5 Money-Saving Tips to Prepare For Your Study Abroad Journey

July 7, 2022

Is money holding you back from your study abroad dreams? Between course fees, flights, and housing, it can all add up. The good news is you can actually save quite a bit of money if you plan ahead of time. Interested? Read on for five money-saving tips to prepare students like you for an exciting study abroad journey!

1. Apply For Scholarships

Scholarships are a form of financial aid awarded to deserving students based on academic accomplishments, diversity and inclusion, athletic skill, or financial need. They’re a great way to cover some of your education costs, with many available to international students worldwide. Some examples of scholarships include, but are not limited to:

Academic Institution Scholarships: A type of financial aid awarded by academic institutions to students. Many of these are entrance scholarships, meaning students don’t need to apply to be considered for the award.
Financial Scholarships: These are given to students who demonstrate a financial need. Research to find any organizations in the country you’ll be studying in that offer financial scholarships to international students.
Government-Funded Scholarships: Sometimes, a destination country’s government will provide direct financial aid to international students. Check to see if you qualify for a scholarship from the country you’ll be studying in.

Note: Applying for scholarships is time-sensitive, and deadlines frequently change. Stay on top of the game by checking your academic institution’s website, as well as your destination country’s government website.

Want more information on the scholarships you may be eligible for? Check out our scholarship blogs for Australia, Canada, the United Kingdom, and the United States.

2. Choose a Budget-Friendly Academic Institution

When choosing your academic institution, traditional four-year programs in certain locations can cost more than others. The ApplyBoard Platform offers a diverse range of programs, with many academic institutions to choose from in all of our destination countries. Of the programs you’re considering, keep your costs low by thinking about some of these money-saving tips:

Applying to institutions with lower tuition and program fees
Fast-tracking your graduate or undergraduate program
Considering short-term study

Regardless of the destination country you choose, there are affordable cities you can consider in Australia, Canada, the UK, and the US.

Thinking about short-term study? Here are four reasons why students should consider short-term programs to accelerate their careers and help develop their personal skills.

3. Fly for Less

There are many options available when booking flights to your destination country. You can save hundreds by following some money-saving tips when booking flights. Some examples include:

Choosing budget airlines
Choosing the cheapest date and time to fly out
Booking well in advance
Setting up an alert on trusted websites to learn when flights to your destination have dropped in price

Want to save some money and form new connections while flying? Many travel groups offer a variety of group discounts and promotions, and you’ll be able to gain new friends and perspectives along the way. Talk about a win-win!

Note: When choosing a budget airline, be aware there may be hefty fees for food services on the plane, as well as for extra luggage. Check the airline’s website and plan ahead to avoid extra fees wherever possible!

Did you know Air Canada has partnered with ApplyBoard to offer 10% off flights for ApplyBoard students on air travel to Canada from around the world? For details, check out our blog post!

4. Consider Living Off-Campus

Many students choose to live off-campus to cut costs, especially if their living space is close to their academic institution. When studying abroad, you have many off-campus options to choose from:

Rent: Renting a property is a standard route where you’ll share a space with a group of other students. The cost of renting depends on where you choose to live, and how many roommates you have. This is a great money-saving tip, as fees for on-campus housing can add up.
Sublet: Subletting a property means taking over another student’s lease, likely because they are away. In many cases, the space is furnished, and utilities are likely included (which is always a bonus). Be sure to find a place that will fit the length of your stay and accommodation needs.
Live with a host family: Living with a host family, also known as a homestay, means sharing a home with a family in your destination country. There are many benefits to living with a host family that can help you transition into the local customs.

Note: If choosing to rent, don’t send money before seeing a unit or meeting the landlord, as there are scams that try to take advantage of people seeking accommodations.

Learn more about common tactics used by scammers, and how to identify and avoid them in our recent blog post.

5. Create a Budget

It can be beneficial to balance your income and spending by budgeting. A great starting point is to sort your income and expenses into different categories. Tracking where your money is being spent is essential to budgeting. Here are some common categories to use for some money-saving tips, as well as their definitions:

Total income: Any money earned or brought to your destination country, including financial aid, money from family members, savings, and money earned from work.
Monthly income: Recurring funds received monthly from an income source, such as a job or investment.
Emergency funds: Money that you have saved for emergencies or unexpected costs.
Fixed expenses: Costs that remain constant every month, like phone bills, memberships, and utilities.
Variable expenses: Costs that can vary month-to-month due to increases or decreases in spending, or special occasions.

Programs like Excel or Google Sheets, or apps like Mint or You Need A Budget, can help you come up with amounts for the above categories. The Cost of Living series on our blog also shows you what costs to expect when living in a specific destination country.

Want to maximize your budget while you’re already living in your destination country? This blog post highlights four tips to make the most of your student budget.

The great news is that you can study abroad affordably! Preparation is key, and using this article as a guideline is a great way to start making your study abroad dreams come true!