Reducing your costs as an international student (without missing out)

Moving to another country to study is exciting, and it’s also a big financial step. The good news is that budgeting doesn’t have to mean missing out. We asked Dr Lakshmy Subramanian, Course Director for the Banking, Economics and Finance MSc at Cranfield University, how international students can cut costs while still making the most of their time in the UK.

It’s about being intentional 

Lakshmy’s advice starts with a simple mindset shift. Cutting costs isn’t about denying yourself. It’s about choosing where your money goes.

“It’s about being intentional.”

This matters because living costs are a real consideration. The UK government expects student visa applicants studying outside London to show they have £1,171 for each month of their course, up to nine months (£10,539 in total) via gov.uk, on top of any tuition fees they haven’t yet paid. For London, the figure is £1,529 a month if you were planning to commute. These figures are the minimum the government asks you to prove, not a ceiling on what you’ll spend, so it pays to think carefully about how far your money will go.

Learn to cook!

One of Lakshmy’s strongest recommendations is learning to cook. If you’ve never picked up a wooden spoon, you’re in good company.

“I’ve met many students who tell me they’ve never cooked before. That’s absolutely fine. But learning a few basic meals can save a remarkable amount of money.”

Food is one of the few costs you have a lot of control over, and a handful of simple recipes goes a long way. Cooking for yourself (or sharing meals with housemates) also brings benefits beyond your bank balance:

• Lower food costs
• Healthier eating habits
• Better time management
• Reduced stress during busy academic periods

Cooking is also a great way to make friends. Many students find that a shared kitchen becomes the social heart of their first term.

Make your student ID work for you

It’s easy to think of your student card as just a way to get into buildings or the library. Lakshmy would like you to think bigger.

“Your student ID is much more valuable than many students realise.”

Student discounts are available across:

• Transportation
• Retail
• Entertainment
• Technology
• Food and hospitality

Getting into the habit of asking “is there a student discount?” before you pay can add up to real savings over the course of a year. It’s also worth checking what’s available through your university, including its own services and facilities.

“Students are already paying for access to many facilities through their tuition and student fees. Use them.”

In other words, you’ve already paid for these, so make the most of them.

The habits behind financially successful students

Having spoken with many students over the years, Lakshmy believes financial success comes down less to how much money you have and more to how you behave with it. She told us her five most important skills and habits to ensuire students stay finacially secure.

Plan ahead. Successful students anticipate future expenses rather than reacting to them. Knowing when your rent is due, when a term’s costs will land, or when you’ll need to buy books or travel home helps you avoid nasty surprises.

Understand the difference between needs and wants. This isn’t about giving up everything fun.

“They don’t stop enjoying life. They simply make conscious decisions.”

Save regularly. You don’t need a big income to build a savings habit.

“Saving isn’t about the amount. Saving is about the habit.”

Even small, regular contributions help build financial resilience, so an unexpected cost doesn’t turn into a crisis.

Track your spending. Whether you use an app, a spreadsheet or a notebook, knowing where your money goes helps you make better decisions. Most people are surprised by how much small everyday purchases add up to. Cranfield have created a really handy budget tracker spreadsheet that you can download. It will help you follow and develop your saving skills and keep up to date with

Keep learning.

“Financial literacy is a lifelong skill.”

Understanding budgeting, borrowing, interest rates and personal finance will benefit you throughout your career, long after your studies are over. If you’re moving to a new banking system, it’s a great time to get to grips with how it works.

If you’d like some extra income, UK Student visa rules generally allow students on a degree-level course to work up to 20 hours a week during term time, though you should always check the conditions on your own visa first. Many students find part-time work a helpful way to top up their budget, but your studies should always come first.

Don’t forget: keep a buffer for graduation

Here’s a tip that many students overlook. It’s worth protecting some savings for the end of your course too. Many students exhaust their savings just before graduation, often the point when they need them most. This is the time when you might be exploring graduate jobs, internships, Graduate visa routes and relocation plans.

The Graduate visa is a good example. It lets eligible international students stay in the UK to work or look for work after completing their degree, and you don’t need a job offer to apply. Under current government rules, it lasts two years for Bachelor’s and Master’s graduates who apply on or before 31 December 2026. For applications made on or after 1 January 2027, this reduces to 18 months (PhD graduates receive three years). There are also application costs to plan for, including the visa fee and the Immigration Health Surcharge. It’s smart to check the current fees on GOV.UK well before you graduate, so you can budget accordingly.

That’s why Lakshmy recommends a cushion.

“A financial buffer gives you options. It reduces pressure and allows you to focus on finding the right opportunity rather than the first available one.”

Lakshmy was reassuring though and offered a thought for anyone feeling nervous about the cost of studying abroad.

“We often talk about budgeting as though it’s restrictive. In reality, good financial planning creates freedom.”

The students who thrive are rarely those with the largest budgets. They’re the ones who plan ahead, understand their finances, build healthy habits, ask for support when needed, and remain adaptable.

If you’re thinking about joining us at Cranfield, we’d love to help you feel prepared, and that includes feeling confident about your finances. Our team is always happy to answer your questions.

Download our tailored budget sheet

We worked closely with Lakshmy to develop a comprehensive budget planner that is available to download and use. It provides practical guidance on making informed financial decisions, tracking expenditure and building effective saving habits.