Ways to Save Money and Spend Less While Studying Abroad

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Before studying abroad, saving money is extremely important. I used to remind myself that instead of buying a new top or a small treat, that money could go towards a flight or a souvenir while traveling. Many students run out of money during their semester abroad, but if you save ahead of time and stay mindful of spending, you can make your budget last much longer.

1. Keep exchange rates in mind. It’s easy to see something priced at 5 pounds or euros and assume it’s cheap, but in your home currency, it may be more than you think. These small purchases add up quickly, and larger ones can have a significant difference in cost. Using a calculator or a currency exchange app can help you stay aware. Also, avoid exchanging money at airports, as they typically offer worse rates—look for a bank or local exchange service instead.
2. Be mindful when using contactless payments. In many places across Europe, tapping your card is incredibly easy, which can make it just as easy to lose track of your spending. Consider limiting yourself to one card in your digital wallet or checking your transactions regularly.
3. Creating a budget is essential. Start by looking at how much money you have, then subtract major upcoming expenses, such as housing and your return flight. Divide what’s left by the number of weeks abroad to determine a weekly budget, and then break that down into a daily amount. Some days you’ll spend more and others less, but having a general guideline helps you stay on track.
4. Take advantage of available resources. Student discounts are very common in the UK—many shops, restaurants, bars, and entertainment venues offer them. Some advertise these deals, while others require you to ask. Travel websites like Skyscanner, Omio, and Hostelworld are also helpful for finding affordable transportation and accommodation options.
5. Travel with others! This is a great way to cut costs by sharing expenses such as accommodation, transportation (e.g., Uber or taxi), and food. When you travel with a group, you can split meals, drinks, places to stay, and rides, making everything much more affordable compared to traveling on your own.
6. Make adjustments to your usual routine or preferences. Small changes like eating out less often, skipping drinks with every meal, avoiding extra treats, or cutting back on typical indulgences can add up to big savings over time. Many of my friends here order a cocktail or soda with meals, which can get expensive. While it’s hard to avoid eating out when traveling, some hostels have kitchens, and buying a few groceries or grabbing something simple from a supermarket for a picnic-style lunch can be a much cheaper option.
7. Be mindful of what you’re buying. Souvenirs can be tempting, and it’s easy to overspend if you’re not careful. I like to stick to something small, like a magnet and a postcard from each place I visit, and if there’s something more specific I want, I plan for it in my budget. Traveling light due to luggage restrictions also helps limit how much you can bring back.
8. Lastly, book things in advance. Planning excursions in advance can save both time and money. Websites like GetYourGuide often offer a variety of options at different price points and experiences. If you wait until the day of or try to buy tickets at the location, they can be more expensive, sell out quickly, or involve long lines.

It is possible to travel while on a budget! You can have so many experiences on a budget with the right planning and resources!

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