Managing your finances as a student in the United States can be a daunting task, especially if it’s your first time away from home. Living on a tight budget to accommodate US inflation might feel overwhelming, but with the right strategies, you can make the most of your money while enjoying your time in the US. In this newsletter, we’ll cover the basics of budgeting and share tips on how to stretch your dollars, find deals, and take advantage of student discounts.

Budgeting is all about making sure your expenses don’t exceed your income. Like many international students, this might be the first time you’re responsible for managing all aspects of your finances, from rent and groceries to textbooks and social activities. The key to successful budgeting is understanding your income (whether it’s from family support, scholarships, or on-campus jobs) and tracking your expenses. By doing this, you can avoid running out of money before the end of the month and reduce financial stress.

To make a budget, start by listing all your sources of income and their frequency. Next, list out your fixed expenses, such as rent, utilities, and transportation. Then, estimate your variable expenses into categories, like food, entertainment, and personal items. It's also a good idea to have a monthly savings plan for unexpected future needs (or for fun, like Spring Break). Finally, subtract your total expenses and the fixed amount you are contributing monthly to your savings plan(s) from your income to see how much money you have left each month. If you’re spending more than you’re earning, you’ll need to find areas to cut back.

One of the best tools for budgeting is a simple spreadsheet or a budgeting app, like ​YNAB (​ ​You Need A Budget​ ​)​. These tools can help you keep track of your spending by assigning each expense to a category and deducting that expense from the money you allotted to the category at the beginning of the month. It will also alert you when you’re nearing your categories' budget limits. Setting spending limits in different categories can help you prioritize essential expenses and avoid unnecessary purchases. 

As an international student, it’s important to live within your means, so that finances do not become the reason you are unable to maintain your student status. Here are some tips to help you save money and stretch your budget further:

• Cook at Home: Eating out can be expensive, so try cooking meals at home as often as possible. Not only is it cheaper, but it’s also healthier. Look for affordable grocery stores such as Aldi, Lidl, WinCo, Market Basket, or local markets where you can buy fresh produce and pantry staples at lower prices.
• Buy Used Textbooks: Textbooks can be a significant expense, but you can save money by buying used books or renting them. Check online platforms, campus bookstores, or student groups where other students might be selling their pre-read textbooks.
• Use Public Transportation: Owning a car can be costly with insurance, gas, and parking fees. If your city has a good public transportation system, take advantage of it. Many universities offer discounted or free transit passes to students.
• Shop Smart: Look for sales, use coupons, and compare prices before making purchases. Consider shopping at discount stores or thrift shops for clothes, household items, and other necessities. You can often find branded items for a fraction of the price.
• Entertainment on a Budget: Look for free or low-cost entertainment options on campus or in your community. Many universities offer free events, movie nights, or discounted tickets to local attractions. You can also find games, movies, and gaming systems to borrow from local libraries.
• Take Advantage of your Student Discount: One of the perks of being a student is access to discounts at various businesses, services, and restaurants, especially those near college campuses. Always carry your student ID with you and don’t hesitate to ask if a place offers a student discount. You might be surprised at how much you can save on everything from meals to movie tickets.

Budgeting as an international student in the US may be challenging, but with careful planning and smart spending, you can live comfortably within your means. Remember to take advantage of the resources available to you, seek out discounts, and always look for ways to save. By managing your finances wisely, you can focus on what really matters—your education and the incredible experiences that come with studying abroad. Remember that living frugally now can help you avoid financial stress and set you up for success in the future.

If you have any questions or need further assistance, feel free to reach out. We’re here to support you every step of the way.

Cheers ☕