hard to save if others around you are going on nights out and buying new clothes, but if you can be careful with what you spend, you can put it towards an amazing experience abroad.

One way to make saving money feel less like a chore is to automatically move a certain amount of money per month – perhaps the day you get paid. You can also use bank accounts that round up any spending you do, putting the ‘change’ in a savings account.

 

Consider a remote freelance job

Research in the U.S. shows that around 43% of students work to earn some cash through college, but that can be tricky if you’re abroad, especially if there is a language barrier. One way to tackle this is to look for remote, freelance opportunities – for example, as a content writer, proofreader, or virtual assistant.

By taking on tasks as and when you have time for them, from your laptop, you can ensure you have an income stream through your college days. Just make sure you balance work with your studies and social commitments – you want to make the most of your time there.

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