Going away can cost a lot of money, but if you assume only the rich can go, you are sadly mistaken! I paid for school myself but was able to manage my money well enough that I could make the most of my time away. If I could do it, so could you. Here are ten tips to help successfully finance your study abroad.
Before you go:
- Consider prices where you are going. If you want to go to England, avoid expensive areas like London and aim for smaller cities like Leeds or York. Similarly, Europe is more expensive than Asia or the Caribbean.
- Once you pick your destination, look at the price of housing, transit, food, entertainment, etc. A room in a shared accommodation varies greatly depending on what neighborhood you are in. Campus groceries stores are small and expensive, so living on campus might mean a higher cost for food. Sites like Numbeo can help you research cost of living.
- Now that you have chosen your city, make sure to check for scholarships and extra funding to help you pay for your year away. There are different organizations that can help with this. The first step is to contact your school’s international office. Don’t stop there, try researching online, too. The province of Ontario has grants for students going abroad – make sure to check government websites (local, provincial/state, federal) and outside private groups, too.
- Make a budget. Include housing, food, entertainment, transit – and be realistic. There are lots of online tools and tracking systems for you to keep up your budget, try: moneysavingexpert.com’s easy to use budget.
- Get travel insurance. Something could go horribly wrong and cost a lot of money to make right. A pound of prevention is worth it in the long run.
- Don’t pack your mobile phone. Roaming costs are outrageous. You are better to get a local SIM card for an unlocked phone. Your phone isn’t unlocked? You can ask your provider to do so (with a fee) or look up how to online for free.
While there:
- Remember that budget? Stick to it! It will be easy to ignore when you arrive but it will make your life better to be responsible. Food and drink are number one budget destroyers because we don’t realize how quickly they add up. Drink responsibly – or at home. Eat food you make, share groceries, and pack a lunch.
- Walk or bike. A second-hand bicycle in any country outside Canada and the US is worth its weight in gold. It will cut transportation costs in half. Make sure to get a good lock and lights for it and remember to follow the laws for safe biking. Walking or biking both happen to be great for your health, too.
- Plan trips. If you are in Europe, it is very easy to travel around and see many different places, but last minute deals aren’t always best. Plan ahead of time to get the best deals, use discount airlines whenever possible, pack light, stay at hostels that offer breakfast included or couch surf with people you know. The truly adventurous can always try couchsurfing.org – just be safe.
- Get a local bank account. Many countries have free student accounts. It will cut ATM fees, give you a safe place to keep extra cash, and save a lot of money on exchange rates. They can also be used to receive international funds – if your parents want to send extra money, they can put it right into your foreign account so you can use it without fuss immediately.
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