Studying abroad in the UK is an expensive affair and therefore international students must know how to budget and manage their finances. Learn about the ways to manage your finances as an international student in the UK.
The United Kingdom is one of the most prominent countries offering excellent opportunities in education. Home to some of the oldest and most innovative universities, it acts as a land of opportunities for students all over the world.
But to avail of these excellent opportunities, students have to pay a hefty amount. With one of the most expensive cities in the world as its hub, the United Kingdom requires students to be properly ready to face the challenges in terms of finance. And managing finances in the United Kingdom is something every international student has to learn so they don't jeopardize their future.
So that's why we have created this article to let you learn tips and tricks on how to manage your finances as an international student in the United Kingdom. So without wasting any more time, let's dive right into it.
Student discounts are one of the significant money-saving measures a student can utilize. Most UK retail and local stores offer student discounts to attract them. You have to show your university-issued ID card, so remember to always carry it. With student discounts, you can easily avail up to 60% off on the price. If the shop or local store doesn't have a prominent information display about student discounts, you can simply ask them, because remember it doesn't hurt to ask.
Public transportation is one of the most effective ways to travel in and out of the city. Most universities in the United Kingdom are connected through a well-established public transport network like buses, trains, and the metro. The UK transport department is very generous in the matter of students and has introduced an Oyster card that can save up to 30% of the ticket price.
You can also try bicycling as most of the UK, where universities and colleges are located, are well connected with a bike network. Riding a bicycle will have a positive influence on your health and will save you a lot of money on the side.
While overseas, you may not always be able to obtain your home country's food or the components to prepare it. Furthermore, purchasing it all the time may take a significant amount of money. As a result, it is preferable to learn to cook, and you can plan your week ahead of time and take no more than 2-3 take-outs from the dishes you created. This would enable you to reduce money, tailor your diet, and live a healthier lifestyle.
Using old textbooks can help you save a significant portion of your monthly budget. When considering ways to save money while studying abroad, you may consider the expenses of purchasing learning resources for your program through thrift stores and even asking your seniors. You can even ask your professors where to find affordable alternatives; we are sure they would be happy to help out. To save money, you could buy used textbooks in digital format.
This might not seem so important the first time you move into your student accommodation in Bristol or London, but the energy bill at the end of the month can shatter your hopes of staying within the budget. As an international student, energy bills can break or make your case of living under budget as they are significant if you happen to be careless in terms of managing them. You can choose to do mass laundry with your housemates to save on electricity costs or cut down your heating costs by managing to make your room warm through blankets and quilts.
One of the most significant concerns for every overseas student is housing. You must sneak your way into the most exemplary available housing for yourself because it is the most expensive option aside from your college tuition payment. Living off-campus, like student accommodation in Royal holloway or Oxford, is less expensive than living on campus, assuming you locate the appropriate option. You can also share it with many roommates and cut your rent proportionally. This habit can also help you make new friends, which will make your transition easier.
We hope this article helps you understand the approaches to managing your finances as an international student in the UK. Learning to save money isn't a straightforward objective for any individual, especially for students, but you can easily attain this objective with patience and perseverance. We wish you all the best in your future endeavours!