You might have already figured out the study abroad grants you’ll need to finance your experience while studying abroad, but what about funding your daily expenses while you’re there?
If you’re studying somewhere where there is a higher conversion rate than then your countries currency, your daily expenses might not go as far as they do at home. Traveling to different locations is an added expense you typically don’t have to budget that will also pinch your pockets.
Here are tips to make your money go further while studying abroad, whether it is a summer study abroad program, a language course in France to a semester at sea:
1. Haggle!
Although not a typical American pastime, haggling at outdoor markets and street vendors is a common practice in many European countries.
2. Track your souvenir spending
Food is one thing, but do you really need to spend so much time and money buying souvenirs for every single person back home? Get postcards instead of shot glasses, pens instead t-shirts. The cheapest form of souvenirs? Pictures! You can always print and give as presents when you get back and I guarantee it will be loved more than a mug saying “my friend went to Spain and all I got was this lousy mug.”
3. Look for student discounts
Bringing your student ID is essential for a ton of student discounts. Discounts can range to transportation deals to museum discounts. Ask about student discounts everywhere as sometimes the deals aren’t well advertised.
4. Volunteer/look for a part-time job
Obviously looking for a job will help supplement some income while you are abroad. However, also look into volunteer abroad programs that pay for food or travel to help decrease the amount you spend on necessities.
5. Look for travel packages offered by the universities
Many universities offer group travel opportunities at a discounted rate for students studying through their program. These trips can range from traveling to Egypt from Germany at half the price, to going to an orchestra performance for 10% off.
6. Eat in
Wanting to sample the traditional cuisine of a country is normal (check out Travel the World in 10 Dishes) but if you eat out for lunch instead of dinner you can save a lot. Also, try to create your own masterpieces at home by doing a significant grocery shopping experience. Although many European countries don’t “do” huge grocery trips like America does, you can still save a ton by buying food for dinner as opposed to going out.
7. Avoid too much alcohol
Okay being a student is fun and you really need to go out and enjoy yourself but this is an easy way to watch your money go.
8. Don’t use your phone often
Instead of using your cell to call mum and friends back home use Whatsapp for free! Texting is free and much cheaper than calling, so try to communicate as much with texts instead of calling as well. There are more benefits too, including helping with homesickness and culture shock when studying abroad.
9. Focus on studies
Ask yourself, do you really need that Netflix, Amazon Prime or Disney+ subscription?
10. Walk
Try to avoid using public transport like trains, buses, taxis or metros – try getting a bike or just walking.
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