Press Releases - Managing Your Money Abroad

Released: Thursday, December 01, 2005

You’re ready to leave for your study abroad program and have about $500 each month that has to cover some of your meals and all your personal spending. There’s so much you want to do you’re not sure how to do it all on a budget. We’re here to give you some tips for managing your money abroad.

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 $1.22 and you buy a scarf that costs 25 euros, you actually spent $30.50. This can 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!

We 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!