Tips for Managing Your Finances While Studying Abroad

There’s something oddly humbling about checking your bank balance in a foreign language. You stare at the numbers, do the mental conversion (twice, just in case), and wonder if that sushi dinner last night was worth it. It was, but also, ouch!

Studying abroad is one of the most exciting things you’ll ever do, along with millions of other students – but let’s be honest, it’s also a lesson in budgeting you didn’t ask for. You’re living in a new country, trying to soak up every experience while quietly hoping your debit card doesn’t betray you at the checkout.

So how do you stretch your funds without feeling like you’re missing out? You plan a little, improvise a lot, and make peace with the fact that some of the best memories won’t cost you anything.

Open a Local Bank Account (If You’re Around for a While)

If you’re staying more than a few months, do your future self a favour and open a local bank account. Swiping your card from home might work, but it’ll bleed you dry with conversion and ATM fees.

Some universities help students set up an account, and most of the banks are used to working with international students. Once you’re up and running, you can connect your account to local payment apps. That way, you’re not stuck trying to buy train tickets with a card that won’t go through.

Don’t Overspend on Data – Get an eSIM

Data roaming is sneaky. One map check here, one translated menu there, and suddenly your phone bill looks like a flight home.

Here’s where an eSIM makes a huge difference. Suppose you’re moving to study in Tokyo. An eSIM Japan plan would make your transition much easier. You download a local plan straight to your phone, and you don’t need to stress about finding a SIM card first thing upon arrival. You land, you connect, and you can message your host family (or your group chat) before your luggage even shows up.

A physical SIM card may be more affordable for lengthy stays for those planning to study abroad for several years, but an eSIM will surely provide a great backup until you find a local SIM card.

Keep Your Student Loans in Check

Out of sight, out of mind works great for postcards. Not so much for student debt.

It’s tempting to forget about loans while you’re abroad, especially when everything around you feels more exciting than your loan portal login screen. But staying aware – just aware – is powerful. Before you leave, check your balance. See if payments are paused, or if interest still grows in the background.

Even setting aside a little bit each month, in a separate account you don’t touch, helps. You don’t have to be perfect in your budget, but just a bit more intentional.

Learn to Cook a Few Basic Meals

Eating out for every meal seems doable until your card declines at a vending machine. Learning to cook a few local meals won’t just stretch your budget but will also give you the opportunity to learn a bit about the cultural flavours of the country you’re in.

Start small by buying some local vegetables. You’ll find if you stick to the local vegetables and staples (and avoid imported goods) you can keep your grocery costs down. Plenty of websites and YouTube videos offer basic cooking tutorials for free as well.

Set a Weekly Limit

You don’t need a spreadsheet that tracks your spending down to the last cent. You just need a number in your head that feels manageable for the week and that won’t leave you and your wallet cringing when it comes to paying for necessities. A National Union of Students survey revealed that 46% of students report travel costs taking up a quarter of their weekly budget. Always keep possible student discounts in mind.

Some weeks will stretch your set limit, and that’s when discounts come in handy. One weekend, you’ll spend nothing; the next, you’ll spring for a spontaneous train ride that turns into a core memory, and that’s okay. The goal is mindful spending that’s reasonable.

Keep receipts and make notes. Notice what felt worth it, and what didn’t. That awareness will carry you a lot further than spending guilt ever could.

Final Thoughts

Studying abroad changes your perspective on nearly everything, including money.

You don’t have to be a financial guru to get through the experience with your budget still intact. You just need to stay present. Make small, thoughtful choices and pay attention to where your money is going. Whether that means getting a local bank account, saying yes to student discounts, or cooking your own meals – it all adds up.

The goal is to spend in ways that support the kind of experience you want to have.