How to Save Money While Studying Abroad

Studying in a foreign country doesn't have to break the bank; exchange students can stretch their money further. 

Whether studying abroad in a bustling metropolis like London or a smaller city like San Jose, the cost of living may be influenced by various variables such as where you buy, dine, and reside. 

Here are some money-saving tips that will work regardless of where you go.

Make a Budget and Stick to It

Budgeting ahead of time helps students to live comfortably while studying abroad without going into debt. 

Before you go on your worldwide adventure, sit down and figure out how you'll manage your finances. You don't want to run out of money before you even leave.

Estimating your monthly expenses is a key part of your financial planning. By calculating what you need and what extra you'd like to keep for spontaneous spending, you'll have a clear picture of your financial situation. Creating a spreadsheet can be a great tool, as it provides a visual guide to your income and expenses, giving you a sense of security about your lifestyle abroad. If you want to learn how to budget like an expert, this is only one method among several.

Read our full guide on how to budget while studying abroad!

Take Advantage of Student Discounts

Many businesses provide student discounts so make sure to keep your student ID on hand. By displaying your student status, you may even have these discounts automatically applied.

Students can also qualify for additional benefits, such as discounted rates on streaming services and university-affiliated purchases.

Skip the Tourist Areas for Daily Shopping

Generally, prices tend to be higher in tourist areas. So our advice is that you avoid tourist traps and instead build relationships with smaller shops and locals.

When it comes to shopping, advice from locals is going to be invaluable. To save money in daily life, make sure you ask about:

• Local produce markets where you can buy in bulk at lower prices
• Where to find the best-priced food and household products
• Low-cost events and hidden treasures your wallet will value

In many respects, befriending locals will enhance your time abroad. Not only do they know the area the best for shopping, but they can also provide cultural insights. All this means you'll be tapping into the local community and feeling more included in your new city. 

Use Local Phones and Wi-Fi to Communicate

Buying a SIM card in your new location is a great way to access affordable phone service. Many convenience stores sell these cards, which are preloaded with minutes and may be replenished as needed or used during your stay in the foreign city. 

You can also make international calls via Wi-Fi using programs such as WhatsApp, Facebook Messenger, and Snapchat. Wi-Fi is also useful for making FaceTime calls from tablets and laptops.

Walk Whenever Possible

Walking is one of the most effective ways to save money while traveling abroad! 

Whenever possible, opt to walk to your destination. You'll get exercise and a terrific cardio workout while also saving money on taxi, rail, and bus expenses.

Furthermore, there is no better way to learn about a new place than by exploring it on foot.

Find Free Activities

Free things to do abound in every city, whether it's exploring a stunning public park or taking in a free museum exhibition. 

As one example, San Jose State University's international students have access to various free events and activities, which may inspire students from other places to plan similar events and activities in their host city.

Now that you know how to save money while studying abroad, schedule a consultation with an SAF counselor to discover which programs are right for you.