Are you excited about going to study abroad? Are you ready to immerse yourself in a new culture and make new friends? That’s great! But do you have enough resources to finance your study abroad program?
Fortunately, there are lots of ways in which you can save the amount of money you need. Here is the list of the easiest, yet the most effective ways to grow your savings in a short period of time.
Open a savings account
If you want to save money for study abroad, you should open a savings account. Firstly, it will help you to protect your money from inflation. Secondly, it will help you to get control over your spending. A separate savings account is a way to prevent impulse buying and establish sound financial habits.
Sell your stuff online
Since you plan to go abroad for a year or a few years, it will be a wise decision to sell your gently used clothing, electronics, and other belongings.
Open your closet, and pick the items that you are not going to use in the future. Sell the dress you wore at your sister’s wedding. Sell your old laptop, because you have a new one for study abroad.
You can sell pretty much anything on eBay, Amazon, and other similar platforms. Also, if you have more than 1,000 followers on social media, you can sell your stuff there.
Learn to cook
Are you one of those people who eat out all the time? If you want to save money, you should stop visiting cafes and restaurants on a daily basis. You should start cooking at home.
Don’t worry; it isn’t half as hard as it seems. There are lots of meals that you can cook literally in a few minutes, even if you a newbie in the kitchen. You can find the recipes of simple dishes online, or ask your friends to share their favorite recipes with you.
If you are a busy person and have no time to cook from scratch, you can buy pre-cooked meals at your local supermarket. It will also help you to save a bunch of money.
Exercise at home
Do you attend expensive yoga or pilates classes? If you want to save money, you should cancel membership at the yoga studio and start practicing at home.
Let’s face it. In the digital age, you don’t need a teacher to practice yoga. You can use free YouTube videos or mobile apps to exercise in your living room.
Give up buying fancy coffee
To save money for study abroad, stop buying fancy coffee. Change your drinking habits, and you will be impressed with how much money will remain in your pocket.
Let’s say a cup of your favorite Starbucks’ white chocolate mocha costs $4.50, and you used to drink it daily. If you do not buy this beverage for 90 days, you will save $405. That’s lots of money, isn’t it?
Smoking is a bad habit. It affects not only your health but also your savings. The average cost of a pack of cigarettes is around $6.28, which means a pack-a-day habit sets you back $188 per month.
If you want to stop wasting your money, you should quit smoking. It is a challenging task, but you can be sure that your efforts will worth it. Once you stop smoking, you will notice your skin looks much better, and that there is more cash in your pocket.
Find odd jobs
If you can’t imagine your life without your favorite coffee and yoga classes, here is an option for you. “If you can’t spend less, just try to earn more. There are so many job opportunities available for you, in today’s world,” says Melanie Sovann, a finance writer at PickTheWriter.
You are free to pick any job that suits you the most. If you like pets, you can earn money from dog walking. If you really love to drive your car, you can work as an Uber driver. If you speak French, you can teach your neighbor’s child a foreign language.
Use your writing skills
Are you good at writing? If “yes”, why don’t you use your writing skills to earn some extra money? For instance, you can offer your roommate to proofread his essay in exchange for a small monetary reward. Your roommate will get a chance to impress his teacher with writing; you will get a chance to earn a few bucks – everyone will be satisfied.
Besides, you can find a freelance writing job online and get a steady income. If you know how to write essays on various topics and how to create SEO-focused content, you can charge more than $10 per hour.
Set a goal and make a plan
You will boost your efforts if you set a specific goal and make a plan on how to achieve it. First of all, you should answer the question of how much money do you actually need for study abroad? Do you want to save $300, $1,000, or $10,000?
Once you set your goal, you should decide which steps you should take to hit it. Let’s say you want to save $1,000 in three months. To save this amount of money, you should do the following:
- Do not buy chocolate mocha to save $405.
- Walk a neighbor’s dog four times a week, and earn 5$ per walk. If you walk a dog for three months, you will make $240 in total.
- Sell two pairs of jeans, three dresses, and a few more personal items to get $155.
- Sell your old laptop for $200.
Now you can see that if you have a plan, it’s not that difficult to save $1,000 for study abroad.
Wrapping it up
No matter in which city you live. And no matter how much money you tend to spend monthly. You can significantly cut your expenses by applying the tips given.
Make a few small tweaks to your habits and daily routine, and in a month or two, you will save enough money for study abroad.
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