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How to Budget/Save

1. Plan Ahead 
The best time to start saving for study abroad is as soon as you know you plan to do it! Our study abroad program brochures include an interactive budgeting tool which includes set study abroad fees and allows students to input amounts the vary based on home campus and personal spending habits. The tool also lets you input financial aid and scholarships, so you’ll end up with an accurate estimate.  

Speaking of financial aid and scholarships, be sure to meet with your Financial Aid Advisor once you’ve decided to study abroad. This will give you a clear picture of how much you’ll need to save. 

Be sure to factor in the cost of living and the exchange rate for the local currency when planning your budget.  

2. Set Clear Goals 
When planning your budget, don’t be vague. Ask yourself specific questions about your current spending habits and set clear goals. Knowing how you spend money know will help you set a more realistic budget while abroad.  

Instead of speaking in general terms, break your savings goals down into specifics. For example: 
  • I’m going to save $xx to purchase a new travel backpack so I’m able to travel light on the weekends. 
  • I’m going to save $xxx so I can take my dream trip to Prague over spring break. 
There’s an app for that: financial planning apps like Digit and Mint help you save and set specific  budgets.  

3. Talk Study Abroad Alumni 
You’ll have the opportunity to meet with study abroad alumni during orientation, but you can always ask the Office of Study Abroad to connect you with alumni before then.  

4. Student Discounts
Keep an eye out for student discounts and be sure to have either your student ID card or the International Student Identity Card (ISIC) card with you.