Let’s face it – studying abroad is expensive, in terms of tuition fees, living expenses and general expenses. And the prospect of repaying your student loan adds to this concern. But apart from tuition fees, other expenditures can be reduced to a sustainable level, and we have got a few methods for doing so.
The mere cost of textbooks may not seem like a financial burden, but considering the plethora of reference textbooks that are required, renting textbooks from a library seems like a good idea. It is essential that you choose affordable accommodation, preferably with roommates and in proximity to your university campus. Residing on/near campus will definitely reduce transit expenses. Yet, whenever you need to travel in the city, use public transport as far as possible. Public transport is good news for the environment as well!
Monitoring utility use is essential, and this includes switching off unnecessary appliances. Remember that time in school when we learnt to switch off the lights before exiting a room? Well, following that seemingly trivial rule will help you save money. Avoid eating out daily, because apart from being unhealthy, eating out regularly is likely to burn a hole in your pocket. In contrast, bulk meal-prep with roommates is more economic (and it is a fun activity!). Instead of relying on cleaning services, divide household chores among roommates.
Another useful tip is to pay your bills on time to avoid penalty interest rates. Most students are unaware of the fact that many restaurants and theaters offer student discounts which help students save a ton of money in the long run!
After all, a penny saved is a penny earned!