3 Smart Ways to Save Money While Studying Abroad

The pressure of saving money while simultaneously managing all the monthly expenses is the biggest challenge in every student’s life. While some students end up joining odd jobs to earn more, others simply start looking for safe investment solutions to set aside a few dollars from their monthly income. However, there are several other key strategies that you can follow to maximize your savings without cutting down on essential expenses. In this brief guide, we’ll take a look at a few of these tactics so that you can save more money as a student in a different country.

1. Use moneyHOP
One of the most effective ways to manage your expenses and save smartly as a student is to use a dedicated banking solution such as moneyHOP. It’s an online platform where you can link your bank accounts, debit cards, credit cards, and even FX cards to monitor all your transactions in one place.

moneyHOP also comes with a few additional features that’ll help you save money while performing different online transactions. For instance, if you want to send money home, you can use moneyHOP to lock lower exchange rates in advance and pay according to them in the future. This will protect you from paying high rates at the final moment and putting that money in your savings account instead.

2. Open a Local Bank Account
After setting foot in another country, the first thing you’d want to do (after finding the accommodation) is open a local bank account. Why? Because if you don’t, you’ll have to deal with unnecessary conversion charges and hefty ATM fees. A local bank account would eliminate all these expenses and you’ll be able to add more money to your savings account.

3. Use a Bike for Transportation
You can also use bikes to cut down on your daily expenses. No doubt, public transport is available in every country, but it can seem pricey for regular broke students. So, instead of worrying about the bus ticket every single day, simply buy a brand-new (or even second-hand) bike and use it as your daily commuter. In case you live a considerable distance from your university, you can also get one of the electric bikes to make your commute faster and free.

Conclusion
While many students think saving money is not beneficial for them, that’s not the case at all, especially when you are studying in a different country. The above-mentioned methods are a few of the many practices you can follow in your day-to-day life to save your hard-earned money easily.