One of the most important things to do before studying abroad is to find out how much it costs to live there. Many international students worry a lot about tuition costs, but in reality, your daily costs can have an even bigger effect on your finances.
The cost of living varies a lot depending on where you go, how you live, and how you spend your money. It can include things like housing, food, transportation, and personal spending. You can live comfortably without too much financial stress if you plan ahead.
This complete guide covers everything you need to know about the cost of living for international students. It includes detailed breakdowns of expenses, comparisons between countries, budgeting tips, and useful tips for managing your money well.
What Does “Cost of Living” Mean? Include?
The cost of living refers to all the everyday expenses you need to survive and live comfortably while studying abroad.
Key components
- Accommodation (rent and utilities)
- Groceries and food
- Getting around
- Insurance for health
- Materials for study
- Costs for yourself
- Talking on the phone and using the internet
- Life for fun and socialising
Each of these things adds up to your monthly budget.
Average Monthly Living Expenses by Country
The cost of living is very different between countries and cities.
The UK
- Cost per month: £900 to £1,500
- London: More (up to £1,800+)
Canada
- Cost per month: CAD 1,200 to CAD 2,500
The United States
- Cost per month: $1,200 to $2,500
Australia
- Cost per month: AUD 1,400 to AUD 2,500
Germany
- Monthly cost on average: €800–€1,500
Ireland
- Cost per month on average: €1,000 to €1,800
These are just guesses, and they may be different depending on where and how you live.
Costs of lodging
For most students, rent is their biggest expense.
Different kinds of places to stay
Housing for college students
- A lot of the time, more expensive
- Safe and easy to use
- Includes services
Renting out your own space
- Can be less expensive if shared
- More freedom
Stay at home
- Staying with a family in the area
- Sometimes includes meals
Rent on average per month
- Shared flat: Cheaper
- More expensive: private flat
Ways to save
- Share a place to live with other students
- Pick housing just outside city centers.
- Book early to get better prices.
Costs of Food and Groceries
Food is another big cost, but you can keep it under control by making smart choices.
Budget for food each month
- £150 to £400 (or the same amount in another country)
How to save money on food
- Instead of going out to eat, cook your own meals.
- Get a lot of groceries
- Use discounts for students
- Buy things at local markets
Going out to eat a lot can quickly add up to a lot of money.
Costs of Transportation
The cost of transportation depends on where you live and how often you need to travel.
Common choices
- Transportation for the public (bus, train, metro)
- Bike riding
- Going for a walk
Cost per month on average
- £30 to £120, depending on the city
Ways to save
- Use passes for student travel
- When you can, walk or ride a bike.
- Don’t travel unless you have to.
Costs of Health Insurance and Medical Care
Many countries make it necessary for international students to have health insurance.
Costs are different.
- Some countries charge for it as part of the visa fee.
- Some people need private insurance.
Cost on average
- £20 to £100 a month
Make sure your insurance always meets the necessary standards.
Study materials and school costs
You might have to plan for:
- Books for school
- Writing supplies
- Computer programmes
- Printing
Estimated cost per month
- £30 to £100
Buying used books or e-books can help you save money.
Costs for Yourself
Things that you buy for yourself include:
- Clothes
- Bathroom items
- Fun
- Things to do with friends
Cost per month on average
- £100 to £300
This category is open-ended and depends on how you live your life.
Costs of Communication
It’s important to stay in touch.
Costs include
- Plans for cell phones
- Services on the Internet
Cost per month on average
- $10 to $50
Many providers have plans that are good for students.
Costs You Should Think About That Are Not Obvious
Many students forget about extra costs.
Some examples
- Fees for applying for a visa
- Tickets for flights
- Costs of setting up (deposit, furniture)
- Costs in case of an emergency
Having a plan for these expenses prevents financial surprises.
How to Make a Budget for Students
Being budgeted is a good way to keep track of your money.
A guide with steps
- Calculate your total monthly income
- List all your expenses
- Categorise essential and non-essential spending
- Set limits on how much you can spend
- Keep an eye on your spending.
Sample budget breakdown
- Housing: 40–50%
- 15 to 25 cents of the food
- 5 to 10 per cent of the cost goes to transportation.
- 10–20% of personal expenses
Ways to Lower the Cost of Living
Living in another country can be expensive, but there are many ways to save money.
Clever plans
- If you can, work part-time.
- Use discounts for students
- Share a place to stay
- Make food at home
- Take public transport
- Don’t sign up for things you don’t need.
Over time, small amounts of money add up.
Taking care of money and exchange rates
If you are sending money from your home country, exchange rates can affect your budget.
Advice
- Keep an eye on exchange rates
- Use trustworthy services to send money.
- Don’t make small transfers too often.
Making plans ahead of time can help you save money.
Why You Need an Emergency Fund
You never know when you’ll have to pay for something you didn’t expect.
Some examples
- Emergencies in medicine
- Travel that needs to be done right away
- Loss of money
Advice
- Have at least two to three months’ worth of living expenses saved up.
Cost of Living vs. Quality of Life
It’s important to keep costs down, but your quality of life is also essential.
Balance is important.
- Don’t spend too much
- Don’t completely deny yourself
A balanced life makes everything better.
Common Money Mistakes Students Make
Don’t make these common mistakes:
- Not making a good budget
- Spending too much on housing
- Too much eating out
- Not paying attention to hidden costs
- Not putting money away
You can stay financially stable by learning from these mistakes.
Example of a monthly cost in practice
Here’s an example of a monthly budget:
- Rent: £700
- £250 for food
- Transportation: £80
- £50 for insurance
- Personal costs: £150
The total is £1,230.
This example shows how quickly costs can add up.
Planning Your Money Before You Go
Before you leave your home country:
- Figure out how much you expect to spend in total
- Get your money in order
- If you need to, open an international bank account.
- Know how much things cost in your area
Getting ready makes the change go more smoothly.
Last Thoughts
International students’ cost of living can be completely unique, but if you plan ahead and make smart financial choices, you can keep your costs in check and have a great time studying abroad.
The most important thing is to:
- Plan your budget carefully.
- Use your money wisely.
- Use the benefits that come with being a student.
- Make a budget for unexpected costs.
Going to school in another country is a wise way to invest in your future. You can make the most of your time as an international student by learning how to manage your cost of living and focusing on your education and building meaningful experiences.
