💸 How to Manage Finances as a Student Abroad (Budgeting Guide for Indian Students)

Studying abroad is a big investment—and while it's exciting, it also comes with serious financial responsibility. With tuition fees, rent, groceries, travel, and emergencies, it’s easy to run out of money if you're not careful.

This budgeting guide will help Indian students manage their money smartly while living abroad. Whether you're in the UK, Canada, USA, or elsewhere—these tips apply to all!

📊 Why Budgeting is Essential

• Avoid running out of money mid-semester
• Save for travel, emergencies, or sending money home
• Reduce dependence on loans or family
• Build good financial habits for the future

🧮 Step-by-Step Guide to Managing Your Finances Abroad

1. 📝 Create a Monthly Budget

List all your monthly income (part-time job, allowance, scholarship) and all essential expenses. Break it down like this:

Category Estimated Cost (Monthly)

Rent & Utilities $400–$800

Groceries $150–$300

Transport $50–$100

Phone & Internet $30–$60

Health Insurance $50–$100

Leisure & Food Out $50–$100

Emergency Savings $50–$100

Adjust the numbers based on your location and lifestyle.

2. 📱 Use Budgeting Apps

Track every rupee/dollar spent. Here are the best apps for students abroad:

• Mint – Track spending and categorize expenses
• Splitwise – Great for roommates or group trips
• Revolut – Budget, save, and even convert currency
• AbroadSaathi – Find affordable student deals, housing, part-time job tips and NRI money-saving advice

3. 💼 Get a Part-Time Job (if allowed)

Most countries allow international students to work:

• UK: 20 hours/week during term
• Canada: 20 hours/week (now even off-campus full-time during breaks)
• USA: On-campus jobs initially; OPT/CPT later

This extra income can cover your basic living expenses or help build savings.

4. 🍛 Cook More, Eat Out Less

Dining out frequently can destroy your budget.

✅ Learn to cook basic Indian meals

✅ Shop at Indian grocery stores or local markets

✅ Use meal plans or discount apps for students

5. 🎒 Save on Study Materials

• Buy used textbooks or rent them online
• Use digital books, open-source platforms like Coursera/edX
• Join university library programs

6. 🧾 Use Student Discounts

Always ask for student discounts when booking:

• Travel tickets (buses, trains, flights)
• Tech purchases (Apple, Microsoft, Spotify)
• Local restaurants or clothing stores

7. 💳 Choose the Right Bank Account

• Open a local student bank account with no monthly fees
• Transfer money using low-fee services like Wise or Revolut
• Track exchange rates and transfer only what you need

8. 🆘 Set Up an Emergency Fund

Always keep at least 1–2 months’ worth of expenses aside for:

• Medical emergencies
• Unexpected travel
• Tuition fee gaps

Even small, consistent savings help!

🔁 Sample Budget for a Student in Canada

Income Amount

Part-time job $800

Family support $400

Total $1200

Expenses Amount

Rent & Utilities $600

Groceries $250

Phone & Internet $60

Transport $80

Entertainment $60

Emergency Savings $100

Total $1150

Surplus: $50 = Can be added to savings or travel

💡 Final Tips

• Don’t compare your spending with others
• Track every rupee/dollar for the first few months
• Avoid credit cards unless you can pay off in full
• Review your budget monthly and make changes

📲 Use AbroadSaathi to Save More

Managing finances abroad is easier when you’re connected with others. AbroadSaathi helps Indian students abroad with:

✅ Budgeting tips

✅ Student discounts

✅ Affordable housing & part-time jobs

✅ Real stories from fellow NRIs

✅ Download AbroadSaathi

🌐 www.abroadsaathi.com

📲 Available on Play Store & App Store