Abroad Budgeting 101
Many people who study abroad come back raving about their experiences. Immersion in a different culture firsthand can be rewarding and life-changing. Elon University students are lucky to have access to over 100 programs in over 50 countries. These include both long-term and short-term programs. If you are an Elon student, odds are you’ll be part of the 84% of the student population that goes abroad during their four years. But, at what price?
While the cost of some programs are quite comparable to Elon’s cost of attendance, others skyrocket above that cost. It is also common for students to travel to nearby destinations while abroad, which can easily add up.
Kristin Kean, junior at Elon, studied abroad in London this past fall semester. She saved money by applying for an international credit card that didn’t charge high fees. “Each month, I allowed myself a certain stipend of money and made sure that I spent it wisely,” she said.
It is common for many Elon students to study abroad in Europe, which makes traveling to different countries quite easy. Mary Buzby studied in Florence for a semester and planned her fall break trip by researching various places and choosing the cheapest option. She researched different dates and times of when to fly and compared airfare from different airports surrounding Florence. This allowed her to travel to both Mykonos and Amsterdam without breaking the bank.
Liz Vitulli decided to take a different route with her abroad experience and spent her fall semester in Shanghai, China. “I ate at my school cafeteria most of the time and only allowed myself to eat off campus on the weekends,” she said. Shanghai is the home of unique cuisine that isn’t common in the United States. Vitulli allowed herself to try these new foods while still being conscious of her funds. In addition, most of her traveling was organized and included in her program, which saved her those added costs.
For many students, eating out abroad can come with a hefty price tag. “I spent a semester abroad in Cusco, Peru, which, because there are a lot of tourists, can be very expensive,” said Sadie Traylor, Elon junior. “One thing I did to budget was to pick one night a week that I would go to a nicer restaurant that my friends and I wanted to try and then commit to eating at home with my host family, where meals were included in my program tuition, for other meals. This gave me the room to try new foods and explore other areas of the city without spending too much money.”
No matter where you choose to study, it is always important to prepare and organize your funds before you fly overseas. Some other things to keep in mind are conversion rates. Saving money for souvenirs may also be something to think about. Whatever you calculate you will spend, add some more money for wiggle room. With the world at your fingertips, you may just go over budget.
