How to Manage Finances as an International Student

Going to school in another country is a world of opportunity, adventure, and new experiences. But one of the greatest challenges for an international student is to figure out their finances in a foreign country. With tuition, rent, food and unexpected costs, managing your money might feel overwhelming.

The good news? By using the right tactics and a little bit of planning, you can take control of your finances and enjoy your time abroad without letting financial stress haunt you. This guide will take you through everything you need to know about handling your finances as an international student, how you should budget and even where to find some extra cash.

Before You Go: Financial Planning

Calculate Your Total Costs

Before you board that plane, calculate precisely how much money you will need. Don’t just look at tuition — take everything into account:

• Tuition and academic fees
• Housing costs (dorm or apartment)
• Food and groceries
• Transportation (bus passes, bike or car)
• Health insurance
• Books and school supplies
• Phone and internet bills
• Entertainment and social activities
• Emergency fund (at least $1,000-$2,000)

Write every expense down and tally them up. This sum might sound intimidating, but once you know the actual figure, you can properly prepare yourself.

Open the Right Bank Account

Look up banks before you go to your destination country. Banks often provide accounts tailored for students with low fees or no monthly fee. Look for accounts that provide:

• No monthly maintenance or low fees
• Free ATM withdrawals
• Easy online banking
• Mobile apps for quick transfers
• No minimum balance requirements

There are some student-friendly banks that include Chase, Bank of America, Wells Fargo in the US, Barclays and HSBC in the UK or Commonwealth Bank in Australia.

Obtain an International Credit or Debit Card

If you use your home country’s card abroad, there are usually hefty fees added. Maybe get a card that’s international and works well in your new country. Cards such as Wise (formerly TransferWise), Revolut, or that of your destination country’s student specialist generally offer better exchange rates and lower fees.

Creating Your Student Budget

The 50/30/20 Budgeting Rule (And How You Can Modify It For Students)

The classic 50/30/20 rule is to allocate 50% to needs, 30% to wants and 20% to savings. For students, we can tailor this to:

• 60% for needs: This is for needs: Rent, food, utilities, transportation (gas or car-fare), books.
• 30% for wants: Fun, dining out, clothes, hobbies
• 10% for savings: Emergency fund, travel, future expenses.

Here’s what a typical one-month budget might look like for a student with $1,500 in monthly income:

Category	Amount	Percentage
Rent & Utilities	$600	40%
Food	$200	13%
Transportation	$100	7%
Entertainment	$250	17%
Restaurants	$150	10%
Personal Items	$50	3%
Savings	$150	10%
Total	$1,500	100%

Track Every Dollar You Spend

Use a budgeting app like Mint, YNAB (You Need A Budget) or PocketGuard. These apps hook into your bank account and automatically separate out your spending. If you’re old-school, carry a small notebook and write down every purchase.

Go over your spending once a week in the beginning, and then monthly when you get better at doing it. You’d be amazed where you spend it all!

How to Cut Your Spending on Daily Expenses

Food: Your Biggest Variable Cost

Food is generally where students can save the most. Here’s how:

Cook at home: Eating out adds up to be 3-5 times expensive versus cooking at home. Master simple recipes like pasta, stir-fry, rice bowls and sandwiches. YouTube has no shortage of simple cooking tutorials.

Meal prep on Sunday: Cook for about 2-3 hours. Store them in containers, and voilà — ready-made lunches and dinners.

Browse discount stores: Discover the most affordable grocery stores in your area. Stores including Aldi, Trader Joe’s and Walmart have lower prices in the US. Opt for generic brands rather than name brands — it tastes the same but is cheaper.

Use student discounts: A lot of restaurants give you 10-15% off if you present your valid student ID. Always say, “Do you have a student discount?”

Divide bulk purchases: Partner with roommates or friends and purchase bulk items such as rice, pasta, or frozen food from a warehouse store like Costco or Sam’s Club.

Housing: Making Smart Choices

Your rent is generally going to be your highest cost for anything. Here’s how to keep it manageable:

Live with roommates: Sharing a home with 2-3 other people can slash your housing expenses literally in half. Yes, you will have less privacy, but you will be saving hundreds of dollars a month.

Location, location, location: Someone who lives 15 to 20 minutes from campus is probably paying a lower price than someone who lives next door. Factor in transportation costs, though, and you still save cash.

Negotiate utilities: When entering a lease, inquire if it includes utilities. If not, search for roommates who are mindful about shutting off lights and cutting back on heating/AC.

Think about on-campus housing: Dorm living may appear costly, but can include utilities, internet and furniture. Do the math and figure out what’s actually less expensive.

Transportation: Getting Around for Less

Invest in a bike: One investment of $100-300 can eliminate transportation costs altogether. Plus, you’ll get exercise!

Student passes: Most cities have a discounted student transit pass available for purchase by the month. A $50 per pass is way better than spending $3-5 a trip.

Walk if you can: If something is a 20- to 30-minute walk from where you are, don’t take the bus. And it’s free and healthy, and you’ll see your new city.

Carpool: If you have friends with cars, offer to chip in for gas for rides to the mall or supermarket.

Textbooks and School Supplies

Never buy new textbooks — honestly, never. Instead:

• Your campus bookstore, Chegg or Amazon can all provide you with books to rent.
• Purchase used copies on Facebook Marketplace or from senior students
• See if your library has copies to lend
• Search for free PDF versions online (consult your prof about legal ones)
• Share textbooks with classmates: Share the cost with a friend who is in the same class, and plan to study together.

How to Earn Money as an International Student

Know Your Visa Work Restrictions

Check your visa regulations before job-hunting. The vast majority of countries also have part time work allowances for international students:

• USA: F-1 visa – 20 hours per week allowed during college term only on campus
• UK: Student visa gives permission to work 20hrs/week in term time
• Canada: Study permit allows 20-24 hours/week off-campus
• Australia: 48 hours per fortnight on the student visa during term

If you break these rules, your visa can be canceled and for that reason never exceed the regulations.

On-Campus Jobs

On-campus jobs are great for international students, laid back and they know your classes:

• Library assistant
• Residence hall advisor
• Campus tour guide
• Computer lab monitor
• Cafeteria worker
• Research assistant for professors
• Tutoring center staff

Pay is generally between $10-$15 an hour, so you could bump your monthly income by $400-$600.

Freelancing and Online Work

Freelancing work is getting flexible income, so if you have an expertise in writing, in designing graphics, coding or even managing social media:

• Upwork: Discover short-term gigs across multiple categories
• Fiverr: Host specific services starting at $5 each
• Freelancer: Bid on projects worldwide
• Remote.co: Find part-time remote positions

Begin with a small job, build your reputation, and you can charge $15-30 an hour or more based on your skills.

Scholarships and Grants

Continue to apply for scholarships while you are in school — not just right before you start. Check:

• Your university’s scholarship office (almost no one looks!)
• Organizations from your home country
• International student associations
• Subject-specific scholarships (engineering, business, etc.)
• Community foundations in your destination city

They may seem small, but $500-1,000 scholarships add up and often require less effort than a part-time job.

How to Handle Money Transfers and Exchange Rates

Send Money Home (or to College) Wisely

With old-fashioned bank transfers, your money is consumed by high fees and terrible exchange rates. Use these alternatives:

Wise (TransferWise): Has both real exchange rates and low, transparent fees. Transfers typically carry a cost of 0.5 to 1% of their total value.

Remitly: An excellent option for larger transfers and competitive rates to many countries.

Western Union: Fast but pricey — and not for everyday use.

PayPal: Good option if both parties have accounts, but 3-4% for international transfers.

Time Your Transfers

Exchange rates change daily. If you need to convert a large sum (like tuition payment), monitor the rates for a few weeks. With that in mind, even a 2-3% variation can add up to hundreds of dollars on larger transfers.

For more information on managing exchange rates and international transfers, visit Wise’s currency converter to compare real-time rates.

Building Good Financial Habits

Start an Emergency Fund

Life throws curveballs. Your computer might die, you may need to make an unforeseen flight back home, or get hit with a medical bill. And try to keep at least $1,000-2,000 as an emergency fund.

Deposit this money into a special savings account that you use sparingly, if at all. It may seem like pennies at the end of every month, but even parking away $50-100 each month begins to accumulate quicker than you realize.

For Major Purchases, Apply the 24-Hour Rule

When you want to buy something for more than $50, wait 24 hours before making the purchase. That simple rule nips impulse shopping in the bud. You’ll often realize you didn’t even want the item anyway.

Use Those Free Student Perks

There are a lot of discounts at your disposal as a student:

• Amazon Prime Student: Free 6-month trial, then 50% off Prime membership
• Spotify Student: Hulu and Showtime for $5.99/month
• Apple Music: 50% off for students
• Museums and attractions: Some free or discounted admission to museums and other points of interest
• Software: Free Microsoft Office, Adobe Creative Cloud savings
• Gym: Many campus gyms are free or very cheap

Always have a student ID with you and ask for discount everywhere!

Plan for Tax Season

You may need to pay taxes based on your country and income. International students file form 1040-NR in the US. Keep records of:

• All income earned
• Scholarship money received
• Bank statements
• Rent receipts

Many colleges and universities provide free tax preparation assistance for international students. Take advantage of this service!

When Financial Trouble Hits

Talk to Your University

If you’re having financial troubles, don’t suffer in silence. Visit these offices on campus:

Financial Aid Office: There might be emergency loans or grants you’re unaware of.

International Student Office: They may have information specifically for international students or be able to refer you to local resources.

Student Support Services: Some colleges offer food pantries, professional clothing closets and emergency help.

Cut Expenses Temporarily

If money gets really tight:

• Cut out the extras (eating out, subscriptions, entertainment)
• Sell unwanted items on Facebook Marketplace or Craigslist
• Use free sources of entertainment (events on campus, hiking, free museum days)
• Inquire about payment options offered for tuition or any big bill
• Perhaps look into taking fewer hours for a semester in order to work more hours.

Avoid These Financial Traps

Credit card debt: Use credit cards only if you can pay off the full balance each month. That’s because an interest rate between 18-25% is a financial death blow.

Payday loans: These trap desperate people in interest rates of 300-400% a year. Never use them.

Trying to keep up with the rich classmates: Some students can never run out of family money. Don’t look at them and try to replicate their life, or compare your own.

Long-Term Financial Planning

Build Your Credit History

If you’re in the United States, establishing your credit early helps you later when renting apartments or purchasing cars. Get a student credit card, charge minimal purchases to it and pay it off in full each month.

Networking and Building Your Future

Every so often it’s worth it to spend money on your future:

• Professional association memberships
• Networking events and conferences
• Skill-building workshops
• Interview clothing for job searches

These are not luxuries — they are investments that can make better job opportunities possible.

Plan for Post-Graduation

When you reach your last year, save extra money for post-graduation bills:

• Deposits on new apartments
• Professional wardrobe
• Job search travel
• Relocation costs
• Gap from graduation to first paycheck

Cultural Differences in Money Matters

Tipping Customs

Tipping varies dramatically by country:

• USA: 15-20% at restaurants, $1-2 per drink in bars
• UK/Australia: Tip less common, 10% for excellent service
• Japan: Tips aren’t expected and can even be seen as rude
• Canada: Similar to USA, 15-18%

Learn about the customs of your host country so that you can avoid embarrassing situations or overpaying.

Bargaining and Negotiating

In certain cultures, haggling over prices is commonplace. In others, it’s offensive. Understand what is appropriate in your host country:

• Haggling is expected: Markets, second-hand stuff, rental deposits
• Bargaining is rare: Chain stores, restaurants, public transportation

Cash vs. Card Culture

Some countries have gone nearly cashless (Sweden, South Korea), and others use a lot of cash (Germany, Japan). Always take some local currency with you for small purchases and emergencies.

Tools and Resources for Your Money Goals

Essential Apps for International Students

App Name	What It’s For	How Much?
Mint	Budget tracking	Free
Wise	Money transfer	Free (transaction fees only)
Splitwise	Dividing expenses with flatmates	Free
GasBuddy	Finding cheap gas	Free
Too Good To Go	Discounted surplus food	Free
Student Beans	Student discounts	Free
Revolut	Multi-currency account	$0 monthly on basic plan

Educational Resources

• r/personalfinance (Reddit) – Wealth of advice and success stories.
• Khan Academy: Courses about managing money.
• Your university financial literacy workshops: Often free, and for students

  

Frequently Asked Questions

How much cash should I take with me when I first arrive?

Have a minimum of $2-3K in your pocket for initial costs such as housing deposits, first month’s rent, groceries, setting up your phone, and extras. This cushion makes your first, harried weeks a little less stressful.

Am I eligible to work off campus as an international student?

This varies based on the type of visa you hold and the country in which you are located. In the US, F-1 students usually can’t work off campus their first year but could get CPT or OPT later. British students are permitted to work 20 hours a week off-campus. Check your specific visa rules before taking any job.

What if I run out of money?

First, you will need to start by reaching out as soon as possible to your university’s international student office and financial aid office. They frequently have emergency grants or short-term loans. Second, cut all non-essential spending. Third, see if you can get additional work hours within the amount allowed by your visa. Finally, if you can, see if you can get family to help out short term.

Can international students get financial aid?

US federal financial aid is available for citizens only but many universities provide institutional aid to foreign nationals. Some countries, including Germany, even offer low-cost education to students from elsewhere around the world. Private scholarships from foundations, corporations, and organizations usually do accept international applicants.

How do I save on health insurance?

Several universities mandate that foreign students purchase health insurance and provide group plans, which tend to be less expensive than individual policies. Compare the school plan to private international student insurance plans. Never leave yourself uninsured — one trip to the hospital can cost several thousand dollars.

As an international student, should I get a credit card?

Assuming you’re in a country like the United States where credit history is important, having a student credit card can be valuable. Only use it for planned purchases you can pay off right away. This builds credit should one need it to rent an apartment or buy a car in the future. But if you’re challenged by spending discipline, stick with debit cards.

How do I avoid high ATM fees?

Establish an account with a bank that refunds ATM fees or has numerous free ATMs. Time your cash withdrawals so they are heavier, but less frequent in number. A few banks — such as Charles Schwab — refund all ATM fees, no matter where they are collected in the world. Research before picking your bank.

How can I send money home to my family?

Instead, turn to services like Wise, Remitly and WorldRemit for the best rates and lowest fees. Shun traditional banks and services such as Western Union except in an emergency. Before you send, compare the rates on all their platforms because where it’s best usually depends on your countries and the amount you’re sending.

Final Thoughts: Your Financial Journey

Managing money as an international student is not just about surviving, it’s about learning skills that will benefit you for decades. With whatever little you are getting, cultivate budgeting habits, become more money conscious, and develop the discipline to limit your spending.

Keep in mind that, like you, most international students have these same money worries. You’re not the only person concerned about costs or struggling to make it all work. And the biggest distinction between those who thrive financially and those who struggle seems to come to whether you plan, track and make deliberate decisions about your spending.

Start small. You don’t have to do everything in this guide all at once. Choose 2-3 things that really speak to you, such as tracking expenses and cooking at home more. Add more money-saving techniques once those become habits.

Your international education is an amazing investment in yourself. By keeping on top of your finances, you can make sure your money worries don’t spoil this incredible experience. You will be able to concentrate on learning, forming friendships, exploring your new home and creating the future you have in mind for yourself.

Seize the reins of your money today so that you’ll thank yourself tomorrow. Your future self — with the degree, work experience and smart financial habits under your belt — will be grateful for every conscious choice you make. Good luck on your journey!