5 Tips on Saving Money for Your Studies Abroad
Is your goal to study abroad and therefore you need to start saving money? There is not a fast or easy way of saving money, especially when you are a student. In your twenties combining studies in a university or a college and budgeting at the same time can be a difficult combination. Still, you can be effective and grow your savings account monthly with these little steps. Accept the challenge and start saving! Here are five tips and ideas on how to succeed and start your travels as soon as possible.
1. Budget, budget, budget
First, make note of your income and list your expenses. Budgeting is the keyword from now on. Try making a monthly, weekly or even daily tracker to a notebook, planner, app, excel, or whatever you find the most convenient. There are also templates available online to print and put on your fridge door.
Next: set goals and make a plan. Think about the categories you put your coins into. Rent, bills, groceries, fun, monthly subscriptions and again: make a list. Try to get an understanding of what do you really need and what do you not need? Quickest and the most efficient way of putting cash into the bank are making everyday life decisions.
2. Change your spending habits
Stop being the consumer. No more shopping or eating our, you’ll be doing plenty of this when you’re on your travels and studying abroad.
The easiest way to not spend your money on clothing or anything unnecessary is to just stop going to malls, cafes, clothing shops and so on. Instead, choose thrift shops and be like Macklemore. After all, second-hand stores are great for the environment! Also, you can look up unused clothing from your own and your friend’s closet and see if they have anything that you would like to wear and the vice versa. You can also think about stop carrying your credit or debit card with you. Deleting your Mobile pay and other money transfer apps might also do good for your bank account.
Cooking is another great way to save money, so use your kitchen weekly. Maybe make a bigger portion so you can save some up for later. Making your favorite foods is on top of everything else a great way of spending quality time and connecting with your friends, family or partner. Even more, cut out coupons when going grocery shopping and save a big buck. Remember that the internet is full of delicious recipes so no need for cookbooks! One more bright side: home-cooked food is healthy.
3. Where does your money go?
So, what do you need and on the other hand what don’t you need? First comes rent, bills, food… Everything you live by. Do you actually need anything else? If you do, think about why. If you need to buy something, think about sustainability. Again, make sure to know where your money is going.
4. When you’re on a budget
Since you won’t be able to have a budget for movie theaters, bowling or going to fun parks while collecting your notes I gathered some things for you to do meanwhile. Spend time outside in parks or the nature you have nearby, for example, play board games, arrange picnics and read books. Libraries and galleries are also great. On top of this, no more monthly subscriptions. If you need something – borrow it from someone, use public services or buy it used. First of all, use your bread wisely and of course, remember to use it by your budget of the month or week. You don’t need to spend your funds to have fun!
A minor tip: whenever you feel like buying something new, like a piece of clothing, instead go to a market and buy something delicious, for example, a chocolate bar, to get the same satisfaction.
5. Remind yourself about your motivation and set goals
Think about your goals and keep them in mind. Don’t set only one goal, but many along the way. Look up photos, podcasts, motivational speeches, videos, blogs and whatever from anybody or everybody who has studied abroad in Asia. You can also make a dream board where you collect quotes, photos, and other inspiring things. It’s very important for your success in saving money to have a deep motivation and remember why you are doing it. Use the collected gold when it’s time for it. Studying abroad isn’t free but it is worth the trouble of saving money!
Asia Exchange is a Finnish company providing study abroad opportunities in the Asia Pacific for students from all around the world. Want to get travel tips and new blog posts straight to your inbox? Subscribe to our monthly newsletter! If you have any questions about studying abroad, feel free to contact us! We’ll get back to you as soon as possible.
This article was written by our marketing intern Jenna!