Global Learning Budget

Make Your Global Learning Budget

When planning to study abroad/away, it’s important to look at the total cost of participation as well as what you will spend on things like food, travel, and entertainment during your stay. Here are some tips to help you create a budget before you embark on your adventure!

Step 1: Choose a budget tool

Download and use the following fillable budget tools to help you determine your potential funding sources and costs for the program of your choice.

Step 2: Estimate income (how much money you have)

Plan your budget with the income you have in your bank account, or you are reasonably certain you will have, when it’s time to pay for your program. To estimate your total income, enter the following into your chosen budget tool:

Available sources of income and amounts, including financial aid, outside scholarships, family contributions, and money you already have.
If you receive financial aid, get a Financial Aid Estimate for your program.
If you plan to work and save money before your program begins, calculate how much you plan to save in the time available to you.
You can also look into scholarships for Global Learning, and check out Tools to Afford Global Learning for information about other funding opportunities.

Remember: financial aid and scholarships only cover the official total cost of participation, so you will need to find additional funds to cover your personal costs.

Step 3: Estimate costs

Gather and enter details about program costs and personal expenses into the different categories listed in your budget tool. A sample list of personal expenses can be found in the fillable budget tools above.

Personal expenses that are specific to your needs and lifestyle may include clothing and shoes for wet or cold weather, medications, food, shopping, and travel expenses.
If you are going to a place where you will need specialized clothing and shoes for extreme weather conditions, consider waiting until you arrive to buy these items so you can get recommendations from people who live there (and save room in your luggage).
If you need to reduce expenses, consider the difference between “wants” and “needs” and make decisions that make sense for you.
Plan to purchase academic supplies (e.g., notebooks, pens, etc.) and think about financial responsibilities that you may still have to pay for at home (e.g., car insurance, phone bill, etc.).

Pro tip: Estimate a higher cost for expenses than you think you will spend. It’s better to do this than to estimate low and run out of money before the end of your program.

Balance your budget

A balanced budget is one where the amount of money you have is greater than or equal to the money you plan to spend. If your budget does not balance, you will need to either find additional funding sources, reduce expenses, or both.

Pro tip: If you are unable to balance your budget or need help with your budget plan, schedule an appointment at the SlugCents Financial Wellness Program.

Track your budget to avoid overspending

Track spending amounts to avoid spending more money than you planned. If you spend more than what you budgeted in a specific category, adjust spending expectations in other categories to make up the difference.

Pro Tip: The free, secure money management tools provided in your bank or credit union’s mobile app can help you track your spending and manage your budget.

Tips for Staying Within Your Budget While Abroad

Find free fun. International cities offer free walking tours. Social media platforms are great tools for finding ways to explore your host city and country on a budget.
Ultimate Student Guide To Financing Your Life Abroad by Go Overseas.
Ask your bank what your ATM and credit card fees will be when traveling, and find out if they offer ways to avoid these fees. These fees are often referred to as “foreign transaction fees.”
If you can’t avoid ATM withdrawal fees, minimize the cost by taking out the maximum amount that you can at an ATM, and then put it in a secure location to use over time.
Stay updated on exchange rates (they change). Download the XE Currency App on your phone or visit www.xe.com to access current exchange rates.
Take advantage of student discounts. Keep your student ID card with you and consider buying the International Student Identity Card (ISIC). You can get discounts on museum visits, train tickets, and hostels. Research whether the ISIC card is useful in the country you will be going to.
Shop and eat where the locals do. Avoid purchases in areas that have high tourist traffic.
Buy souvenirs and gifts at the end of your program. You will have a better idea of how much money you still have to spend (and how much room you have in your suitcase!).
Use weekly budgets to monitor the spending of your “needs” and “wants” to keep you on track.
Bring a refillable water bottle with you everywhere. In most countries outside the U.S., water is not free at restaurants.
Cook for yourself, if and when you can. It’s less expensive and healthier for you.