Your time at university will be filled with opportunities, and for many, one great option will be to spend a semester abroad. This will allow you to broaden your horizons academically, culturally and socially, while learning all there is to know about a new country.
While it’s common to study abroad for a semester, saving for your time away can, at times, feel stressful. To help you get your finances in order, here are our top savings tips.
Create a detailed budget
Creating a budget is crucial to know exactly how much money you need to save, and how long it will take you to save it. Your budget should include a detailed breakdown of your income and expenses to land you in good stead for your time abroad.
Think about your expenses currently – how much money do you need to allocate to rent payments, bills, and necessities like food? You want to make sure that you’re leaving enough room in your budget for all of your outgoings, no matter how small they may seem. Only then can you allocate the rest of your disposable income to your savings.
Make sure you get a good idea of how much it’s going to cost you to live in your new home, too. The cost of living in your destination may be higher or lower than it is at home, so this is crucial to keep in mind when deciding how much you’ll need to save. For a top tip, give yourself a savings goal, so you can keep better track of your progression while putting money aside.
Consider part-time work
Many students work part-time throughout their studies – it’s an excellent way to maintain your lifestyle and put a little extra cash away each month. If you haven’t already found yourself a job, now could be the perfect time to do so, while saving for your semester abroad.
Restaurants, coffee shops, and retail stores are all great options for students looking to make part-time cash. The hours at these establishments tend to be flexible, so you can easily work around your other commitments such as lectures and seminars. Just make sure not to overwork yourself, as you don’t want your grades to suffer.
Choose the right bank card
Once you’ve created your budget, secured part-time work and begun to see the fruits of your labour, it’s time to put all that hard-earned cash into a high-interest savings account. This will allow you to make additional money on the cash you’ve already saved – choose your account wisely, to ensure you’re getting the best possible deal.
Likewise, it’s helpful to have a plan for where you’re going to keep your money once you’re abroad, so that you can continue to reap the rewards. Make sure to choose an account that allows free cash withdrawals and transfers in other countries, so that you won’t lose any money on little everyday transactions. Similarly, an account that allows you to send money to and from your location is crucial, particularly when faced with emergency expenses.
Explore loans and grants
Saving some money is a wonderful way to ensure you’re set up financially for your semester abroad. However, it can be tricky to fund the entire semester on savings alone, so don’t be afraid to seek part-time work in your new location, or to look into different types of loans or grants to support you throughout your studies.
So long as you’re well prepared, you’ll be able to make the most of your studies and enjoy your semester abroad without having to worry about your finances.
