How to budget when you go abroad?

Hey there 😁

I’m Julia, an international student from Poland. I spent two years studying in the UK before going on a year-long student exchange in Spain. In short, I’ve moved around quite a bit and had to learn how to budget effectively to make my dreams a reality. I’m here to share my tips with you, so you can stress less about your finances and focus more on the exciting journey ahead 🤗

Income and expenses table

To manage your money effectively, it is helpful to create a table that organises your monthly income and expenses. This will allow you to see if your income and expenses are balanced and identify areas where you can save.

Here is how to set it up: for the Income, list any fixed income you receive each month (student loan, job salary, scholarships, parental support), for the expenses, divide them into fixed (rent, bills, subscriptions) and additional (shopping, eating out, entertainment).

Eat out smart

If you love eating out, the 'Too Good To Go' app is a game-changer. I am obsessed with it. The app is incredibly simple forfood lovers. Restaurants, bakeries, fast food places, grocery stores, and coffee shops all participate.

These businesses sell food that is left at the end of the day or shift. You get delicious meals without paying a fortune and helpreduce food waste by enjoying meals that would otherwise be thrown away.

Shop smart

Why pay full price when you can save big? Make a list of what you need and keep an eye on upcoming sales. Do not forget touse apps and websites to get notified about discounts and promotions. By waiting for winter, Black Friday, or summer sales, you can buy what you need at a nicely discounted price.

Smart grocery shopping

Aldi and Lidl are the cheapest grocery stores in the UK, offering great value for your money.

Plan your meals in advance to ensure you only buy what you need. Think about what you want to eat and the products youneed for the week. Avoid buying items on impulse that you think might be useful. You will likely end up discarding them.

Maximize savings with student discount apps

Why spend more when you can get a discount just for being a student? Unidays and Student Beans give you the access to numerous student discounts across various shops and brands. You can get great deals on everything from clothes to tech gadgets. Before making a purchase, check these apps for available coupons.

Open a savings account

If you receive occasional income or can set aside money each month, opening a savings account is a smart move.

Choose a savings account with a good interest rate to help your money grow over time. Set up a standing order or automatic transfer to your savings account. This ensures you consistently save money without having to remember to do it manually.

By opening a savings account and consistently contributing to it, you will be on your way to financial stability, prepared forunexpected expenses, and achieving your financial goals.

Boost your savings with cashback apps

Look for popular cashback apps like Rakuten. Also, some banks offer cashback deals directly through their apps, so it is worth checking before opening an account. You can receive a certain percentage of cashback, ranging from 1% to 10%, dependingon the shop. Use cashback offers in conjunction with sales and discount apps for maximum savings!

Remember, cashback offers can change frequently, so keep an eye on the apps for new deals.

I hope it was helpful 💪 Feel free to reach out if you have any questions 😉 You can also chat with me or other students directly through The Ambassador Platform.

Take care,

Julia
Psychology student
De Montfort University

(edited 3 weeks ago)