Provided by: IMC! Financial Peer Mentor- Oliver Vasanoja
Studying abroad is a rewarding experience, but leaving home automatically requires financial responsibility. As an international student from Finland, I have learned a few things to save money while studying abroad. The financial situation of an international student in the United States is unique: travel costs are high, work opportunities are somewhat limited, the banking system is different and there are tons of experiences to spend money on. That said, studying abroad is not a time to save money, but here are my best tips to manage money while studying abroad:
1. Save money ahead of time
Setting money aside for savings is always a good option, but this is especially important as you are preparing to study abroad. Studying abroad requires independence and you want to have enough money saved up to manage by yourself. Having some extra money saved up is also comforting if you feel like you want to go home over break or want to travel around the country during this experience.
2. Keep track of your spending
When I got to the US and had money saved up from work, I wanted to try every restaurant in La Crosse and go to all the sports events. It is easy to be excited when you travel and there are so many things you want to experience. This also means that it is easy to overspend during the first couple of months. A budget or a budgeting app (like Mint.com) can be a very useful tool to keep track of your money. Remember, you want to have some money left at the end of your studying abroad experience as well.
3. Make money while studying abroad
International students in the US can only work on campus, but there are plenty of good part-time opportunities available. This is a great way to cover some living expenses while studying abroad and save money for other experiences. There are also many scholarships available for international students. The deadline for the UWL foundation scholarships is Feb 15 and you can apply here: https://uwlax.academicworks.com/
Search for “international student” and apply for as many as possible. This is free money!
4. Bank account and Credit card
I highly recommend opening a bank account in the US. This makes tuition payments and transactions easier, and you can split expenses with your American friends easier. UW-Credit Union on campus is a good option. There are fees associated with transferring money internationally, so try to limit these by transferring as much as possible at once. Usually this costs $20-40 per transfer and takes about a week. If you need to transfer a smaller amount quickly, then find an ATM, take money out from your international card and deposit it at your American bank.
I also recommend getting a credit card because it is good to have in case of emergencies. Like I mentioned earlier, studying abroad requires financial independence, and getting a credit card is a part of that. You can either get a credit card from home or in the United States. Getting one in the US requires you to have a social security number, which you receive once you start working.
5. Save money on flights
Travel will be one of your biggest expenses when studying abroad but is also a great opportunity to save money. Book the flights as early as you can! They will only get more expensive. Look directly through airline websites because they can offer youth tickets and are sometimes cheaper. Try to fly into bigger cities and figure out how to get to your apartment from there. For example, I always fly from Helsinki/Stockholm to Chicago/Minneapolis. Then, I buy separate train, bus or flight tickets to complete the rest of the trip. I have saved hundreds of dollars on flights this way.
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