Budgeting tips for studying abroad
Studying abroad has a reputation of being expensive, and whilst there are definitely some costs to consider, the experience can be tailored to your needs and capabilities. Budgeting can help you keep track of how much money you have, where it is coming from and what you are spending it on. Here are some important things to think about when planning your year abroad and a couple of tips to make the most of your money!
When choosing the location for your study abroad period, it is important to research the cost of living in country and region you will be living in. Many exchange institutions will have a section on their website about living costs and typical monthly budgets for students, which is essential reading when preparing to move as it will give you a good idea of how much money you will need for the year; Numbeo is another useful website to compare cost of living across locations. Costs such as groceries and rent will vary from city to city, country to country, but some general tips would be to opt for cheaper student accommodation if possible and write shopping lists in advance. This latter tip is something I never did prior, but I have continued to implement, as I save money by planning my meals and also reduce my food waste.
Whilst you may save on everyday costs, a part of studying abroad that may get pricey is travelling. To explore in an affordable way, research which countries nearby have cheap living costs and set a budget before planning your trip and try to stay under it. Whilst I did dip into my savings for these trips, staying in hostels, taking part in free walking tours and eating authentic but cheap food all helped to keep travelling an affordable and enjoyable aspect of studying abroad.
Just like in the UK, lots of other countries have student deals on travel, food and clothes. Make sure you have the correct student ID required for the country you are living in and sign up to any platforms offering savings. If you’re studying in Europe, I recommend getting an ESN card too as this provides deals from companies like Ryanair and Flixbus, to make travelling more friendly for your wallet.
Additionally, the establishments on or nearby your campus may offer student deals on food and drinks; I found student nations in Sweden to be useful places for yummy cheap lunches and student-friendly nights out- check if your country has a similar student culture or find the nearby local student hotspots! Check if you are able to work in your host country to earn some extra spending money, but even if you can’t, I found volunteering in the student clubs to be a fulfilling way to spend my time and also receive a free meal!
Something I wish I’d researched more was using phone SIMs abroad. I used a Swedish one I was given on the day that I arrived but ended up spending more money on data and phone calls homes than I would’ve liked to. So, definitely look at what options there are to avoid those overseas roaming costs. Also make sure to be prepared for unexpected costs: my phone also decided to break, and that repair fee was not a welcome sight but luckily I could cover it.
Studying abroad was the experience that really called my spending habits into question, and it has definitely made me more conscious of how much I’m spending and what on. One app that I recommend is Revolut. It is a multi-currency card which will allow you to access, spend and transfer money abroad without pesky transaction fees that come with banks such as Lloyds; I was also unable to set up a bank account in Sweden but research your individual country to find this information out. The Revolut app has features showing how much you have spent each month, compares this with past months and categorises it based on what the money has been spent on. This helped me to visualise the areas I was overspending on and control this. Additionally, make sure to check if cash is used in the country you are moving to, and don’t take out large amounts if you won’t need it as I left Sweden with pretty much all of the Kronas I’d taken out beforehand.
As long as you’re prepared before you depart and regularly check your expenditure, in my experience living abroad is a great way to become more responsible for your money and learn useful budgeting skills. It is definitely possible to make lifelong memories on a budget.