By Olawale Fatunwase
Studying abroad is an exciting opportunity, but managing finances in a foreign country can be challenging. Many Nigerian students struggle with high tuition fees, accommodation costs, and daily expenses, often without a steady source of income. Without a solid budget, it’s easy to run out of money before the semester ends.
This guide provides practical budgeting tips to help you control your expenses, save money, and make the most of your study experience abroad.
1. Understand the Cost of Living in Your Destination
Before you leave Nigeria, research the cost of living in your study destination. The cost of accommodation, food, transportation, and other essentials varies greatly depending on the country and city.
Examples of Estimated Monthly Costs in Popular Study Destinations
📌Tip: Use cost-of-living websites like https://www.numbeo.com/ to check estimated expenses in your city.
2. Create a Monthly Budget
A budget helps you track expenses and avoid overspending. Use a simple formula:
Income – Expenses = Savings/Debt
Steps to Create a Budget:
✅ List Your Income Sources
- Scholarship stipends
- Student loans
- Family support
- Part-time job earnings
✅ Estimate Your Fixed Expenses (Non-Negotiable Costs):
- Rent
- Tuition fees (if not fully funded)
- Health insurance
- Transportation pass
✅ Estimate Your Variable Expenses (Adjustable Costs):
- Groceries
- Eating out
- Entertainment
- Shopping
✅ Set a Savings Goal
- Emergency fund (at least 1 month of expenses)
- Travel savings (if you plan to visit home or explore other cities)
📌Tip: Use budgeting apps like Mint, YNAB, or PocketGuard to track your spending.
3. Cut Down on Accommodation Costs
Rent is usually the biggest expense for international students. Finding affordable housing can save you hundreds of dollars per month.
Ways to Save on Rent
🏠 Stay in University Housing: Cheaper than private apartments and includes utilities.
👨🎓 Get a Roommate: Sharing an apartment reduces costs.
📍Live Further from the City Center: Suburban areas have lower rent.
💰 Check for Housing Discounts: Some universities offer subsidized housing for international students.
📌 Tip: Websites like Student.com, UniAcco, and Facebook Groups can help you find affordable student housing.
4. Save Money on Food and Groceries
Eating out frequently drains your budget fast. Cooking at home is a much cheaper and healthier option.
Ways to Save on Food
🥘 Cook Your Own Meals: Prepare food in bulk and store leftovers.
🛒 Shop at Discount Stores: Buy groceries from budget stores like Aldi (Germany/UK), Walmart (US/Canada), Lidl (Europe), or local markets.
📉 Use Student Discounts: Many restaurants offer discounts for students.
🚫 Limit Eating Out: Save dining at restaurants for special occasions.
📌 Tip: Plan a weekly meal schedule to avoid impulse food purchases.
5. Reduce Transportation Expenses
Transportation costs can add up, especially in big cities.
Ways to Save on Transport
🚋 Use Student Transport Passes: Many cities offer discounted transport passes for students.
🚴 Walk or Bike When Possible: Saves money and keeps you fit.
🚗 Use Ride-Sharing Apps Wisely: Apps like Uber/Bolt are convenient but expensive—use public transport instead.
📌Tip: Get an ISIC (International Student Identity Card) for transport discounts in some countries.
6. Find Part-Time Work (If Allowed by Your Visa)
Many international students take up part-time jobs to support themselves. However, work restrictions depend on your visa type.
Where can Nigerian Students Work?
📌 Tip: Check job boards like Indeed, LinkedIn, or university career portals for student jobs.
7. Use Student Discounts and Free Resources
Many stores, restaurants, and services offer student discounts—always ask before paying!
Where to Find Discounts?
🎟 Entertainment: Movie theaters, museums, and concerts
📱 Tech & Software: Apple, Microsoft, and Adobe offer discounts for students
📚 Books: Rent or buy second-hand textbooks online (Amazon, Chegg, or university bookstores)
🖥 Free Campus Facilities: Use the university library instead of buying books
📌Tip: Get an ISIC (International Student Identity Card) for discounts worldwide.
8. Build an Emergency Fund
Unexpected expenses always happen (medical issues, sudden travel, lost items). Having an emergency fund prevents financial stress.
How Much to Save?
💰 Aim for at least $500 – $1,000 in emergency savings.
📆 Save 10-20% of any extra income (job earnings, scholarships).
📌Tip: Open a separate savings account to prevent spending emergency funds.
9. Avoid Unnecessary Debt
📉 Avoid borrowing money for non-essential expenses.
🚫 Limit credit card use—only buy what you can afford to repay.
💳 If using a credit card, choose one with low interest and pay the full balance monthly.
📌Tip: Stick to your budget to avoid running out of money before the semester ends.
10. Plan for Currency Exchange and International Transfers
Nigerian students often lose money due to bad exchange rates and high transfer fees.
Best Ways to Save on Transfers:
✅ Use online money transfer services like Wise, Revolut, or Payoneer (lower fees than banks).
✅ Open a student bank account in your host country to avoid international transaction fees.
✅ Exchange money when the Naira is stronger against foreign currencies.
📌 Tip: Monitor exchange rates with apps like XE Currency to transfer money at the best time.
Final Thoughts
Studying abroad is a great investment, but managing finances wisely is key to a stress-free experience. By budgeting carefully, cutting unnecessary expenses, and finding ways to save money, you can enjoy your studies without constant financial worries.
Shoot me a message via email at wale.fatunwase@outlook.com for consultation on your study abroad plans.
See you next week. Until then, cheers.
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