The UK boasts some of the most world-renowned Universities in the world that have stood the test of time. The country has a high intellectual reputation globally, attracting students from all around the world. As an international student, it is natural to want to pursue your higher education in a country like the UK, where you get world-class education coupled with excellent employment opportunities. Not the forget, the immersive culture offered by the country rich with history, heritage, and literature.
Beyond all these pros, it becomes a little difficult to manage your expenses in the UK as an international student due to high tuition fees and the cost of living, especially on a student budget. However, this shouldn’t stop you from getting the best education and enjoying your stay while you are in the country. To help tackle the tricky finances, we have compiled a list of effective and easy ways to manage your expenses and cut costs while you study in UK.
Efficient Cost-Cutting Tips to Save Money for International Students in UK
1. Track & Plan your Expenses
The first step to saving money is being aware of your money. Keep a clear track of your expenses and plan your monthly budget carefully. Make a clear distinction between essential and non-essential items and try to identify the areas where you can cut back or adjust. You can also divide your monthly budget into weekly amounts to prevent overspending. This way, you will have better control over your expenditure as you will review your budget every week.
2. Save Where You Can
The most basic advice anyone can give you about managing your finances is to save money. As simple as it sounds, it is indeed one of the most effective ways to get hold of your money. Cost-cutting where and when you can, even if it’s just a penny, can save you a lot in the long run. Some tips to do maximum savings are to choose affordable accommodation, either live in a UK college dorm room or live in a shared apartment, cook at home instead of eating out, and shop at budget supermarkets. You can also consider buying second-hand items like textbooks, thrifted clothes, and home essentials.
3. Student Discounts
As an international student studying at the top Universities in UK, you must take advantage of student discounts. A wide range of products and services in the UK offer Student discounts throughout the year. From restaurants to cinema to supermarkets to the gym to online stores, register and take advantage of the student discount. Even if you don’t see a business promoting its student discount, just ask. Get yourself a National Union of Students (NUS) TOTUM card, which gives you access to hundreds of student discounts.
4. Have a local Bank Account
Making Transactions through an International Bank account can include heavy exchange fees, ranging from 1% to 3% of the total transaction amount. To avoid these expenses, get a local bank account when you arrive in the UK. Not only will it be cost-saving, but it will also help you manage your payments and funds efficiently. Many banks offer the option of student accounts that provide perks like lower processing fees, overdraft facilities, and ample rewards on expenses.
5. No Credit Card Debt Traps
Be very careful and wise while using credit cards. while they can offer convenience and potential rewards but if you miss out on paying off your balances in full each month, it might lead to a debt trap. Get credit cards with no foreign exchange fees to save on international purchases and pay off your dues regularly to avoid high interest charges.
6. Commute Efficiently
To study in UK for International Students, public transport has become one of the biggest cost-saving factors. You can get a National Railcard to save 30% on almost every train journey throughout the UK. Avoid taking taxis, as even though they are convenient, they can be expensive. Buses and Subways are most convenient for short distances, and you can also consider walking or biking around the city.
Beyond all these tips, smart management of your resources will take you a long way. Try your hand at applications like Olio, which connects people who have food to share that they no longer need with neighbors, and Freecycle, which allows free exchange of items like clothing, electronics, and household goods. Smart hacks like this might seem small, but they turn out to be very effective in the long run. So, follow these little strategies for big changes in your student life in UK.