Money Saving Tips | 10 tips for students studying abroad

Introduction

Studying abroad can be an exciting experience, but managing expenses while living in a foreign country can be challenging. Almost every student wonders how to save money without compromising their lifestyle. Here’s a curated list of practical saving money tips for students that can help you save over $12,000 per year while studying abroad, making your international education more affordable and stress-free.

Top 10 Brilliant Money Saving Tips

Managing your finances smartly doesn’t have to be complicated. With these practical saving money tips, you can stretch your budget, cut unnecessary costs, and make the most of your resources—whether you’re a student or simply looking to save on daily expenses. Here are 10 ways to save money:

Hack #1: Make a budget

When you go abroad for your education, exploring, food, accommodation, travelling, etc., takes up a lot of money from your savings. The saved amount seems like a lot, and hence, most of us don’t think twice before spending on little expenses. And that’s where many students make a grave mistake. They don’t budget their food, accommodation, travel, and tours the way they should, and as a result, they end up spending money that is supposed to be saved.

Making a budget helps you twofold: Get more organized and save a sizeable amount of money. I suggest that you account for the very basic things like your rent, food, travel expenses, etc. and make a budget list. Also, make sure that you don’t utilize all of your budget and that you keep a little buffer. For instance, if you’re expecting to spend about $5,000 a month, then tell yourself that you only have $3,000 a month. Save the remaining $2,000 and keep it for emergencies or for future fun experiences!

Hack #2: Use cheap phone services

Calling locally as well as internationally is essential if you’re a student studying abroad. Therefore, if you don’t pay attention, your phone bill will skyrocket very quickly. While there are apps such as Google Duo, WhatsApp, Skype, etc. for free online calling, these apps require mobile data or WiFi, which may not always be available. Carefully using cheap phone services and choosing the perfect offers is the best option to save money while studying abroad. You’ll be amazed at how much you save on your phone calls to your home country using services like Rebtel, Google Fi, etc.

Hack #3: Make the most of student discounts

Student discounts are also one of the answers to how to save money while studying abroad. But for that, you need to be attentive and must carry your student ID all the time. From trains to theatres, your student card can contribute to saving a lot of money. Don’t hesitate to ask vendors and cashiers if they offer discounts for students. You are a student asking for student discounts, and there is nothing outrageous about it. Another really simple way to get a student discount is to ask your university office or library if they know of any discount offers for various amenities or services. You never know what you might find!

Hack #4: Learn how to cook

Learn to cook. This is one of the soundest tips for studying abroad that you can get. Not only does it instill discipline in your lifestyle but you can also save a lot of money. Truth to be told, ordering food and devouring takeout is not the solution when you have to work out every meal on your own. By cooking a couple of dishes in large quantities on weekends, you can sort out your dinners for the entire next week in money that may be worth only 2-3 takeouts. Cooking for yourself also allows you to customize your diet and lead a healthier life.

Hack #5: Learn how to get price cuts from the locals

Your local friends and contacts can also come in really helpful in keeping your studying abroad cheap. Locals anywhere are aware of the hack of saving money on products and services in that particular region. Where hackling works and where doesn’t, a local will guide you better for that. Their tips and tricks will let you save some money on every spending.

Hack #6: Shop during Black Friday or Garage sales

When you first reach your study abroad destination, you might be excited to buy all your necessities together. However, we suggest you hold off on doing that. Buying things like furniture or other knick-knacks at Flea markets or Garage sales instead of regular stores is always cheaper. As for all the other stuff you need for day-to-day living, you can always buy stuff in bulk at stores like Costco or Walmart. And the best option? Shop at seasonal sales like Black Friday, Boxing Day, Cyber Monday, etc. It’s amazingly cheap and you can get crazy deals during these sales.

Hack #7: Look for free entertainment options

Every new place you travel to will have some amazing tourist and local spots that are worth checking out. This hack is hands-down a rare one on this list of money-saving tips for students. Big cities have many free entertainment avenues that many people are not aware of. Search for them and then visit them to splurge in your free time. Museums, parks, and cultural shows all those and many other options can offer entertainment free of cost.

Hack #8: Find affordable accommodation

Accommodation is one of the greatest worries every international student has. You have to hack your way into the best accommodation possible for yourself because that is the biggest expense item outside of your university tuition fee. Living off-campus is comparatively cheaper than living on the university campus provided you find the right one. You can also choose multiple roommates to live with and then reduce your rent accordingly.

Hack #9: Make the best use of credit cards

Now, this is a very risky yet useful hack, so make sure you’re very careful about implementing this one! Credit cards are a very popular way to save money while building your credit history with the banks. Every credit card has an allowance or a limit within which you are allowed to spend and then pay the bank afterwards. So, here’s one of the biggest money-saving tips for students: get credit cards that reward you for using them. These rewards can be in the form of cash or points, which can be later used to redeem for really cool offers and save a lot of money. You can also get an Airline credit card that lets you collect ‘air miles’, which you can use to get big discounts on your flight tickets.

Hack #10: Travel cheap or on foot

If you are studying in any European university on a Schengen visa, then it is very likely that you will make the most of this opportunity and will travel to all the places that you have long marked as your tour destinations. So, if you don’t want to strain your student budget while fulfilling your wanderlust, make your travel as cheap as possible. Forget convenience and consider prices only. In some places, you will find bus fares lower than trains and vice versa. Assess all such fares beforehand so you can take the cost-saving decision at the given moment. And when taking a plane for cross-border traveling, book red-eye flights (nighttime flights at cheaper rates).

Read More: Study Abroad After 12th for Indian Students

30 Clever Ways to Save Money in Daily Life

Saving money doesn’t always require big sacrifices. By making small, smart adjustments in how you manage your expenses, you can achieve substantial savings over time. These practical saving money tips—from budgeting and cutting utility costs to smarter shopping and lifestyle choices—can help you stretch your income and strengthen your financial security.

Create a Budget and Track Expenses

A key step to saving money is setting up a budget. Start by listing all your income sources and organizing your expenses into categories like groceries, utilities, entertainment, and savings. Assign a specific limit to each category and stick to it to prevent overspending. Apps like Walnut or Money Manager can make budgeting easier, especially for students looking for practical ways to manage money.

Cancel Unnecessary Subscriptions

Many people pay for streaming services, magazines, or gym memberships they rarely use. Review your subscriptions regularly and cancel the ones you don’t need. This frees up money for essential needs or savings.

Take Advantage of Cashback and Rewards Programs

Use credit cards or shopping apps that offer cashback or rewards. Points can often be redeemed for discounts or even cash. This is an easy and creative way to save on everyday purchases.

Choose Generic Over Branded Products

Opt for store-brand or generic items for groceries, medicines, and other essentials. They often cost less without compromising quality, making it a smart way to reduce expenses.

Shop During Sales and Use Coupons

Plan your purchases around festive, end-of-season sales, or use coupons from websites like CouponDunia. This helps you save significantly on clothes, electronics, and other essentials.

Saving on Food and Groceries

Cook at Home

Eating out can be expensive. Cooking at home is healthier and more cost-effective. Plan meals in advance and buy groceries in bulk to save money.

Reduce Food Waste

Store food properly and creatively use leftovers—like turning stale bread into croutons or leftover vegetables into soup. This minimizes waste and lowers grocery bills.

Buy in Bulk and Use Discount Stores

Purchase staples such as rice, lentils, and cooking oil in bulk from wholesale stores or online platforms to reduce cost per unit.

Drink Water Instead of Soft Drinks

Switching from soft drinks and packaged juices to water is healthier and reduces unnecessary expenses.

Grow Your Own Herbs and Vegetables

If possible, grow herbs like coriander, mint, or basil at home. This reduces grocery costs and provides fresh produce conveniently.

Read More: How to Study Abroad for Free: A Complete Guide

Saving on Utilities

Use Energy-Efficient Appliances

Invest in LED bulbs, inverter ACs, and energy-efficient refrigerators. Though the initial cost may be higher, they consume less electricity and reduce bills over time.

Turn Off Unused Appliances

Switch off lights, fans, and electronic devices when not in use to save electricity. Unplug chargers and power strips to cut down unnecessary consumption.

Use Public Transport or Carpool

Relying on buses, trains, or carpooling can save money on fuel and maintenance, while also reducing traffic and pollution.

Reduce Mobile and Internet Bills

Compare plans from different providers, avoid unnecessary add-ons, and consider bundling services to lower monthly costs.

Limit AC and Heater Use

Maintain energy-efficient temperatures—24–26°C in summer and use warm clothing in winter—to save on electricity bills.

Saving on Shopping and Lifestyle

Buy Second-Hand Items

Purchase used furniture, electronics, or other products from platforms like OLX or Quikr to save money while promoting sustainability.

Avoid Impulse Purchases

Delay buying non-essential items to determine if they are truly needed. This prevents overspending and encourages mindful consumption.

Repair Instead of Replace

Fix appliances or gadgets whenever possible. Repairs are usually cheaper than replacements and reduce waste.

Opt for Free Entertainment

Enjoy parks, museums, community events, or free concerts instead of costly activities.

Make DIY Gifts and Decorations

Create personalized gifts and home decor items using available materials. This saves money and adds a meaningful touch.

Read More: Study Abroad Scholarships and Exams: Complete Guide

Saving on Travel and Vacations

Plan Trips in Advance

Book flights, trains, and hotels early to get better deals and avoid last-minute price surges.

Travel During Off-Peak Seasons

Avoid holidays and peak times to benefit from lower rates and fewer crowds.

Use Budget Airlines and Public Transport

Choose affordable travel options like budget airlines or public transport to reduce transportation expenses.

Stay in Budget Accommodations

Opt for budget hotels, hostels, or homestays instead of luxury accommodations to save on lodging.

Pack Smart to Avoid Extra Luggage Fees

Stick to essentials to stay within baggage limits and avoid additional fees.

Exercise at Home

Replace costly gym memberships with home workouts, yoga, or park exercises using free online resources.

Buy Medicines in Bulk

Purchase regular medications in bulk online to take advantage of discounts and reduce healthcare expenses.

Avoid Unhealthy Habits

Cutting down on smoking, drinking, or junk food saves money and improves health.

Use Government Healthcare Schemes

Utilize programs like Ayushman Bharat for free or discounted medical services to lower healthcare costs.

Focus on Preventive Health Measures

Regular checkups, vaccinations, and a healthy lifestyle prevent expensive treatments and promote long-term savings.

5 Tips on How to Save Money on a Tight Budget

Managing finances on a limited budget can be tough, but with the right strategies, you can save effectively without feeling restricted. Here are some practical tips to help you get started:

Automate Your Savings

Set up an automatic transfer of a fixed amount to your savings account immediately after payday. This ensures consistency and helps you build savings without thinking about it.

Track Every Expense

Keep a daily record of your spending to understand where your money goes. This is the foundation for creating an effective monthly budget plan tailored to your needs.

Create a Realistic Budget

Focus on essentials like rent, food, and utility bills first. Allocate funds for these basics before considering other discretionary expenses.

Cut Unnecessary Costs

Reduce spending by canceling unused subscriptions, cooking at home instead of eating out, and avoiding impulse purchases. These small adjustments can significantly free up money.

Use Discounts, Coupons, and Set Savings Goals

Look for cashback offers, discounts, and coupons when shopping to stretch your money further. Additionally, set small, achievable savings goals—consistent effort over time builds a solid financial cushion.

Key Takeaways

• Implementing practical money saving techniques can help you manage finances efficiently, even on a tight budget.
  
• Consistently following simple saving money tips like budgeting, tracking expenses, and using discounts can build long-term financial security.
  
• Small, mindful changes in daily spending add up over time, making these money saving techniques an effective way to achieve financial goals.

So, that’s a wrap, guys! I really hope you all follow these simple and easy money-saving tips for students who study and live abroad. For any other higher-ed related queries, you can visit our website or ask any questions on our student discussion page. Happy studying!

FAQs

Question 1. What are some effective money saving ideas for students abroad?

Answer. Students can save money abroad by cooking at home, using student discounts, buying second-hand items, taking public transport, and tracking their expenses regularly. These practical money-saving ideas help stretch your budget.

Question 2. What are the best ways of saving money abroad?

Answer. Saving money abroad can be done by finding affordable accommodation, using local markets, shopping during sales, and leveraging free or low-cost entertainment options in the city.

Question 3. Can you suggest some money management tips for students?

Answer. Money management tips for students include automating savings, tracking daily expenses, avoiding unnecessary subscriptions, and setting small financial goals to build long-term savings.

Question 4. What are some easy saving tricks and tips for students?

Answer. Simple saving tricks and tips include growing your own herbs, using energy-efficient appliances, repairing instead of replacing items, and making DIY gifts or decorations to reduce costs.

Question 5. What is the best way to save money as a student?

Answer. The best way to save money is to plan a budget, spend mindfully, use discounts, cook at home, and prioritize essential expenses while avoiding unnecessary spending.

Question 6. How can students learn to save money effectively?

Answer. Students can save money effectively by creating a monthly budget, tracking daily expenses, prioritizing essential costs, avoiding impulsive spending, and taking advantage of student discounts, cashback offers, and reward programs.

Question 7. Can I pay for college myself?

Answer. Yes, you can always pay for college by yourself through loans, scholarships, grants, or even part-time work.

Question 8. Which is the cheapest country to study abroad?

Answer. A few cheap countries to study abroad are-

• Norway
• Taiwan
• Germany
• France

WRITTEN BY

Aastha

Sr. Content Writer

Aastha Arya is a Senior Content Writer at iSchoolConnect who writes about topics covering study abroad trends, exclusive news updates and prolific college courses. She has a 4-year of experience in this field and also likes to keep tabs on recent events, visa policy changes, and many other concerns that affect international students.

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