10 Best Budgeting Tips for International Students in the USA

USA is the most expensive destination in terms of educational and living expenses. The cost of living in USA is 7.73% and 13% higher than the UK and Canada respectively. As an international student in the USA, you need to spend around $10,000 - $25,000 (₹8.44 lakhs - ₹21.10 lakhs) on annual cost of living in USA. However, those on a budget are advised to look for options to reduce expenses in USA.

• With fully funded scholarships in USA, you can receive up to 100% tuition waiver which also covers living expenses, travel allowance and medical coverage for students.
• You can receive up to 20% discount on food, travel and tech goods using Student ID.
• Students can prefer public transportation in the USA over taxis, which usually costs cheaper for students.

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10 Best Budgeting Tips for International Students in the USA

Check out the 10 best tips to study in USA as an international student:

1. Research and Create a Budget

The first step is to create a budget by listing all the necessary expenses. Based on those expenses, plan a monthly or a weekly budget. Given below is the breakdown of average cost of living in USA for international students:

Note: 1 USD = 84.42 INR as of November 19, 2024

2. Categorize Your Expenses into Fixed and Variable

After listing all the expenses, categorize them into fixed and variable. The fixed expenses are the expenses which are unavoidable such as housing rent, food, books & supplies etc. While variable expenses are flexible, and it may include entertainment cost, vacation cost, membership fees for gym etc.

3. Explore Scholarships and Financial Aid

You can also look for scholarships to study in the USA with some of them even covering housing, pre-departure and medical expenses. However, scholarships are generally highly competitive and are offered to a limited number of students. You need a strong academic background and no-academic achievement to receive a 100% scholarship in the USA. Given below are some of the popular fully funded scholarships for Indian students in USA:

• Full Bright Scholarship India
• Cornell University Tata Scholarship
• Inlaks Shivdesani Scholarship
• AAUW International Fellowship

Check Out: Popular Scholarships to Study in USA

4. Take Advantage of School Facilities

Apart from tuition fees, some universities in USA also charge room & board fees along with activity fees. The activity allows students to avail on campus facilities such as sports, libraries, health facilities at reduced or even free of cost. Hence, instead of going outside, take full advantage of the amenities available at the university campus. The student activity fee typically costs around $70 - $90 (₹5,909 - ₹7,597) per annum.

5. Consider Living in Shared Accommodation

Accommodation contributes the most when it comes to living expenses in USA. The student accommodations in USA cost around $9,500 - $15,000 (₹8 lakhs - ₹12.66 lakhs) annually. While the shared, one can expect to pay around $4,000 - $9,000 (₹3.37 lakhs - ₹7.59 lakhs) per annum. You can also look for off-campus accommodation and homestays, which are much cheaper than on-campus housing in USA. You can refer the following websites for shared off campus accommodation in USA:

• Amberstudent
• UniAcco
• Homelike
• Spotahome

6. Prefer Public Transportation

Public transport is the cheapest option to travel within the USA. The popular public transport in USA includes subways, express buses, monorails & tramways. You need to pay around $1.75 - $2.90 (₹147 - ₹244) for a single ride in the subway and $1.00 - $5.50 (₹84.42 to ₹464) for a single bus ride. Some of the other options for cheap travel within the USA are:

• Light Rail and Streetcars
• Taxis and Rideshares
• Commuter Trains

Also Check: Travel Expenses for Students in USA

7. Avail Student Discounts

Bring an international student in USA, you are eligible for several benefits, including peels and discounts. The student discounts in USA are offered on several food and clothing outlets, transportation as well as some tech goods. One can avail these discounts using the student ID issued by the university.

8. Purchase a Meal Plan

Eating out regularly is not only expensive but can be harmful for health. This can also lead to several chronic diseases such as cardiovascular disease, diabetes, obesity and more. Hence, the best option is to apply for a monthly meal package, which costs much cheaper and is generally rich in nutrients. The monthly meal package for students in the USA costs around $150 - $200 (₹12,664 - ₹16,885).

9. Apply for Part-time Job

As an international student in USA, you are eligible to work part-time for up to 20 hours during ongoing studies. With part-time jobs in USA, one can meet their living expenses and even educational costs depending on their earning. International students can earn up to $20 (₹1,688) per hour while working part-time in USA.

10. Avoid Unnecessary Expenses

Students planning to study in USA on a budget are strictly advised to avoid spending on unnecessary expenses. You can stay on by limiting your expenses on entertainment, movies and outside dining every weekend. Sharing expenses on groceries and transportation in USA with your roommate and batch mates can also be good options.

International students planning to study in USA must research well in advance and budget their educational and living expenses in USA. Apart from reducing living expenses, one can also look for cheap universities or colleges in USA for their desired course of study. The universities in USA are no less than the top universities, and they have similar curriculum and student facilities.

FAQs

Ques. How much money do I need as an international student in USA?

Ques. What are the average expenses in the US per month for international students?

Ques. How much bank balance is required for an F1 visa?