The past couple of months have had a large impact on many people both physically and mentally, but the most dramatic effect might be how the world has been impacted financially. Despite many things changing in the world to account for the pandemic, one thing remains the same: college costs a lot of money.
Luckily, there are a variety of areas that you can save money in this semester, including food, driving, and even buying textbooks. Budgeting is extremely important and is a great way to start developing good habits for the future, especially for college students. Saving money can set you on a path to achieve your financial goals, keep you from going into debt and can help you eliminate bad spending habits.
Here are some helpful tips to help you stay financially stable this fall semester:
Creating a Budget
Budgeting your money can help you keep track of how you are allocating your resources each month. This is the first step towards managing your finances. You can eventually work towards plans you have for the future, like an apartment in U.S., traveling etc. Being a college student, you have fewer expenses than you will when you graduate. This is a great time to start building the foundation to be financially responsible before you start making a more consistent income.
There are many ways you can create a budget, from apps that connect to your bank account to making spreadsheets online. You can use apps like Mint or Pocketguard to help stay on top of your budget, or review other options here. It’s your preference on the way you choose to budget your money, but the most important thing to remember is to be consistent and hold yourself accountable.
Textbooks on a Budget
A new textbook can range anywhere from $100-$700 and can be an unexpected burden on a student financially. Luckily, there are a variety of resources online that can give you access to the used textbooks you need for class at more affordable prices.
Your school’s library is a resourceful tool to find textbooks for free, physical copies are limited so make sure to reserve books in advanced. You also have the option to use your school’s library database, some textbooks are available as a PDF document that you can download and use. Make sure to pay attention if you’re trying to find a book online to the textbook’s edition and publication date, as an older version of a textbook may have different information than the one needed for your course. If you are unable to locate a textbook at your library here is a link to rent or buy at a discount price: https://www.vitalsource.com/
Another affordable option is purchasing the loose-leaf version of your course’s textbook, these editions come in a binder and are much more affordable. You can also look into renting textbooks from your school’s library/bookstore, as you may be able to get discounted rates for them. Once you are done with your textbook for the semester, sell it back and earn some cash. You can find places to sell your books here.
Apply for student emergency funding & Scholarships
Being an international student is often very expensive and if you’ve been stuck in the U.S., the financial burden may be very difficult to bear. Many students were left without jobs they relied on to make ends meet and had internships/employment opportunities terminated due to the pandemic. If you are ever experiencing hard times financially, your school can be a resource. Many institutions have found ways to support students through these hard times.
Many institutions have allocated limited funds to international students, allowing students to be awarded grants and emergency financial aid. These emergency grants are used to help both undergraduate and graduate students with unmet financial needs and unexpected expenses. For more information about emergency funding, click here.
Take advantage of scholarship opportunities for international students! There are more scholarship opportunities for international students than you think. Here is a list of scholarships you are eligible to apply for.
Utilize Student Resources
Take advantage of the offerings that your school provides during the semester. There will be more virtual events happening this academic year, giving you the opportunity to win cool prizes like gift cards and potentially earning you some extra cash to help you get through the semester. Make sure to look for flyers and promotions posted by student organizations and social media platforms.
Additionally, if you are on campus, make full use of your meal plan. Food can be expensive, and you have already paid for your meal plan, so there is no need to spend extra money. Another tip to utilize student resources is using the tools your institution provides to make your academic experience more efficient. Check your school’s website for these services, which could include tutoring, career development, mental health counseling, and disability services.
Importance of Insurance
International Students entering the U.S. for the fall semester are required to have health insurance from either their school or an alternative plan that meets the institution’s requirements. A school’s insurance plan can be costly, providing affordable health insurance plans for international students is what ISO values the most. Especially since we are in a pandemic, it is essential to make sure you are protected. Our plans cover COVID-19 as any other sickness, it is our priority to keep our members safe and insured.
