Money-Saving Tips for International Students
Studying abroad is an exciting adventure but can be expensive, especially for many African students in the US, UK, or Canada who must adjust to higher living costs and unfamiliar currencies. However, you are not alone in this journey.
Here are practical tips for student budgeting and money management to help you spend wisely and maximize your funds.
Budgeting 101: Plan and Track Your Spending
Start by creating a realistic student budget. Research the typical living expenses in your host country to know what to expect. For example, international students spend around £900–£1,300 per month in the UK, $1,000–$1,500 per month in the US, or roughly C$15,000 per year in Canada on rent, food, transport, and other living costs. List your expected income, such as family support or scholarships, and set monthly limits for each category, e.g., housing and food, and track your expenses with a spreadsheet or a budgeting app.
Cut Everyday Costs on Food and Transport
- Eat home-cooked meals: Dining out frequently can bust your budget. Plan your meals and cook at home as much as possible. In the US, students typically spend $300–$500 on food monthly, but those who meal-prep at home can save a lot. Shop at budget-friendly grocery stores and sign up for a membership.
- Affordable transportation: Take advantage of student discounts on public transit. Many cities offer student bus or train passes that are much cheaper than regular fares. In the UK, for instance, a student travel card brings monthly public transport costs to around £54 outside London. Walking or biking when possible is free and keeps you fit. If you need to travel longer distances, book tickets in advance or use youth discount cards (like the 18–25 Railcard in Britain or student fares in the US/Canada) to get lower prices.
Take Advantage of Student Discounts and Free Resources
Your student status is a passport to savings – use it! Always ask if a student discount is available when paying for anything, from museum tickets to software subscriptions. Universities often provide lists of businesses that give students deals. In the UK, getting a NUS TOTUM card can unlock hundreds of student discounts on food, shopping, and entertainment. Many countries recognize the International Student Identity Card (ISIC), StudentBeans or UNIDays for discounts on travel and attractions. Additionally, look out for free campus resources such as free gym access, academic support services, and career counseling.
Avoid Unnecessary Bank Fees and Manage Money Across Borders
Banking and money transfers are two areas in which international students lose money. Traditional banks often charge hefty fees - an outgoing international wire transfer can cost anywhere from $5 up to $75 in fees, and some banks charge an extra $15–$25 just to receive money from abroad. On top of that, you might get poor exchange rates with hidden markups. To save money abroad, when you need to convert currency or send money internationally – for example, paying tuition or receiving funds from home use Vavita so there’s no need for you to scramble to buy USD, GBP, or CAD yourself. The transparent exchange rates spare you the usual high bank fees and hidden costs.
Conclusion
Remember, being financially savvy is not about depriving yourself – it’s about making conscious choices so you can focus on your education and enjoy your time abroad. With tools like Vavita and good budgeting habits, student budgeting becomes empowering rather than limiting.