Brightest and Best Budgeting for Budding International Students.

How Can Students Study Abroad on a Reasonable Budget?

Step 1: Breakdown: Have a think about how much money you will need for an average day studying abroad. Be realistic. Remember that even buying items such as a Latte each day, can make a huge difference to your overall budget.

Step 2: Do not forget to prioritise when budgeting: make a list of all the necessities; housing, accommodation, food and transportation. Make sure you are clear on what is covered in your study abroad program. Some of these necessities may be included, freeing up some of your budget for luxury items or events, which brings me nicely to my third point...

Step 3: Treat yourself: You are planning a once in a lifetime adventure. Make sure you have budgeted for any activities you would like to experience. Make the most of your stay, returning home and feeling like you missed out because of your budgeting is not a good feeling! 

Step 4: Emergency situations: Be realistic and have an emergency budget. We recommend around 10-15% of your overall budget. I feel it is important here to also reiterate the importance of travel insurance, not only to purchase it but to read the terms and conditions. I know this can be very tedious and time consuming, however, if you do need to make a claim you will know what you are covered for and for how much. Take care of yourself and others while you are studying abroad.

Step 5: Apply for a student I.D card: These cards are offered the world over. Students can gain 10, 15 or even 20% off purchases. This discount can make a big difference to your spending; the card is widely accepted. Discounts on  restaurants, bars, supermarkets, hairdressers, spas, museums, art galleries etc can be found. 

Step 6: Be Sticky: So now that you have your budget worked out for any situation, the important part is next...ensure you are keeping track of your budget. Making a note each day of how much you spend, and remember to adjust your budget accordingly. 

Happy saving international students! I hope your study abroad adventure is an incredible one. 

By Amber Williams

www.bearlainternationalstudies.com