I totally get your concerns about budgeting and managing finances as an international student.
Welcome again to the Dairy of an International Student
It can be tricky to handle costs while making the most out of your student life.
But I’ve found some useful strategies and apps that have made managing my finances so much easier.
Here’s a bit about my routine and some of the apps I use to save, invest, and budget effectively.
Setting Up My Monthly Budget with Emma
When I first arrived, I needed something to help me organize my finances and track every expense. That’s where Emma came in handy. It’s a budgeting app that connects to my bank account and categorizes my spending. Emma is great because it gives me a real-time look at how much I’m spending on essentials like rent, groceries, and social outings.
After using Emma for a month, I figured out where I could cut back. For instance, I saw that I was spending quite a bit on coffee and snacks, so now I make my coffee at home or only buy it on study days in the library.
Wanna track your finance with Emma? Click Here
Saving Made Easy with PiggyVest
I also wanted to start saving a bit, even if it was just a small amount each month. PiggyVest has been fantastic for this. It’s a savings app where I can create different saving “targets.” So, I set up a few different ones one for emergency funds, one for a future trip, and one for everyday needs. The best part is that PiggyVest lets you automate savings, so I don’t even have to think about it. I just set an amount for each target, and it’s automatically saved for me!
One cool feature is that PiggyVest offers a “SafeLock” option, where you can lock away a portion of your savings for a set period. I use this for funds I don’t want to touch immediately, like for future travels or emergencies.
Small Investments with RiseVest
Even with a student budget, I wanted to dip my toes into investing, especially for the long term. RiseVest makes it easy to start investing with whatever you have, even if it’s just £10 or £20.
They allow you to invest in dollar assets, which is a good way to diversify a bit. I set up an account on RiseVest and put a small amount each month into low-risk investments. It’s pretty hands-off, and they manage everything, which is perfect for me as a student.
Since it’s all digital, I can track my investments and see how they’re growing over time. It’s rewarding to watch my savings grow, even if they’re just small investments.
RiseVest also offers different investment plans, so you can choose based on your goals. Find out more .
Everyday Expenses with Pocket
For day-to-day budgeting, Pocket is my go-to app. I use it to track my smaller expenses, like transport, groceries, and any casual spending. Pocket is simple and allows you to set weekly or monthly spending limits.
This has helped me keep track of my grocery budget so I don’t overspend. I also set aside a small budget for entertainment, like going to the cinema or grabbing dinner with friends, and Pocket helps me stay on top of that.
Cross-Border Transfers with LemFi
As an international student, sometimes I need to transfer money between the UK and home. LemFi has been fantastic for this, as it offers low fees and a great exchange rate.
Whether I’m sending money back home or receiving support from family, LemFi makes it quick and easy without hefty transfer costs. It’s been a lifesaver, especially when I need funds transferred quickly.
Keeping My Finances Balanced
Here’s a rough breakdown of my monthly budget:
• Accommodation: £300-£450 (on-campus with utilities included)
• Groceries: ~£120-£150
• Transportation: ~£30 (student bus pass or occasional Uber)
• Personal and Entertainment: ~£50-£70
• Savings and Investments: ~£50-£100 (split between PiggyVest and RiseVest)
With the help of these apps, I’ve been able to stay within my budget, save a bit for the future, and even start investing on a small scale. I also use UNiDAYS and Student Beans for discounts, which saves me a good amount on clothes, electronics, and sometimes meals.
Tips to Maximize Your Budget
1. Automate Savings: Apps like PiggyVest make it easy to save without even thinking about it.
2. Track Every Expense: Using Emma or Pocket to see where your money goes can be eye-opening.
3. Invest a Little if You Can: Even a small amount on RiseVest can grow over time.
4. Take Advantage of Student Discounts: They’re everywhere and really help!
5. Set Limits and Stick to Them: Whether for eating out or entertainment, setting a cap makes a big difference.
Budgeting might seem daunting, but with the right tools, it can become second nature. Plus, it’s a good feeling knowing I have some savings and a bit invested for my future. Let me know if you have any questions or want more tips.
