How to save money while studying abroad

From opening an account in a local bank to looking for festive and student discounts, here are some surefire ways you can save money on your education trip abroad.

Overseas education can cost you a fortune, and you must make every possible effort to save some bucks specifically when you are responsible for controlling the purse string.

Listed below are a few ways that can help you get along on a shoestring budget.

Avail student discount

There is a special privilege every student enjoys, and that's called student discount.

The good news is that it is valid on just about everything ranging from movies to restaurants to apparels to public transport.

Many students are not aware of such discounts and miss opportunities of salting away some dollars.

All the shops will not pro-actively advertise student discounts, so you need to drop your inhibitions and take the initiative of asking for it.

Make a budget

It may sound impractical and bothersome to begin with but drawing up a budget will help you in being trained to live within limits.

You can start off with listing all important expenses that includes accommodation, food, study material, toiletries, mobile bills and entertainment.

Assign a budget to each and devise ways to stick to it.

Be diligent with your purchases

The shopaholic in will urge you to buy stuff on impulse but think ten times before you give in to such temptations.

Act with absolute discretion while buying clothes, electronics or planning getaway trips.

The best way is to make comparisons through websites and wait for festive discount offers.

If you can manage to hold your horse till you get the best deal, you will thank your decision.

Travel judiciously

The mantra is to research lucrative offers and make bookings well in advance.

While you must make the most of your overseas stay by exploring the places around, do not make spontaneous and imprudent decisions that will pinch your pocket.

Looking for low-cost travel options will not only help you in cutting back expenses but also make you aware of the most reasonable ways of travelling.

Cut cost on international calling

You may be perpetually homesick and looking for a reason to call home at the drop of a hat.

While your emotion may drive you to pick the call and connect to your best buddy and bare your heart out, please refrain from making international calls, especially when your conversation is likely to be long.

There are inexpensive and viable options like Google Talk and Skype, which allow you  to make a free call and talk, chat or video chat to your heart’s content without burning a hole in your pocket.

Become money savvy

Saving money more than skill is an attitude.

Try looking for ways to save money -- like making most of fluctuating exchange, withdrawing cash from ATMs that charge least transaction fees and resisting the urge to swipe your credit card every time you run out cash.

Better still is to open a bank account with banks that offer attractive student offers and have more ATM facilities.

This will help you save the transaction fee at the ATMs and make your life much simpler by allowing you to set up monthly plans that offer cash benefits.

Save on food

Well you may be a sworn foodie but this does not mean you end up frequenting that fast food outlet every second day.

Whenever you visit a restaurant look for the dollar menu that gives you the best deals.

Sign up for stores that offer lucrative discounts for regular customers and also explore the local markets for procuring cheaper groceries.

The best option however is to cook yourself which not only guarantees drastic cut down on eating expenses, but gives you control on keeping it healthy.

Get diligent Deals

Always be on the look out for lucrative online deals.

Additionally there are many rewarding festive deals which merchants come up with during festivals like Thanksgiving, Labour Day weekend, and Black Friday.

Being deal savvy will help you buy exciting stuff for a song.

Get yourself a student friendly credit card

Credit cards such as Amex Blue promise many cash back opportunities like up to 3 per cent cash back on US superstores, gas stations and department stores.

Being 'money wise' over a period of time can definitely get you in a clover in the local markets for procuring cheaper groceries.

ALSO READ Study Abroad Advice: 'Work part-time to cover living costs'

Courtesy: CollegePond.com

Collegepond is an online/offline-counselling career guidance, test preparation and admissions counselling outfit.