Student Bloggers

Managing finances abroad can be a daunting task. Navigating flights, new living expenses, currency exchanges, and products you’ve never seen before can be overwhelming, and together create one of the scariest aspects of going abroad. But with the right planning and some smart spending, even the tightest of budgets can still be enough to have an amazing time! As a former abroad student myself, I have been through some very difficult financial times while abroad as I tried to manage a tight budget while also enjoying my time to the fullest. Here are some of the biggest tips I can share to help you have as great of a time as I did:

The Honeymoon Phase

What is it? 

• When you first get to your abroad location, you will be overwhelmed with excitement! You’ll want to see and do everything you can, as quickly as possible. This giddy-like state you’ll find yourself in is called The Honeymoon Phase, and it is very easy to spend a lot of money during this period.

How do you prepare?

• The best way to counteract this phase is to simply be aware of it. If you know why you’re inclined to spend so much money, you’ll be better able to stop yourself, too. Remind yourself that you have a while longer to try more restaurants, visit different stores, and really get a feel for what you want, and what you may not need. 

What about other expenses?

• There will also be inevitable expenses in this phase: a new pillow, a drying rack, dish soap – things you wouldn’t know to pack, but will need nonetheless. Altogether, the honeymoon phase is the most expensive part of studying abroad; but smart spending and saving can be the difference between spending too much money, and spending just enough. 

Eating Abroad

Grocery Shopping:

• Shopping in a foreign grocery store can be overwhelming. My suggestion is to find a big grocery store that you like enough to call your own, more or less. While I was abroad, I studied in cities that only had small, convenience-style grocery stores nearby. I went online and found some larger, more familiar “American-style” grocery stores so I could have a place to get all the groceries I needed for a good price. You can also look for farmers markets or other local ways to shop  – ask your school for suggestions!

Eating Out:

• I often find myself conflicted between wanting to try cool restaurants, but not wanting to waste money. My best advice is to not limit yourself while abroad; you’re there to try new things and see what the world has to offer, and food/restaurants can be an amazing way to do that! But, remember that if eating out is not quite in your budget, it's always ok to go home and make yourself something nice and cheap, too. Also consider eating out for lunch instead of dinner, as lunch usually costs less – and limit eating dinner out to special occasions. Thinking sensibly about how many times you eat out a week and how often you stay in will make huge financial differences. 

Traveling on a Budget

Transportation:

• Weekend excursions are another amazing way to experience your abroad location beyond just what your classes can provide. But traveling, housing, and vacationing in general can be very expensive. When getting to your destination, buses will almost always be the cheapest option. They’re reliable, and often run overnight. Trains are another great option for a low price. In many cases, flights may be the most efficient method of travel. There are many budget airlines available all around the world – talk to your program coordinators for suggestions of where to find cheap flights in your country!

Accommodations:

• When choosing where to stay while traveling, hostels will be your best friends. They work great as a simple shower and bed for you to spend time at when the day is done – don’t waste your money on a luxurious hotel! You’ll be spending most of your time out anyways. AirBnBs are another great option if you’re traveling with a group. Just be sure to consider how you’re getting to your housing after you get off your flight, train, boat, or whatever it may be. Taxis are reliable, but always ask how much it’ll cost to get to your destination before you get in to avoid getting scammed. 

Cheap/Free Travel Options:

• Not every weekend can be an adventure, especially when you’re on a budget. There are still tons of things to do for cheap or free while abroad; I love to take walks and hikes, it's a great way to familiarize yourself with your new home! Walking tours in guidebooks and online can also help you learn about your area without spending money on a tour guide. Many museums/exhibits will give students discounts for entry with a student ID, too. And always check with your school to see if there are any cheap excursions they’re hosting – many Arcadia excursions are free!

Studying abroad is a busy time. It can be difficult to be conscious of money while you’re out living your best life – but if you pace yourself and manage your money wisely, even the cheapest of budget can let you have an amazing time while you’re away. Don’t be too afraid to spend money, have fun! But it's always nice to know that you don’t have to spend money to have a great time. Safe travels!