Calculating and saving is a mandatory part of budgeting when a student is studying abroad. One may face financial crisis while getting acquainted with new lifestyle in all the possible ways.
Overcoming financial crunch can never be a hurdle if you plan your budget ahead and follow the same regularly. Here are few some tips on how to save your money while studying in Sweden.
1. Prepare personal budget
Budget list enables you to gain financial stability. Note down your income, expenses and goals. Set aside the required money for rent, food and other necessities, which should be followed by miscellaneous expenditure such as eating out, traveling and entertainment. Ensure that expenses should be up to or within your budget. Exceeding income limit may not be a welcoming factor when you stay abroad.
2. Accommodate in shared flats/dormitories
Residence comprises major part of your budget. It is advisable for students to reside in dormitories, shared flats or in smaller towns to cut down expenditure on accommodation. In shared apartments you will not save rent instead you share expenditure of internet, TV and electricity as well.
3. Cook your food
Cooking your meal can cut down your cost on meal, which you buy from restaurants. Calculate on both options as how much can you save for a month if you cook on your own and if you buy it from outside hotels/restaurants.
4. Travel by bike
Public transport in Sweden is expensive. Affording on bicycle would be a better option as you can save traveling expenditure. Owning a bike may prove burden initially but sure it will a great help to commute daily. Sweden has well-established bike lanes across the city, which ensures safe and comfortable riding.
5. Join part time jobs
International students are permitted to work while studying in Sweden. There is no time limit on working hours. However, it's important to keep your studies as your first priority - even when you don't have many classroom hours you're expected to spend the equivalent of a 40-hour work week reading and working on assignments.
Most universities have careers services that can help you with finding a part-time job during your studies. Many also offer services like employer fairs, CV checks and special events with companies. Students can also log into various websites that helps to find a part-time jobs.
Scholarship is financial assistance/ study assistance offered to students, which doesn't need to be repayed. Look out for scholarships available for students in Sweden and apply for them.
7. Look out for sales/discounts
Buying things during sales is one more factor to save money. Shopping groceries, clothes, household items and furniture during discount will add extra bucks to your savings account.
8. Avoid using credit cards
Using credits cards may be a good option but practically it increases your financial burden while repaying. The high interest rates associated with credits will land you in trouble off late.