Hey everyone! Today, I want to inform you about a topic that’s super important for all of us international students: saving money strategically for your Post-Study Work (PSW) visa. Sure, landing a sponsored job right after your studies would be amazing, but it's always smart to have a backup plan. Let’s dive into how we can save up for those PSW visa costs effectively.

Understanding the Costs

As of 2024, applying for a 2-year PSW visa for a master’s student involves some specific fees:

• Visa Fees: £822
• Immigration Health Surcharge (IHS): £1035 per year, totaling £2070 for two years as of 2024
  August.

So, the grand total you’re looking at is £2892. That figure might seem intimidating at first glance, but breaking it down into smaller, manageable parts makes it much easier to handle.

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Breaking Down the Savings

To simplify things, let’s set a goal to save this amount by the end of your course. If you arrive in August or September, give yourself some time to settle in, explore your new surroundings, and start applying for part-time jobs. December, with its holiday season, is an ideal time for job hunting since there are many opportunities available as it's Christmas and New Year. From December to the following September, you have a solid 10 months to save.

Now, let’s do the math:

• Total Amount: £2892
• Monthly Savings Needed: £2892 / 10 months = £289
• Weekly Savings Needed: £289 / 4 weeks = £72

If you earn the national minimum wage of £11.44 per hour, you would need to work around 6.5 hours per week to make £72 per week. Since you're allowed to work up to 20 hours per week on a student visa, there's plenty of room to comfortably achieve this without overworking yourself.

Seek guidance from Queen's Careers, Employability and Skills!

Crafting a Savings Plan

Here’s a step-by-step plan to make your savings journey smooth and stress-free:

1. Start Early

• Settle In: Take your time to get accustomed to your new environment during the first few months.
• Begin Job Hunting: December is an excellent time to find part-time work. The holiday season offers plenty of opportunities in retail, hospitality, and other sectors.

2. Create a Budget

• Track Expenses: Note down all your monthly expenses—rent, food, transportation, and other necessities.
• Identify Savings: See where you can cut down unnecessary costs. Maybe cook more at home instead of eating out, or use student discounts whenever possible.

3. Open a Dedicated Savings Account

Separate Savings: Open a separate bank account specifically for your PSW visa savings. This way, you won’t be tempted to dip into these funds for other expenses.

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4. Set Up Automatic Transfers

Consistency is Key: Set up automatic transfers of £289 each month to your dedicated savings account. This ensures you’re consistently saving without having to think about it.

5. Monitor Your Progress

Regular Check-ins: Keep track of your savings and adjust if necessary. If you find you’ve saved a bit more one month, you can ease up a bit the next month.

Avoiding Overwork

While saving for your PSW visa is important, it’s crucial not to overwork yourself unless absolutely necessary. Balancing work and studies is essential for your well-being and academic success. Here are some tips to manage your workload effectively:

• Prioritise Tasks: Focus on your academic responsibilities first. Part-time work should complement your studies, not hinder them.
• Use Free Time Wisely: Take advantage of any free time to relax and recharge. This helps maintain a healthy balance between work, study, and personal life.
• Seek Support: If you’re feeling overwhelmed, don’t hesitate to reach out to university support services or talk to your employer about adjusting your work hours.

Listen to the Queen's Life at the Lanyon podcast for some tips on how find your ideal job

Remember, the journey towards your PSW visa should be empowering, not daunting. Having a clear plan and being proactive will not only ease your financial concerns but also enhance your overall experience as an international student. By breaking down the costs, creating a strategic savings plan, and ensuring you don’t overwork, you’ll find the process much more manageable and less stressful.

Stay positive, stay focused, and good luck with your studies and future endeavors! 

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Madhurya Jagadeesh MSc Business Analytics | Postgraduate Student | India I am a dedicated Business and Data Analyst with a strong academic foundation and a history in various analytical roles. My educational journey includes a Master of Science in Business Analytics from Queen's University Belfast and a Bachelor of Engineering in Information Science & Engineering.