Guide to smarter budgeting for international students in the UK
As an international student studying in the UK, there are additional ways to save money. By following these tips, you can better manage your finances as an international student studying in the UK and make the most of your experience. Remember, budgeting is an ongoing process, so be sure to review and adjust your budget regularly.
- Make a budget: The first step in budgeting is to figure out how much money you have coming in and going out each month. Make a list of all your fixed expenses (like rent and tuition) and your variable expenses (like groceries and transportation). This will help you see where your money is going and identify areas where you can cut back.
- Track your expenses: Once you have a sense of where your money is going, start tracking your expenses. Keep all your receipts and log your expenses into a budgeting app or spreadsheet. This will help you see where your money is actually going and identify areas where you can cut back.
- Prioritize expenses: Once you have a sense of where your money is going, prioritize your expenses. Fixed expenses, like rent and tuition, should be your top priority, followed by essential living expenses, like groceries and transportation. Non-essential expenses, like dining out or shopping, should be at the bottom of the list.
- Look for ways to save money: Once you have a sense of where your money is going and what’s important to you, look for ways to save money. This can include things like cooking at home instead of eating out, taking public transportation instead of driving, or buying used items instead of new ones.
- Take advantage of discounts and deals: International students in the UK are eligible for various discounts and deals on products and services. Take advantage of these discounts and deals to save money. You can check with your university’s student union or international student office for information on discounts and deals that are available to you. Also, you can check our Student Deals page as well.
- Be mindful of phone and internet bills: Look for bundle deals and consider using apps like WhatsApp or Skype to call home to save money on international calls.
- Be mindful of exchange rate: As an international student, currency exchange rate will play an important role in your budgeting. Keep an eye on the exchange rate and transfer your money at the best possible time to get the most out of it.
- Be mindful of your visa application and renewal cost: Be aware of how much it cost to apply and renew your visa and plan accordingly.
- Plan for unexpected expenses: Despite all your budgeting, there may be unexpected expenses. Always have a cushion for emergency situations like illnesses or unexpected travel.
Please keep in mind that this is just a guide and the specific situation might differ from person to person, but this can give you a good framework to start working with.