Gaurav Batra, founder and CEO Infinite Group, recommends these smart tips to help you cut down on living and transportation costs while studying in the US.
The Great American dream is real.
For most international students getting admitted into a college in the United States on a student visa feels like a scene from a movie.
From receiving the acceptance letter to stepping onto a campus filled with opportunity, one goes through a medley of emotions.
But beyond the glossy brochures and reel-worthy campus tours, students have to brave through a list of challenges -- academic pressure, cultural adjustment, homesickness, financial worries and the constant need to prove oneself in a highly competitive environment.
When your first food bill hits harder than a mid-term exam, reality sets in quickly.
As important it is to perform well in your exam, managing your finances in a foreign nation is equally crucial.
Effective budgeting is essential; it's your safety net, whether you're traveling to Nebraska or New York.
The key to making this exciting chapter a success for any prospective foreign student is prudent budgeting.
1. Break down your study expenses
Knowing where and how much of your money will go is the first step in creating a smart budget.
Unsurprisingly, a significant portion of student expenses are related to tuition and fees.
For the 2024-2025 academic year, the average tuition at US public universities is $24,513 (approximately Rs 21.17 lakhs), while private universities charge about $43,505 (approximately Rs 37.58 lakhs).
Getting accepted into a publicly financed university can greatly reduce the financial load for potential out-of-state students; thus, it should be their first objective.
2. Cut costs on housing and meals
If not properly managed, living expenses, especially accommodation and food, can have a significant impact on a student's budget.
However, you can free up a sizeable amount of your money by making wise decisions in these areas.
Rent can be decreased by selecting shared flats or on-campus accommodation; living expenditures can be further reduced by sharing expenses with roommates.
When it comes to meals, cooking at home is far less expensive than eating out frequently.
To manage your expenses, plan your meals in advance, buy wisely and contrast your grocery shopping with the meal plans offered by the university.
3. Use public transportation
The way you travel can have a significant impact on how much money you can save on a daily/weekly/monthly basis.
If you live farther from the campus, you may be able to save up on rent.
If public transportation is difficult to get, such savings may be swiftly offset by transportation expenses. Therefore, spend some time researching local transportation choices before deciding on your lodging.
The majority of US cities have reasonably priced student passes for trains, buses and metros, which can be extremely beneficial. This can help you stay within your budget while saving money, lowering your carbon footprint and easing the stress of commuting.
4. Part-time work/internships
One sensible strategy to control costs while studying in the United States is to take up a part-time job.
During academic sessions, foreign students with an F-1 visa are often permitted to work up to 20 hours a week on campus. International students can work up to 40 hours a week during breaks.
Please note that off campus employment will need to be authorised by the university or must comply with the latest student visa regulations.
There are several jobs and internships available for students in research departments, dining halls and libraries at many universities.
While the money might not be enough to cover all of your expenses, it can help you with daily bills and provide useful professional experience that can add value to your CV.
Understanding how to manage your money is an important discipline that will help you focus on your academic and personal goals.
Every thoughtful decision you make -- right from your first grocery list to how you spend your last semester -- will help you maximise your academic experience both within and outside of the classroom.
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