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You want to study abroad but you’re worried about the cost and not being able to afford it? Here are the best study abroad budget tips for any college student looking to study abroad!
In this post, we will go over what you actually spend money on abroad, how to cut costs and save money while abroad, and then finally I am going to answer the most common questions about study abroad budgets!
Before we get started, here is a budget planner you can download for free, perfect to plan your study abroad budget and keep track of it when you’re overseas:
The Study Abroad Budget
First, let’s take a look at what needs to be spent on studying abroad.
Before we get started, you need to know that there are two ways of studying abroad: Doing it on your own or going through your university.
Here is the difference: Going on your own will probably be cheaper because you don’t pay your current university tuition but pay the exact tuition at your study abroad university, which is often much cheaper than US tuition. However, this is less common since many US colleges offer programs and only allow their students to go through their study abroad office.
The other way is to go abroad in a program through your college/university, where you pay your regular tuition fees instead of the overseas tuition, meaning you pretty much spend the same, except for no room and board fees.
Now that we clarified that, let’s assume option #2 for these tips (you paying the same tuition).
Fees
There might be a deposit you need to make to secure your spot in the program. If the program is cancelled you get it back, however if it’s not and you decide not to go, you can’t.
This fee basically pays for the administration and application to the program.
When I first applied to study abroad, I needed to pay $500 as a deposit, and then just my regular tuition I would’ve paid if I was to stay at my university for that semester.
Room and Board
This is where you save the $$$ friends. Of course, that depends how expensive your home college is in terms of accommodation, but usually rooms abroad are much cheaper.
In terms of food, universities outside the US (as far as I know of course) don’t really offer “meal plans” as such. Usually, students stay in apartments with kitchens where they cook, or they get food from takeaways or other cafes on campus or around the university.
This is really an advantage in that you can spend as much money on food as you like, stay healthy, or try different things.
On the other hand, if you are planning to study abroad in the United States, get ready for meal plan and accommodation fees you usually can’t get around.
Transportation
This cost is probably the part that makes it more expensive. Flying to your destination and traveling there can cost money, especially if it’s far away from where you live.
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How to save money while studying abroad
Altogether, studying abroad really doesn’t cost much more than a semester at your normal university. However, if you want to travel and explore the country or even other countries in the area, you are probably going to spend more.
Here are a few tips on how to reduce travel costs:
#1: Use Skyscanner
If you don’t know this website yet, it compares flight prices.
Basically, Skyscanner shows you the cheapest months to travel to particular places, and it also shows you the cheapest plane tickets to everywhere in the world.
I have booked dozens of flights through Skyscanner and always got the best deal. Sometimes it can be fun to just pick the cheapest flight and explore a country you haven’t otherwise thought of visiting.
Check out Skyscanner here!
#2: Travel with friends
Traveling with friends can save you accommodation costs, and if you rent a car or use someone else’s car, you also save on transportation!
Related Post: How to Travel for Free
#3: Stay at Hostels
Hostels are super cheap accommodation options for budget travel during your study abroad semester. You can meet new people AND save money! Win-win!
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- International Student College Application Guide
- High School Study Abroad Guide
- The Ultimate Guide To Studying Abroad In College
Let’s talk about general study abroad budget tips
Study Abroad Budget Tip #1: Create a Budget
This might sound very basic, but creating a budget and knowing how much you have to spend abroad is a KEY study abroad budget tip!
When I studied abroad in the US, I wrote down my expenses every month. I wrote down whatever I spent money on and added up that number every month so I knew how much I spent every month.
That makes it super easy to add it up at the end of your semester and see how much you’ve spent, which can be useful for comparing it to how much money had at the start, for potential negative balances on your credit card.
Here is a free budget planner and expense tracker you can download:
Study Abroad Budget Tip #2: Avoid ATM’s
Foreign cards at ATM’s have huge transaction fees, so if you can, try and pay by card instead of taking out cash from an ATM.
It can also help to do some research on how much your bank charges, how you can avoid them, and maybe even get a travel credit card with as little transaction fees as possible.
When I went to a trip to Mexico, I didn’t know my bank had a $10 ATM fee for any international withdrawal, so when I took $50 off my bank charged me $60! That’s insane! That’s why you should look into it before you leave.
Study Abroad Budget Tip #3: Have some cash
I know I just told you to avoid ATM’s if you have high transaction fees, however, some countries are more known for cash than card payments. Sure, major cities and chains usually always accept cards, but small shops in Europe often only take cash. Keep that in mind!
Study Abroad Budget Tip #4: Keep an Emergency card
Having money set aside for emergencies is KEY. You never know when you get something stolen, your flight gets cancelled on the way, or you need it to book a hotel if you’re stranded somewhere.
Make sure you NEVER access it unless it’s an emergency, and always keep it safe somewhere.
Related Post: How to Budget and Save Money in College
Study abroad budget tip #5: More is safer
With ‘more is safer’ I just mean to budget in more money than you think you’ll need for your first month.
While, of course, you want to keep costs down, some things are just necessary to get at the start, even if you forgot about it.
So, make sure to keep a little extra space in that first-month budget so you don’t get too stressed out for spending more than planned right away.
Study Abroad budget tip #6: Student discounts
Take advantage of student discounts, even when you’re abroad!
If you’re going to use Amazon Prime, keep it, however some countries aren’t covered by Amazon and you would only waste having your subscription, so look into that and cancel it before you go.
Study Abroad Budget Tip #7: Work abroad
Working while being abroad is a great option if your visa allows it. Many visas allow students to work part-time (20 hours a week), which can be quite a good amount to make.
However, not many students want to work during study abroad (I feel that haha) because they want to travel and experience everything, which often means no time to work.
It’s fully up to your preference what you want to do, but working a flexible part-time job can be a great experience and make some money.
Study Abroad Budget Questions and Answers
Here are some frequently asked questions about study abroad and budgeting that I wanted to answer for you!
If you have any more questions, feel free to comment below or DM me on Instagram @myclickjournal.
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How do I make a budget for studying abroad?
First, you should write down all the expected expenses you anticipate spending money on during your study abroad. That can include living costs, food, travel expenses, and more.
Then, you should note of any incoming money that you will get while abroad. That can include your savings, your parents sending you money, or working part-time abroad.
Once you have those numbers, you can budget how much money you have to spend on each category, and how much is left for fun stuff!
You can download my free travel budget planner here to help you with study abroad budget tips:
How much should I budget for study abroad?
This question is tricky since everyone goes to different universities, however, if you go abroad through your college’s study abroad office, you should budget the same amount of money as you would for your home university.
Going abroad from the United States to a different country saves you room and board costs, but the travel costs are higher, so they balance each other out (more or less).
I recommend having around $150-300 per month of spending money, depending on your activities and preferences.
Can I get 100 percent scholarship to study abroad?
Getting a scholarship that covers 100% of the costs is almost impossible, however, usually you can apply any scholarship you receive from your university to study abroad.
Also, you can apply for other scholarships that can help you cover the cost.
Is study abroad expensive?
Despite the popular belief that studying abroad is expensive, it’s actually a money-saver for many students. Depending on your home-country, universities in Europe are much cheaper and you can actually save money by studying there.
What is the cheapest country to study abroad?
While many countries only offer free education to their residents, there are countries that offer free or very low tuition costs, including Norway, Germany, and France among others, making them the cheapest countries for study abroad.
Which country gives free education for international students?
Norway gives EU as well as non-EU citizens tuition free university education. The only fee you need to pay is the administration cost, which is usually below $100. Very affordable!
There are of course other countries out there that offer very low tuition costs, and sometimes even free tuition.
Can I study abroad for free?
Studying abroad completely for free will be difficult, since there are always at least administration fees to pay, you need to live somewhere, and you have to pay for plane tickets etc.
However, you can save up money beforehand, apply for scholarships, and work abroad to cover your expenses.
Related Posts:
- The Ultimate Study Abroad Bucket List
- Applying to College as an International Student
- College Packing List for International Students
- How to Prepare for Study Abroad in College
Does fafsa cover study abroad?
If you are from the United States and use FAFSA to help fund college, yes, they do cover study abroad. However, make sure to double check and let them know of your plans.
Can you get a scholarship to study abroad?
Yes! There are various scholarships for international students, ranging from government scholarships, to scholarships from your own university or from the university you want to attend overseas.
Make sure to apply in advance!
Is it cheaper to go to college abroad?
That fully depends on your home country and what costs and fees you are used to! If you are from the United States or Canada, tuition fees are definitely going to be cheaper in Europe or South America.
However, if you’re from Germany and are used to paying 300 Euros per semester, studying abroad in England can be more costly, depending on how you choose to study abroad.
Is it worth it to study abroad?
In short: YES! There is nothing more exciting, enriching, and even cost-saving than studying abroad. You can explore a new culture, meet new people, and travel a new part of the world, all while being in university. I personally loved it and would do it again and again!
Those where my study abroad budget tips!
I hope you’ve enjoyed these study abroad budget tips and share this post with your friends who are thinking about studying abroad!
Don’t forget to download the free budget planner:
Until soon,
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