Anagrace Fagot is a Global Ambassador at Hope College and TEAN Robina, Australia alumna. In this blog, Anagrace shares helpful tips on how to budget for your study abroad program.
Studying abroad is an incredible opportunity to immerse yourself in a new culture and gain valuable experiences. Everyone I talked to said it was the highlight of their college experience or their biggest regret if they could not go. However, finances were a big factor in whether I could go abroad or not. Thankfully, I could do some research and did not let the big scary money sign scare me! It’s important to plan your finances carefully to ensure a smooth and enjoyable experience. Here’s a step-by-step guide on how to budget for your study abroad adventure:
Start Early and Save Up
The earlier you start planning and saving, the better. Begin by researching the estimated costs of your program, including tuition fees, housing, and other mandatory expenses—factor in additional costs like travel, food, entertainment, and emergencies. Set realistic savings goals and track your progress regularly. I worked on campus as well as off-campus to help save up! All the hard work was worth it.
Explore Funding Options
Don’t limit yourself to personal savings. Explore various funding options to supplement your budget. Apply for scholarships and grants offered by your university, government organizations, and private foundations. These scholarships can significantly reduce your financial burden. I was able to apply and receive some scholarships which helped abundantly! As well as, once in your study abroad country, take advantage of student discounts. I was able to use a student discount on public transportation which cut my spending in half for that section of my budget!
Create a Detailed Budget
Once you have a clear understanding of your expenses, create a detailed budget. Break down your costs into categories like housing, food, transportation, entertainment, and travel. Allocate specific amounts to each category based on your priorities and research. Be realistic and factor in unexpected expenses. This will help cause less stress in the long run and help you enjoy your time abroad.
Research the cost of living in your destination country
Understanding the cost of living in your destination country is crucial for accurate budgeting. Research the average costs of housing, food, transportation, and other essential expenses. This information will help you adjust your budget accordingly and avoid unexpected financial burdens. Another factor to keep in mind is the currency difference. During my time in Australia, the Australian dollar was 66 cents to 1 United States (my home country) dollar. This was important to note as I purchase things while abroad!
Overall, my experience abroad was one of the best decisions I ever made. I would highly encourage you to take these steps if financials are a worry or even if it is not! Take the leap and make the memories of a lifetime!
