Travelling on a shoestring budget is an art that students should master!
Studying in an overseas country comes with many opportunities–- and exploring the world is one of them! As tight as a student’s budget can be, learners are always hunting for ways to complete their program while exploring a foreign land simultaneously.
Well, if you are one of them, you must bookmark this article! Today, we will give you 12 convenient money management tips to help you travel across the globe on a student’s budget.
Before moving further, if you are up for some fun while travelling and do not wish to carry worries in your backpack, we suggest you cover yourself with student travel insurance. Furthermore, if you plan to travel multiple times during your term, travel insurance with multi-trip coverage can help you go places without worrying about unexpected life events.
Back to the topic, let’s look at some money-saving tips to help you plan a trip without breaking the bank!
While planning a trip, creating a budget is the foremost thing to do. Knowing how much you need to save now and spend later will help you reduce your expenses and save it for a greater purpose- travel! A thumb rule for a budget-friendly journey is to set aside only 20% of your monthly budget toward your trip. This will help you limit travel expenses while securing other essential payments without additional borrowings.
If you are planning a trip in the coming year and it is not just another last-minute plan, we suggest you make the bookings as early as possible. The more you wait until the last minute, the more expensive the ticket fare gets.
Worried about last-minute cancellations? Your trip cancellation insurance or the trip cancellation cover in your international travel insurance has got your back. It offers coverage against specified flight/trip cancellation reasons per policy terms.
If a popular (and expensive) destination is on your list this year, travelling during the off-season can benefit you in many ways, like:
Did you know? There’s a hack to book cheap flight tickets.
Suppose you are planning a trip and have already made online bookings for the flight. Further, you look up accommodations but find out that the prices are higher than before. This is so because the popular accommodation booking websites read your data and know you are looking for accommodation.
So, here’s the hack. The next time you make bookings for your trip, clear all the search history and cache before searching on the web. Also, make necessary bookings in incognito mode to avail of exclusive offers.
One of the best money management tips for students is to travel in groups. Travelling in groups helps you to split expenses and still relish the taste of exploring the world. There are several apps now available that help you easily split expenses fairly. Thus, the next time you plan to visit a new destination, convince your travel buds to accompany you and have a trip full of fun!
If shopping is on your to-do list while you visit a foreign land, we suggest you avoid entering those big showrooms and instead explore the local markets. By shopping from the local markets, you get to know the local culture better and save several bucks that you would otherwise spend in the malls.
One of the best money management tips for students is using public transport when travelling to a foreign country. Personal cab and taxi services in a foreign land can be expensive and time-consuming. Thus, to save time and travel without breaking the bank, you should choose public modes of transport such as the metro, local trains, public buses etc. To make commuting from one place to another easier, memorise the usual route and keep a map handy when you decide to stroll on the road.
Booking hotels for your stay while travelling can hamper your travel budget. Thus, we suggest you ditch hotels and rather choose homestays or hostels at affordable prices. Apart from being a great money management tip for students, hostels also help you interact and socialise with people from different cultures and ages.
Now that you are planning a trip on a budget, it is time to take your piggy bank out and start saving! The best way to save is to cut on unnecessary expenses. To do so, you can avoid frequent social gatherings, parties, and eating outside. One more thing you can do is avoid hefty expenditures on necessities such as buying subscriptions. You can instead share one account among your friends and split the bill total.
One of the best money-saving tips for students is to be hawk-eyed for student discounts! Bookmark places that offer students with excellent services and special discounts, whether on a trip or during your term. To avail of student discounts, you can simply utilise your university identity card and get discounts on visits to national parks, monuments, or even amusement parks.
While in savings mode, cooking for yourself is one of the best money-saving tips. Cooking for yourself does not just help you save several bucks every month but also gives you the independence to eat the food you like, even in a foreign land. Thus, now that you are saving for the most awaited trip, ditch eating at expensive hotels and try cooking for yourself.
Travel insurance is not necessarily a money-saving tip for students but a wise investment if you plan a trip.
The best travel insurance will cover your overseas trips at an affordable premium without compromising on important coverage. You can rely on our student overseas cover amid unprecedented incidents such as emergency hospitalisation, theft, passport or baggage loss etc.
The Closing Line
The above-mentioned are 12 tips that every student should follow if they are in a money-saving mode. The tips will help with a comfortable trip and teach you the art of travel on low funds!
However, one wise expense we would ask you to make before flying off for your higher studies is buying travel insurance that would cover your trip from unforeseen crises. Worried about how to pay the expensive premium? Stress no more!
At Care Health Insurance, we design travel insurance plans, especially considering students' unique needs. We have curated travel insurance at an affordable premium without compromising on essential coverages. Need to know more about the plan?
Read out the policy documents of Student Explore- travel insurance by Care Health Insurance.
Disclaimer: Plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.
Published on 10 Nov 2023
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