3 Ways to Save Money for Studying Abroad6 min read

Of course, every journey needs some preparation – and a huge chunk of time usually goes into planning your budget. At least, that’s one of my biggest worries. You do not need millions to travel, but some pocket money is unavoidable. If you want to study abroad, you not only need money for some weekend getaways but also for your daily living costs. Therefore, I am going to suggest you three ways that help you save money for studying abroad – that don’t require you to get a (part-time) job.

Beginning a part-time job is probably the easiest and most effective way to save money for studying abroad. I myself have worked as a waitress next to my studies to save a little money. However, without the support of my parents (thank you!) I could not afford to study in England as it really is expensive there in comparison to Germany (+ tuition fees). They do lend me some money for the tuition fees which I am going to repay after I graduate. Nevertheless, I am glad that I have saved up a little money, so I’m not entirely dependent on my parents. If you don’t have time to get a part-time job, I have listed three on how to save money for studying abroad down below. Keep reading, guys!

HOW MUCH MONEY DO I NEED?

Before going to speak about the ways on how to save money, I would like you to consider how much you actually need for your time abroad. Depending on where you go for your study abroad experience, you’ll, of course, need more or less money. I just can tell you about what I experienced in Germany and England, so it’s definitely not an all-encompassing listing here but at least it’ll give you some idea of what you need.

Studying in Germany

In Germany, I spend around 350 Euros per month on rent and around 200 Euros per month on food and going out. You should plan at least 300 Euros per month for rent, more, if you live in big cities like Munich, Hamburg or Berlin. I lived in a private accommodation and most students do so in Germany. Additionally, I would like to say that I am very frugal with spending money on food; so I would advise you to schedule about 300 Euros per month on food and going out.

In Germany, you do not have to pay any tuition fees but there is a semester fee payable for all students at all universities. This covers costs for the student union, for the student administration and sometimes for a student bus or train ticket. The amount differs from university to university, but it should be around 100/150 Euros per semester (not per month!). If you’d like to learn more about the German university system, you can check out my post about How to Study in Germany without Speaking German. All in all, I would say that you need around 600 to 700 Euros per month.

Studying in England

If you’re planning to study in England, you’ll need a larger budget. I pay around 380 Pounds per month for rent (that’s about 520 Euros), but it can also be more expensive, depending on where you are studying – the farther you go up north, the cheaper it will be. For food and going out I have 200 Pounds (270 Euro) available, which is limited. So if you do not want to constantly be worried about spending too much, plan in a little more. Additionally, there are tuition fees in England. As I already mentioned, I’d lend this money from my parents. Tuition fees differ from university to university. I pay 5470 Pounds (7500 Euros) for a one-year Master’s programme. As I said, this is different at each university and there is also a difference between Bachelor and Master.

Overall, it really depends on where you study and what your standard of living is. I’d suggest that you research the costs of living thoroughly before you go abroad. Rather plan in a bit more money than not enough.

3 WAYS TO SAVE MONEY FOR STUDYING ABROAD

If you’ve got an overview of how much money you’ll need, start saving. Actually, start saving as soon as you think about studying abroad. It’s one of the 6 things you need to do before going abroad. If you don’t have time to get a part-time job, or don’t want to, here are the three alternative ways to save money for studying abroad:

  1. Do the 30 Day Money Challenge. What the heck is the 30 Day Money Challenge, you ask? It’s pretty simple: On the first day of the month, you save 30€, on the second day 29€, on the third day 28€ and so forth – depending on how many days the month has. Do it that way round to see immediate results and have the hard work / the most money when the motivation is the highest! At the end of a month (assuming it has 30 days) you will have 465€ in your savings!
  2. Pick Up Odd Jobs. If you don’t like to work regularly or don’t have time because you want to focus on your studies, why don’t you try to do some odd jobs from time to time? It could be a good way to land extra cash. Look out for announcements at your university’s notice-boards. A lot of cafés and restaurants also need some extra waiters/waitresses during summer (because there are usually a lot of weddings).
  3. Throw Yourself a Goodbye-Fundraising Party. The Goodbye-Fundraising party is definitely my favourite way to save money for studying abroad. Honestly, who doesn’t like a good party? When you go abroad, you should definitely throw one, just for the simple reason to say goodbye to your friends and family. But instead of asking them to bring booze or food, you can ask them to donate some money into your study-abroad fund. Just put a piggy bank into a corner and I’m sure at the end of the night you’ll find something in it!

What do you think of these ways? Unfortunately, I didn’t try out the goodbye-fundraising party but I wish I had. I just do it the next time when I move somewhere abroad. Besides saving up money yourself, I suggest you’re also looking into scholarships. There wasn’t really any scholarship for what I’m doing but maybe you’re more lucky! It’s definitely worth a try.

Do you have any other ideas on how to save money for studying abroad? Let me and the others know in the comments below!


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Thinking about your Budget is essential. Here are three ways that help you save money for studying abroad that don't require you to get a (part-time) job.           Thinking about your Budget is essential. Here are three ways that help you save money for studying abroad that don't require you to get a (part-time) job.

 

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