Finally taking the plunge and applying for a student exchange? Here’s the low-down on how to make the most of your time as a student overseas — from leveraging student discounts to practical budgeting tricks, and even an all-in-one app for all your payment needs.

Oh, to be a student! Being in school means opportunities to go on some of the best trips of your young adult life — and student exchange programmes are one of them. I sound like I’m speaking from experience but *spoiler alert*, I’m not. I’ve spent countless hours listening to the endless tales my friends have shared of the adventures they had while on their student exchange programmes. You can say, I lived vicariously, and even enviously, through them — not because I couldn’t go on such programmes myself, but rather, I never took these opportunities to broaden my horizons seriously, even when they were right in front of me. 

Still, just from listening to them, I’ve learnt just how important a student exchange programme can be — both for the honing of vital life skills and for the building of character. But now that that’s out of the way, we’ve come to the pickle many of my friends faced whilst on their student exchange — finances. The dreaded ‘F’ word.

Lucky for you, we’ve got all the tips and tricks to help you live more whilst spending less on your next VTL adventure overseas. Scroll down for the nine best ways you can do so!

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1. Know Your Budget, And Stick to It

Always 👏🏻 have👏🏻 a budget 👏🏻! This cannot be stressed enough — it’s already so important in our daily lives, and even more so when we travel.  When living in a foreign country, where you might have more financial considerations, we suggest budgeting on a monthly basis, so you can do a review at the end of each month to ensure you’re on the right track, money-wise. 

	Questions To Consider When Budgeting
Accommodation	👉 How much is the monthly rent?
Food	👉 How much do groceries cost? 👉 How much would a meal out cost?
Transport	👉 How much does your daily commute cost? → Take note of local commute guides for planning → Spare cash for emergency taxi rides [Editor’s Note: I practically lived on FlixBuses when I was in Europe — long rides enabled us to save on accommodations for at least a night, plus you get to see a lot of the country when you’re travelling by land!]
Sightseeing	👉 How much do the local attractions cost? → Scroll down for an in-depth guide on student discounts
Emergencies	👉 Extra expenses that may arrive, like missing a flight, etc → More on student travel insurance below

Best Budgeting Apps

Mint

How To Save Money On A Student Exchange Programme 2023

Dubbed a favourite amongst popular budgeting apps for being free and functional, Mint also allows you to sync up your bank accounts to automatically record your spending and allowance. Score!

How To Save Money On A Student Exchange Programme 2023: Download yours here

PocketGuard

Another free budgeting app, PocketGuard is all about simplicity, while also allowing you to sync your bank accounts to the app for ease of tracking. The app also features alerts and the ability to create financial goals based on your spending habits, thus helping you in areas where you can save more money. 

How To Save Money On A Student Exchange Programme 2023: Download yours here

Simplifi by Quicken

This app provides a consolidated view of your bank accounts, loans, credit cards, and investments, all in one place so you can stay on top of your spending.

👉🏻 Available for US$3.99/a month (~S$5.40)

How To Save Money On A Student Exchange Programme 2023: Download yours here

YouTrip

Of course, we couldn’t have a budgeting app guide without mentioning our beloved YouTrip app! It keeps track of your transactions, plus helps you bypass those pesky bank fees — there are absolutely no admin or processing fees for foreign currency fees and 0% markups on Wholesale Exchange Rates for all 150+ currencies. A must-have on your student exchange IMO. Plus, you now have Apple Pay at your disposable!

More importantly, you can lock your card easily via the app if ever you face a fraudulent charge and simply report it to our team! It’s also completely free with no annual fees. Sign up here for a free card with promo code <YTBLOG5> for a bonus S$5 to kickstart your travel spending!

How To Save Money On A Student Exchange Programme 2023: Download yours here

2. Travel Insurance Is A Must

A friend went for her four-month student exchange in Seoul without travel insurance, thinking: ”It’s just four months, what can go wrong?”. Well, she ended up falling really ill and having to foot a hefty medical bill because she wasn’t insured. Needless to say, she has learnt a hard lesson. To prevent all that from happening to you on your student exchange (touchwood), always be prepared! While most educational institutions make it compulsory for exchange students to have an insurance plan, make sure you are covered with a well-rounded plan.

Basic coverage you must have includes general practitioner bills, hospitalisation bills, and death or permanent disability. On top of that, you can also choose to add on additional coverage for loss of belongings, study interruptions, exam delays that lengthen your stay, and coverage for leisure activities. In case you were looking for one, you can purchase yours in your YouTrip app with HLAS and enjoy big savings of up to 65% — COVID coverage included.

How To Save Money On A Student Exchange Programme 2023: Find out more here

3. Choose Shared Accommodation

On-campus accommodation, a shared apartment, doing a homestay — these are some great wallet-friendly ways for you to get good lodging while on your exchange, plus a convenient way to make some new friends. Of course, it all depends on your comfort levels when it comes to living with strangers, and how close you’d like the accommodation to be near campus.

	Pros
On-Campus Accommodation	👉🏻 Easily a top choice if distance matters most to you 👉🏻 You won’t have to spend on your daily commute → Your host school should provide guides to on-campus lodging, so be sure to check out the school’s website before deciding!
Shared Apartment	👉🏻 Choose apartments based on location 👉🏻 Budget-friendly option (share groceries with housemates!) 👉🏻 Meet new people and bond!
Homestay	👉🏻 Cultural immersion 👉🏻 Wholesome, safe experience 👉🏻 Safe on groceries and additional fees (but remember to pay your host family in kind!) → Not sure how to search for a Homestay? Sites like Booking.com and Agoda can help you source for them. Psst! Get up to 10% off your bookings when you make full use of YouTrip Perks and check out with your YouTrip card. 💜

How To Save Money On A Student Exchange Programme 2023: Find out more about YouTrip Perks here

4. Scholarships, Grants, Or Student Loans

A scholarship takes a whole load off your shoulders when it comes to tuition fees. When applying for a student exchange programme, do check in with your home institution or the host institution on available scholarships that can either fund your part of or your full, tuition fees overseas. 

If there is no applicable scholarship available, do check out existing grants that may come in useful too. And if that’s not an option, we’ve got a complete guide at hand to help you navigate student bank loans that you can take to help make life a little easier. 

How To Save Money On A Student Exchange Programme 2023: Find out more here

5. Make the Most of Student Specials and Discounts

Image Credits: EF Education First

You know how taking your student card to the movies means a discounted ticket? Or flashing it at the food counter gets you a combo meal? Being a student has its perks, and they don’t just end in your home country. 

Student Discounts to Check-Out:

👉 Airfares: Yes, student deals on airfares do exist, but conditions vary according to specific requirements and airline conditions.  

👉 Accommodation: Following up on tip #3 above, if you choose to take up an apartment, do look for one that provides special discounts or deals for students.

👉 Commute fares: When purchasing concessions or tickets for your daily commute, opt for their student concessions with your student card.

👉 Student Phone Plans: While we’ll touch more on cheaper phone calls below, one great option to highlight here is the availability of student plans on SIM-only and post-paid plans overseas.

👉 Attraction Offers: If you’re off to Europe, a ton of museums and attractions offer discounts for students whenever you bring your passport or your ID.

How To Save Money On A Student Exchange Programme 2023: Check out our Italy itinerary for more details!

6. Get Cookin’, Good Lookin’

Image Credits: UCL

Who doesn’t love good ol’ home-cooked food? While you may not be able to bring Mum or Dad’s cooking with you, making your own meals while on student exchange can give you a little comfort and taste of home. You could even bring some pre-packed mixes of local dishes to share with your housemates! If you’re new to the kitchen, having a handy multi-pot or air fryer can do wonders for your cooking (there are also a ton of great one-pot recipes tutorials on YouTube for you to peruse).

Cooking at home can also save you a lot of money — just remember to bring your YouTrip card along with you to save some cash on exchange rates when grocery shopping overseas!

How To Save Money On A Student Exchange Programme 2023: Find out more here

7. Curb Homesickness With Virtual Calls Home

Image Credits: Freepik

Gone are the days of relying on Internet dials, or having to squeeze 10 stories into a 30-minute call before you hear that dreadful beep that you’ve run out of credits.

Thank goodness for apps like Zoom, Skype, Viber, WhatsApp, Telegram, FaceTime, Facebook Messenger, and more! Most of which are not just available on laptops but mobiles too, for free (and most of the time, unlimited) international calls. We highly recommend having one or two options installed, just in case one fails on you.

Otherwise, we’ve got the lowdown on the cost of data plans overseas. As a casual gauge, we scoured the web for the best Australian ones so you have a rough idea.

Australian Telcos	Data Plan Includes	Cost
Optus →Medium Optus Choice Plus Plan	👉 Receive 100GB for 1 month 👉 Unlimited National Talk & Text 👉 Unlimited Standard International Talk & Text limited to 35 selected destinations 👉 Student email required for discount	A$39 per month (discount valid for 12 months)
TPG →12GB data plan	👉 Unlimited talk & text to Standard AU Numbers 👉 Add on A$5 for international calls to 37 countries	A$10 per month (for the first 6 months, then S$20 per month)
Circles.Life →6GB data plan	👉 Unlimited talk and text, Standard talk, SMS and MMS to mobile & landlines, 13 & 18 numbers, and voicemails 👉 Optus 4G Plus network. 👉 Additional data boost (if you run out) is A$10/3GB	A$15 per month
Amaysim →UNLIMITED 32GB plan	👉 Unlimited data banking: Each time you renew your plan, any unused data will be added to your bank.  👉 Unlimited talk & text  👉 Automatically renews for A$30 every 28 days. 👉 Outpus 5G Network 👉 Additional data boost is A$10/1GB 👉 Bonus 8GB (40GB) for first renewal	A$30 per month
Vodafone →$30 Prepaid Plus Starter Pack	👉 Get 20GB bonus data on your first 3 eligible recharges made within 90 days of activation (40GB) 👉 Bank up to 200GB unused data each time you recharge on a Prepaid Plus plan before expiry 👉 Standard international minutes + 50 standard international texts 👉 Unlimited standard national calls and text	A$30 per month

How To Save Money On A Student Exchange Programme 2023: Check out our guide to family-friendly road trips in Australia

8. Take On a Part-Time Job

Tutoring, a cashier job at the neighbourhood supermarket, a bookstore employee, waitressing, pet-sitting — the options are aplenty. And while they may not necessarily get you a fancy meal on a night out, taking on a part-time job goes a long way in providing you with the extra cash to cover costs and savings for rainy days. 

More excitingly, they also allow you to pick up new skills! There are however rules for students who wish to take up part-time jobs:

Australia / New Zealand

✅ Students can work up to 40 hours every two weeks, and unlimited hours during holiday breaks.

👉 You will receive the same protections at work as anyone else working in Australia.

👉 You will get at least a minimum rate of hourly pay no matter what job you do.

👉 Jobs you can take up include: Retail, Hospitality, Farming and fruit-picking, Services, Administration and clerical work, Tutoring

How To Save Money On A Student Exchange Programme 2023: More details here

USA

(A) On-campus Employment: 

✅  Student visa holders may work on-campus up to 20 hours per week when school is in session, and full-time during school break periods (up to 40 hours per week).

👉 In order to do so, you will have to apply for it up to 30 days before the start of classes. 

How To Save Money On A Student Exchange Programme 2023: More details here

(B) Off-campus Employment:

✅ Only available to F1 students who have completed at least one full academic year of their study programme, and who have an economic hardship that qualifies for the Department of Homeland Security’s emergent circumstances.

👉 There are two programmes specially created for students who wish to gain experience in their field of study: Optional Practical Training (OPT) and Curricular Practical Training (CPT).

How To Save Money On A Student Exchange Programme 2023: More details here

UK

✅ Students attending short-term studies abroad programmes in the UK at an overseas Higher Education Institution are allowed to work a maximum of 20 hours.

🚨 If you are allowed to work in the UK, you cannot:

👉 Be employed as a doctor or dentist in training (except on are cognised foundation programme), a professional sportsperson (including a sports coach), or an entertainer

👉 Be self-employed

👉 Engage in business activity

👉 Fill a full-time, permanent vacancy.

❌ Students not allowed to work in the UK:

👉 Part-time students, studying at post-degree level or above.

👉 Students studying at any level in a publically-funded further education college.

👉 Students studying at any level as a private provider

How To Save Money On A Student Exchange Programme 2023: More details here

Study Hard, Play Harder On Your Student Exchange

We hope you’re as excited as we are about your next student exchange programme and we’re confident you’ll be on the right track with these tips and tricks in the bag!

Whether you’re homesick for the first few weeks or enjoying every single moment of it, everything is an experience and you’ll only emerge stronger and renewed at the end. Oh, we forgot one thing — you might want to capture different moments of your time and study overseas, so here’s a quick guide on choosing a compact travel camera to take along. 😉

As Singapore’s favourite multi-currency wallet, we aim to get those pesky fees out of the way and help you save on your travels. With the best foreign exchange rates, no longer will you have to deal with those long queues at money changers! So if you’re looking for a go-to travel card, sign up for your complimentary YouTrip card today with promo code <YTBLOG5> and get FREE S$5 in your account! For more great tips and articles like this, join our Telegram (@YouTripSG) and subscribe to our free weekly newsletter here or down below.  

And while you’re at it, why not join the conversation with thousands of #YouTroopers in our very own Community Telegram Group @YouTripSquad? Get tips and tricks to everything YouTrip including exclusive invites to exciting events and experiences, & be part of the #YouTripSquad! 

Happy Travels 💜

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^{*All currency conversion rates are accurate to the nearest 10 cents on 10 Nov 2021 SGT 3.30 PM. Bank card prices are calculated based on 3.25% foreign currency transaction fee.}