The demand for study abroad programs is on the upswing. In fact, as per a recent study, more than 18 lac students are projected to travel abroad by 2024 to pursue their academic aspirations. If you are planning to fly abroad for higher education, here are some fantastic tips to save money.

1. Try your cooking skills
Nothing tastes better than home cooked meal. A home-cooked meal is healthier and affordable too. You can even source your ingredients, vegetable and fruits from farmer’s markets or departmental stores that offer various discounts. Whether youstudy in the USA, or the UK or anywhere in the world, eating out can be a bit pricey.
2. Utilise student discounts
It is no secret that study abroad students can avail discounts to travel and shop. Depending on the merchant and services that you opt for, you can expect a student discount between 2%-15%. So carry your student ID to avail these amazing deals.
3. Phone plans
You will need a local number to make and receive calls and use the internet. Many providers will offer a myriad of services to add to the cost. So, choose wisely and select only the best plans that suit you. The prepaid plans are the best for students because they will come with a fixed cost and give you control over the charges.
4. Find affordable accommodation
Some students commit a common mistake of hunting for housing after landing in the host country. Please remember, if you don’t plan accommodation from your home country, you will end up paying extra as you will be desperate to find a place to stay. So, make your housing arrangements from your home turf. You can also consider sharing a room with other flatmates as you can split the bill.
5. Use your smartphone for smart things
You will be using a different currency when you are in a different country. You can choose to use several currency converter apps to make well-informed spending decisions. Secondly, many students opt for an education loan for study abroad purposes and hence, planning your budget is also essential. Adhering to your budget and sticking to it will ensure you spend judiciously. Smartphones can help with this task too. All you have to do is download some budgeting apps.
6. Mark your calendar for shopping days
Many countries have seasonal sales, which you can leverage. So don’t rush to shop as soon as you land in your dream study abroad destination. You can speak to the locals and find out about these sales.
You can benefit from:

• Garage sales
• Black Friday
• Cyber Monday

7. Use public transport
It is no secret that public transport can be exorbitant. As a student, you can even use the following options to commute:

• Cycle
• Metro
• Bus
• Train

8. Enjoy budget-friendly entertainment options
Simply because you are trying to stick to your budget does not mean you should not have fun. In fact, extracurricular activities, sporting events, and watching movies can help rejuvenate. So you can join various student clubs that will introduce you to multiple options to enjoy your student life.
9. Part-time jobs
Often, students choose to work while learning. This can support the lifestyle in overseas countries. You can share your CVs at local shops, and they will get back with a suitable opening. Also, this is the best time to turn your hobby into a part-time job. Are you good at excel or coding? You can take short classes to teach other students.
10. Plan ahead
You will have the opportunity to attend several student events, seminars, guest lectures etc., which may be out of town or away from your university. You can book your tickets and accommodation in advance to save on costs.
So, there are some powerful money managing tips for students who want to study overseas. If finance-related worries are keeping you from pursuing foreign education, then you can opt for an education loan for study abroad.
At Avanse Financial Services, we offer student loans that cover the holistic cost of education, including tuition fees, travel expenses, accommodation costs, living expenses, cost of learning devices, study material expenses and more. With an Avanse education loan, you can focus on your studies and leave your finance-related worries to us. We wish you all the best!