Top Money Saving Tips for International Students Studying in the UK

The first thing that comes to mind when considering studying abroad is the cost of living in a foreign country and spending in a foreign currency. Given the exchange rate differences between your home currency and sterling, it's important to learn how to save money for a comfortable and peaceful study experience in the UK. 

Scholarships and grants can significantly reduce the financial burden of studying in the UK. However, as important as scholarships and bursaries are in helping you decide which course to take, living costs still make up a large proportion of your tuition fees and require careful planning and consideration. 

But don't worry, in this blog we've put together some really fantastic tips on how to save money while studying in the UK, so you can plan your trip to the UK accordingly. 

Make the most of your student discounts 

Take advantage of all the benefits of being an international student, because while you're in the UK you'll need to live on a vigilante budget to ensure your finances don't run out before the festive season! Here are some of the discount schemes available to students studying in the UK: 

• Using student ID card or Library Card can save you a few pounds in cafes, local shops and restaurants. 
• National Union of Students (NUS) Extra Card - From £12 a year, the NUS card offers greater discounts on high street and online brands.   
• You can use 16-25 Railcards for cheaper train travel and reduced transport costs and Young Persons Coachcard for cheaper bus fares. 

Drive a hard bargain on rent 

Rent is one of the biggest expenses while you are studying abroad, and saving some money on rent, or stopping it from rising all by itself, would help you plan your finances better. Take a look at these steps to get a fair deal on rent: 

• Although the amount of rent depends largely on your choice of accommodation, it is important to understand the differences in rent between different options.
• Find out what the average rent is and be prepared to negotiate a fair deal if your landlord charges more than the market rate.
• Understand the landlord's terms and conditions and adhere to them to avoid increases when the lease is renewed.

Review your costs regularly 

Regularly review your expenses for affordability and look for cheaper alternatives on the market. For example, if you only watch catch-up TV (not the BBC) or on-demand streaming services, or if your accommodation is licensed (i.e. halls of residence), you don't need to buy a licence. So, assess your preferences and make rational choices to avoid overspending. 

Make sure you pay your bills on time to avoid late payments and surcharges. 

Be frugal 

As much as you can, you need to be frugal with your spending, whether it's at the supermarket or the gym. Analyse your needs and choose the cheapest option or wait for discounts and offers on products that can be bought later. 

For example, cotton buds and wadding cost less in the baby section than in the beauty counter. Similarly, long-life fruit juices and milk are cheaper than chilled ones. So, when you're stocking up on groceries, analyse the prices of different options before you buy on impulse. 

Take advantage of cashback 

If you're eligible for a retail cashback, don't forget to redeem it before it expires. Cashback companies such as Quidco or Topcashback offer multiple cashback offers on every purchase made with your credit/debit card, rather than on selected brands/stores. 

As attractive as cashback is, there are a few things to consider before using your card: 

• Weigh the benefits of cashback against the student discounts available to you and choose the ones that offer the maximum benefit, as you cannot use both at the same time.
• Make sure you can afford the product with the cashback offer and that you are not tempted to buy it because of the offers available. Be careful about what you buy, as you will have to spend money on it regardless of the discounts.
• Also, if you're using a credit card, make sure you pay your bills on time to avoid late fees and excessive interest, which defeats the purpose of the cashback.

Part-time work opportunities in the UK

Consider taking up part-time work opportunities to support your living costs. International students in the UK can work up to 20 hours a week and full-time during holidays. A part-time job can help you earn up to £9.50 per hour if you're aged 23 or over (known as the National Living Wage), £9.18 per hour if you're aged 21-22 and £6.83 per hour if you're aged 18-20. 

Most universities offer careers advice and list internship opportunities on their websites and in student centres to help international students make the most of their study abroad experience. 

Conclusion 

Hope you have got at least some idea how you can save money through simple ways while studying in the UK.  If you need further advice, get in touch with our student counsellors at MWT Education Consultancy.