Meal-plan-lessness, apartment housing, exchange rates—going abroad can definitely be financially intimidating to any collegiette used to the cushy campus life. According to a recent article in Forbes Magazine, cities like Rome, London, Oslo, Paris, and Copenhagen rank among some of the most expensive places to live in the world. These same cities also rank at the top of BC’s study abroad locations. If you are travelling to a famously pricey city, or if you just happen to be a responsible study abroad-er looking to save a few bucks, here are some tips:
- Make a plan.
Make a point of talking to students who have been to your study abroad location in the past, your fellow classmates, and your advisor for advice on things like phone plans, ATM fees, and shipping. More importantly, as you make friends in your new temporary home, ask locals about the best markets, grocery stores, and free events. Once you get the lay of the land, be sure to create a budget. Besides the obvious benefits of keeping within your projected expenses, you’ll also find that the experience will help you to become more aware of when, where, and how you are spending your money. If you aren’t sure how to create a budget, ask a relative, or a friend in CSOM to get you started!
- Keep an eye out for student discounts.
Going out with new friends is definitely part of the study abroad experience—but be wary. Club entrance fees and drink prices can take a giant chunk out of your weekly budget. Luckily, most clubs and bars host student nights with discounted entrance for university kids, or offer discounted drinks on certain nights of the week. From my experience abroad, there’s always a way to have an amazing night out without breaking the bank. Check sites like TimeOut, Groupon, Urbanspoon, or sites specific to your location for good deals.
3. Be flexible.
It’s important to keep an eye out for changing exchange rates and travel expenses. Choose to travel when exchange rates and ticket prices are at their best. The best way to travel is to use sites like StudentUniverse to locate great package deals, and sites like Skyscanner to find the cheapest flights. One important tip to note when booking flights: Use the site to locate the cheapest flight, but book with the airline itself. This way, you avoid trip-planning booking fees! The most inexpensive days to travel tend to be Tuesdays, Wednesdays, and Thurdays. Having a flexible schedule and a readiness for adventure at a moment’s notice really helps out those students trying to save on travel.
4. Apply basic scrimping techniques to every day life.
Remember that you only study abroad once. Save your money for more exciting things like travelling, souvenir shopping, and amazing adventures. It’s up to you to decide what you can’t live without, and what you can give up for a semester! Here are some ideas for how to save everyday:
- Eat locally: fresh fruits and vegetables are usually cheaper when bought in markets. Skip the larger grocery stores!
- Do the math—is it cheaper to do frequent loads of laundry, or to invest one time in some more essentials? Watering down things like dishsoap, or being a bit more frugal with the laundry detergent—I’m just saying, it probably won’t kill you. You’re only there for a bit!
- Look for hostels with kitchens. Cooking breakfast and packing a lunch can leave you more money for exploring.
- Resist the temptation to frequently invite people over for dinner to eat your food. Save that warm socializing for the dinners you have out!
- Use your study abroad university’s library! In addition to the price of books, shipping or packing books to and from your study abroad location can be incredibly expensive. Check books out of your university or local libraries instead.
- In terms of cutlery, dishes, and napkins—many, many coffee shops and restaurants have these out for free. One here and there, and you’re only away for a few months… I’ll say no more.
- Bring clothes abroad that are on their last limb. I wore many of the clothes and shoes that I was planning on giving away at the end of the previous school year—take them there, and leave them to make room for anything you’ve purchased! Those checked bags can get pretty pricey.
- How badly do you need a plan with texting? With apps like Viber and Whatsapp, it’s much less necessary.
Being prepared and informed about your location is the best way to study abroad without stressing about money!
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