With the euro at record highs, it’s time to rerun one of my blog entries from last February. Although it’s still here on the blog, it’s hard to find and this information is very important for all you planning 
on studying abroad in the spring.
I know that many of you are worried about the exchange rate and what that will mean for your study abroad experience. At least if you are studying on an Abroadco program you don’t have to worry about tuition and rent – that’s included. You’ll also get excursions to some great locations so that’s some travel. And you’ll get a variety of other services that you won’t need to pay for once you get to your study abroad destination.
Below are some tips for managing your money abroad. I don’t expect you to do all of them, but if you can incorporate some of this into your time abroad you will be able to do more with your budget than you thought!
1. Keep an expense log: write down everything you spend, no matter how small. It’s amazing how much money you can spend on little things.
2. Exchange rates matter: one euro is NOT the same as one dollar. And one British pound is definitely not same as one dollar. If the exchange rate for one euro is $1.40 and you buy a scarf that costs 25 euros, you actually spent $35. This can add up over time!
3. Think before you buy: Your first impulse may be to buy souvenirs during your first week abroad. Don’t! Take your time, explore the different markets, and compare prices before you decide what to buy. And remember, you’ll need to find a place for it in your luggage once you have it.
4. Use discount cards: There are a lot of great deals out there for students to travel inexpensively, but often you need to plan ahead. Invest in the ISIC (International Student Identity Card) Card as it can provide you with up to 50% off point-to-point train tickets, free entries into many museums and lots of other discounts. If you plan to stay in youth hostels, a Hostelling International (HI) card can be a lifesaver, especially in the summer. In some of the more popular hostels, they will only accept people with the HI cards. And, if you have an ID card from your host university, you will often receive many other travel discounts.
5. Eat at home: If you don’t have a meal plan with your housing and have cooking facilities, buy groceries to prepare your own food rather than going out all the time. Eating out can quickly ruin your budget. Spaghetti is inexpensive in all countries and is easy to make. And, another benefit of buying your own groceries is that you will learn new vocabulary and gain a better insight into your host culture. And by saving, you can dine out occasionally and have fun!
6. Stay local: You went to France to study French. Instead of trying to get to Spain, Italy, and beyond every weekend, take day trips to explore the wonders of France. You’ll spend less money and gain a better perspective about the country.
7. Plan one big trip: Plan ahead for one bigger trip (about five to ten days) to visit one or two other countries that you really want to see. Research in advance what the costs are, including housing, food, local transportation, nightlife, etc., so you know how much to budget.
8. Take advantage of freebies: There are always free things to do in cities—concerts, museums, festivals, etc. Also, take advantage of the excursions and immersion activities sponsored by your study abroad program and host institution. You will find that there are so many free things to do in your host city that you have to pick and choose! Your onsite director will provide you with information on fun free things to do.
I hope these ideas will help you manage your money abroad so that you never find yourself with $10 left with three weeks to go before the program ends!
If you have other money tips, email me at halpin@abroadco.com and I'll include them in a subsequent entry.