Written by Terry McMillan, Global Ambassador and Masters in International Marketing student Class of 2018.
When I first found out that I was moving to Boston, I was excited to make the move. However, one of the things that worried me was the cost of living. Many people told me that living in Boston would be expensive. I have lived here a few months now and realize it’s actually not too expensive if you know where to go. I want to share 4 tips and tricks with you to help you save some money:
A good place to stay is important for everyone, seeing as our home is where we spend a lot of our time. For students, there are many choices: from a studio apartment to shared apartments to homestays.
The average rent price of your own studio apartment ranges in price depending on the location, but generally, it is an expensive option. If you do choose to stay in an apartment, you also have to buy all of your own furniture and house appliances which adds even more costs to this option.
Shared apartments–a Hult students’ favorite.
Typically 3-4 Hult students will live together in an apartment which lowers the monthly expenses. This way of living also give you an opportunity to get to know other people better. The average price per person in a shared apartment is usually much cheaper than renting a studio apartment.
Another option is homestay. Homestay is when you rent a private room in a person’s house, sharing the communal areas like the kitchen and bathroom. The advantage of staying in a homestay is that you don’t have to buy any furniture because the owner provides everything. You can arrive with just your luggage, and when you leave you can just go without having to do anything. The typical price for a homestay in Boston is generally cheaper than both shared and studio apartments.
Boston is one of the cities in the United States that encourages people to use public transport. Rather than using Uber, or driving around the city, students choose to use ‘T’ or ‘Train’ to travel around Boston. Beside ‘T’, there are also buses to take you around the city which works out much cheaper than using an Uber. ‘T’ also have weekly or monthly passes that allow you to travel for an unlimited time during the week or month. For weekly passes, it costs $21.25 and for monthly passes, it costs $84.50. Although Uber can be very convenient, using the train is an alternative solution when you want to save money.
There are many shopping avenues in Boston, ranging from the luxurious brands at Simon Copley Place, Newbury Streets, to outlets at Assembly Rows. But one of the best ways to shop in Boston is during a holiday season, or on certain days like Black Friday, Cyber Monday, Christmas, New Year, and Veteran’s Days. During those days, stores typically offer a discount ranging from 15% to 75% w- a great way to save money.
4. Groceries and home goods
Everyone needs food! To save money, we have to cook rather than going out to eat. Before going to the store, make a list of the things to buy so that you can save time, reduce impulse buys, and only buy the things that you actually need. Buying groceries and home goods in bulk can also save money. Buying in bulk also cuts down how often you have to shop, which also saves the transportation fee if the grocery store is not walkable distance from where you live.
These four things, although they seem ordinary and simple, can actually save us a lot of money when we have a tight budget. Considering the majority of us are international students, which means we cannot work in the United States during our program, we lose our inflow of income that we usually have when we were working. Therefore, through these simple steps, we can reduce the expense of living and save more to do the things that we actually want to do.
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Terry McMillan is a Master in International Marketing student at the Hult Boston Campus. She is from Washington, D.C. and has worked for several government agencies within the Washington, D.C. area. She loves design and traveling and previously lived in Okinawa, Japan. Follow Terry’s Hult journey on her blog.
Kickstart your career in this education and innovation hotspot by studying at Hult’s Boston business school. To find out more, take a look at our blog Student tips: 8 things to do and see in Boston. Download a brochure or get in touch today to find out how Hult can help you to learn about the business world, the future, and yourself.