Budgeting and Spending Money
For most students, studying abroad may involve changes in lifestyle and require more financial planning. Even if you do not already budget your money in the United States, you should begin doing so to prepare for your Study Abroad program. Before departure, find out exactly what is and is not covered in the program fee. This information is located on each program's Budget Sheet, and will help you calculate how much will be needed for other purposes. We advise students to keep in mind that the cost of living varies from country to country, with currency fluctuations, and according to your personal lifestyle, so it is important to plan a budget individually. Some major expenses which you will need to account for include your round-trip flights, meals, local transportation, travel, mobile phone, books, personal items, and entertainment.
Here are some helpful budget tips to get you started:
- Determine costs of daily expenses in the host currency.
- Make weekly and daily budgets and stick to them. Adjust up or down in light of initial experience upon arrival.
- Quickly learn the value of the local money in relation to the U.S. dollar.
- Be alert to discounts and use student discounts with your student ID.
- Take advantage of less expensive alternatives whenever possible. Cook meals (especially breakfast) and use student cafeterias, saving restaurants for special occasions.
- Plan entertainment and recreation around the availability of free, inexpensive, and discounted events — on campus, or in the surrounding community.
- Shop in street markets or major chain supermarkets, which are less expensive than convenience stores.
- When traveling, stay in hostels or in modest bed-and-breakfast accommodations as opposed to hotels that cater to tourists and business travelers.