Taking up Masters in USA is a pocket bomb as the expenses are very expensive. For international students, money saving tips and tricks would help them to save their expenses and can reduce their debt. Let's get into some of the tips that could save your money.
The first trick to save money is living off-campus in a room, sharing with 4-5 people based on the requirements. Living off-campus gives you an opportunity to explore the city with friends and indeed helps to connect with different people which inturn helps with Language Proficiency. It could even help us to learn cooking and other household works which will lend hands in the near future.
A brilliant plan to save your money is through student discounts. You can enjoy all the entertainment with friends by looking for student discount offers. The offer can be availed during shopping in supermarkets, malls, theatres and even on food. Additional discount cards like ISIC cards are available that you can purchase.
Budgeting directly and indirectly cuts down the unnecessary expenses. On the other hand, you can keep your savings calculated easily. Budgeting can be taunting in the beginning but in the long run you will master it. You can keep track of your needs and your miscellaneous through budgeting. Mobile apps are available to ease the process of budgeting and to keep track on expenses.
When you are living off-campus, transportation charges can make you feel heavy when you own a car or bike. Using public transportation can save you from spending money on fuel and gas. It also adds advantage of meeting new people and getting adopted to local culture.
If you are living nearby your University campus, walking can save extra money spent on transportation and also adds up for good and healthy heart.
Using SIM card with international usage access will rack up a lengthy bill. Opting a local usage SIM card costs cheaper. On the other hand, buying a family mobile plan can save money. Companies like Verizon, T-Mobile and AT&T offers discounts on family or friends group mobile plans.
Keeping an eye on the exchange rates saves you money without efforts. On arrival, you may have to convert your money into USD and converting while the exchange are low fills your pockets with extra cash.
Buying used textbooks
If your University allows to buy your study materials on your own, buy a used book or rent it as it may save you cost than buying new ones which you gonna use for a short time. You can even sell the books you bought off and make money from that. You can even save more if your University library carries the books you are looking for to take a photocopy.
Part time Work/Jobs
Working part time at your free hours after classes or during weekends or during semester holidays helps you to earn money. Some employers may provide you free food during your working hours which cuts your meal expenses. You can even save more money and experience the local people and culture.
Scholarship and Grants
Applying for scholarships and grants saves more money on tuition and semester fees. Applying for grants may help you to save living expenses. Research on the scholarship and grants policies thoroughly to suit your needs.
Mobile charges for making calls to your family and friends living abroad costs you enormously. Usage of Skype for making international calls is a one time charge which saves you a handful. You can also make use of WhatsApp and Google Voice call services which are free.
Bank account in USA
Opening a bank account in the USA, saves transaction charges and helps you to avail student discounts. Opening an account with university tied up banks is easy and hassle free. Check for student discount offers and broad ATM accessibility before opening the account.
If you could not get a bank account, encash the large amount needed for a month's expense to avoid hefty transaction charges.
Many Universities offer meal plans to students that can be customized to their needs. The meals offered are wholesome and nutritious which saves the cost from eating outside. If you are living in a room and have access to the kitchen, you can cook your own meals and that saves even more.
Another pocket biting expense in the USA is health care bills. Health insurance is required by many universities and even if not required by the university it is wise to acquire a coverage. The insurance avoids lengthy and expensive bills during a medical emergency and is cost saving.
Paying your bills on time saves you from paying fine. Always pay your credit card bills, electricity bills and your rent on time.
Flying to your country during semester holidays charge you a hefty sum on last minute bookings. If you are planning to visit your family during holidays, pre book your tickets at cheaper rates. You may even stay there and work part time to earn some money which saves your travel expenses.
These tips can save you a considerable amount of money which can be spent over valuable expenses. Plan your money saving tricks accordingly to avoid paying extra interest.