Studying abroad is bound to take a toll on your wallet, but the experience is certainly worth the price.

There are, however, many strategies to make your stay in a foreign country much more affordable – here are some of the finest tips on how to save up on your living costs while having the time of your life studying abroad.

Create a Budget

This is the basis for all your future calculations of your finances. When moving abroad for a year or two, it’s difficult to predict how much money exactly you’ll need or what to expect, so creating a budget can be challenging. It might sound difficult, but it actually isn’t.

First, you need to write down all your fixed costs per month and split them into weeks. Start with your rent and all estimated bills, including TV and Internet. Then add food, toiletries, mobile phone, as well as books and other study materials. Include some allowance for fun like movie nights, weekend trips and nights out with your friends.

That’s how you’ll know your spending limits. All you need to do is stick to them and you’ll be fine.

Monitor Currency Rates

Currency rates always change and what you saw as advantageous right now might no longer be reality in two weeks. Have a close look at exchange rates to see what’s the average and when you spot a moment when it’s beneficial to exchange your money, just go for it. You might never get another chance like that again.

Manage Your Tuition

Make sure you always pay your tuition on time – there are online tools and programs to help you with it. Some of them even send you a remainder and provide attractive rate guarantees for transferring money.

The costs of studying can be split in several rates – benefit from it by carefully working the tuition rates into your budget plan. If you’re up for it, you might seek help from local charities or international associations that promote the movement of students. Charities can be your game too.

Save Up on Travel Costs

Traveling can really drain your wallet, so you need to be very careful when planning your journey. When flying in, book your flight early, but not too early – about 8 weeks before the scheduled date of departure is considered perfect.

Other than that, remember that you’re a student and your status might land you some nice discounts. Have a look at the local public transportation websites and opt for a long-term plan that could work for you. Travel off-peak and compare prices online – car sharing has been gaining steam these days!

Tailor Your Diet

Studying abroad, you might want to collect all kinds of experiences – including the local cuisine. That’s a great idea, but eating out every other night will ruin you financially. Instead, try to cook at home – preferably with one or two other people. That way you can split the expenses and have a nice meal together before you head off to explore your city by night. If dining out is your favorite thing in the world, think about happy hours – many restaurants offer special prices between 4 and 6 pm., and some of them hold a promotion for one dish every day.

For lunches, the university cafeteria can be an option – first, check what kind of food is served and whether it meets your requirements. If you’re a vegan, you might find it hard to eat in a place like that. On the long run, choosing a smart campus meal plan is great for saving up some cash.

Shop Wisely

When shopping groceries, pick regular supermarkets where locals do their shopping instead of expensive stores in the city center. Sometimes you’ll find the best deals in shops located a bit outside the town – see if you can arrange with someone to take you there and then shop in bulk so the food lasts at least for a week. Look for discounts and coupons – if a supermarket chain offers a shopper card, consider it. Sometimes you can get really good deals out of it.

Books and Study Materials

Sometimes, professors will ask you to purchase a textbook and this can get pretty costly. See if the book is available at the university library and if not, ask around some older students whether they’d like to get rid of their copy. Always make sure it’s the right edition!

About the author: Monica Wells

The article was contributed by Monica Wells of http://www.bizdb.co.uk/. Monica Wells is an education expert and a freelance writer. She engineered a few education solutions. She is a passionate advocate of Internet and New Technologies for professional development.