How to Budget for Study Abroad

HOW TO BUDGET FOR STUdy ABROAD



There’s not much that brings down a college study abroad student more than when they realize they’ve run out of money…

Whether that money was for basic necessities, like food, or fun treats like going on a day trip to a new city with a friend, lack of funds can turn an epic semester into a stressful term abroad. 

Fortunately, it doesn’t have to be this way! Creating a budget for your study abroad experience can take the stress out of the experience and keep you living the dream while abroad. If you track your spending, set limits, and designate certain amounts for certain activities, you will be able to avoid having no money in a foreign country before your time abroad ends. 

Now, before you can create your budget, you need an influx of money. Here are some things to do before going abroad that will set you up for being able to have a generous budget once you arrive in your host city:

#1: Start saving as soon as you know you want to go abroad

#2: Open a bank account specifically for abroad funds

#3: Save 50% of each paycheck & deposit it into your savings account

#4: Don’t go on shopping sprees: just think of all the cool non-American things you can buy abroad instead…

#5: Eat at home & learn to cook: this could help you budget while abroad too!

#6: Keep a vision board to keep you on track

#7: Apply for as many scholarships and grants as you can find! Don’t forget small organizations in your hometown that could support you. 

Now… you have secured the stash of cash needed to fund your adventures abroad. What’s next?

WHILE YOU’RE ABROAD:

#1: Give your parent(s)/guardian(s) access to your bank account so they can give you your savings in increments instead of having all your money at once; this minimizes the risk of all of your $$ being taken if that were to happen

#2: Eat breakfast at home

#3: Only eat out during weekends

#4: Make a separate food budget

#5: Make a separate travel budget and keep track of the trips you book, so you know how much you have left

Budgeting is a “play it by ear” kind of thing when you’re studying abroad because of how crazy and diverse your weeks and weekends will be.

One week you could stay in your host city the entire time and have a bunch of family dinners and the next week you could be eating out every day and traveling to another country on the weekend. 

Your budget may change each week, but make sure you are always subtracting from the total amount of money you have so you don’t surprise yourself when you can’t afford to eat or do anything on the trip to Greece you booked before you had blown most of your money in Croatia. 

Money is usually the biggest concern for study abroad students from the time they apply to an ASA program to the week they are leaving their host country and returning to the U.S.

Make sure you plan ahead, make a few separate budgets (travel, food, necessities, etc.) and leave yourself some money back home so you don’t return sad AND broke (the sad part is inevitable because you will be longing for the new home you made as soon as your plane takes off).