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Making Your Money Stretch While Abroad

Whether you’ll be spending Pounds, Euros, Reals or Yuan, here are six tips to help you budget your money while abroad.

Are you excited yet? Soon you’ll be headed to study abroad in a foreign land where you will gain new and exciting experiences. You’ll explore every inch of your new home, dine on strange yet delectable cuisines and meet interesting and colorful people while gaining a better understanding of the world and yourself. All of this is great, but remember: none of these experiences will pay for themselves! So whether you’ll be spending Pounds, Euros, Reals or Yuan, here are six tips to help you budget your money while abroad:

Budget

One of the best things you can do to make your money last while you’re studying abroad needs to be done before you ever step foot on a plane; budgeting! It makes your money last longer and also forces you to consider which activities you are truly interested in participating in abroad. While in your host country, adjust your budget according to your circumstances. Once you have decided on your final budget, stick with it!

Public Transportation

Public transportation is a cheap way to get around, meet unique people, and get acquainted with the local culture. In addition, consider using a bicycle or walking to save money. In no time, you will have gained a better understanding of your host city, saved money, and gotten into shape.

Travel Deals

Finding travel deals can save you hundreds of dollars when studying abroad. These deals can cut the cost of flights and hotels; just plan ahead or set price alerts. Don’t pay full price when you don’t have to!

ATMs/ Credit Cards

Using ATMs or credit cards are a great way to save money abroad. Unlike cash, ATMs or credit cards often have a better currency exchange rate, and most credit cards are accepted internationally. Just make sure you inform your bank and credit card company that you will be abroad so they don’t enact security measures that will prevent purchases internationally due to potential fraud.

Eat Like a Local

Rather than eat out all the time, cook at home! Buying groceries is a great way to reduce the cost of eating and can help you learn more about the country’s culture through food. Buying fresh and local is also a great way to maintain a healthy diet. If you don’t know what to cook or even how to cook, ask a local friend or your teacher to assist you. You would be surprised how eager and excited they may be to introduce you to their local cuisine!

Self-Explore Your New Home

Why pay a tour guide? In most places, you can find many local festivals and celebrations that are free for you to attend. Or, consider making friends with locals or other foreigners who have been in the country for a while to find lesser-known attractions and build new friendships.