Study Abroad Tips: Budgeting & Saving Money

ou most likely have at least a rough budget that you adhere to while going about your daily, weekly, and monthly routines when living at home. But how do you figure out a budget for your study abroad trip? It can be tricky, but doesn’t have to be. A little planning, forethought, and estimation will go a long way to ensuring your trip goes smoothly, as there’s few worse predicaments than running out of money in another country! After reading our tips in this blog, a wealth of information can be found in our free e-reports, Financing Study Abroad and Guide to Pre-Departure.

Things to add to your budget

Of course, the usual suspects should be on here:

  • Daily meals/snacks (if not included in your program)
  • Daily transport between lodging and the school
  • Going out/entertainment (dinners, bars, etc… )
  • Souvenirs
  • Cell phone/calling card use
  • Internet use (Internet cafes or school fees)
  • Weekend travel & excursions
  • Incidentals: toiletries, film, batteries, etc… 

But don’t forget about these important budgeting factors:

  • Airline extra charges (baggage, food, drinks, etc… )
  • Airport arrival & departure taxes (see Don' Forget About Departure Tax for more info)
  • Entry fees/tourist cards
  • Visa extensions
  • School activity fees not included in your program
  • Book fees and deposits
  • Lodging damage deposits
  • Unexpected emergencies

Ways to save money

  • ISIC: If you are a student, get an ISIC (International Student Identity Card). They cost a little over $20, and the savings you can get will really add up! Make sure to review the benefits carefully, and when in doubt, ask if you can get a discount, it can’t hurt!
  • If going to Spain or Latin America, contact eXito Travel, specialists in airfare for those studying abroad.
  • Skype: Skype is a wonderful tool to use while traveling. You can make free or cheap phone calls, surf the Internet on their worldwide WiFi, and much more. Find out more about Skype.
  • Look into free events in your host city or country. Many great cultural experiences are available for free, check the Internet, or better yet, the local newspapers.
  • Ask around for the most inexpensive place to shop for groceries
  • Know how much the exchange rate is! Don’t get ripped off by finding the best place to exchange your currency. Universal Currency Convertor

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