Students preparing to travel abroad often ask, “How much money should I bring?” This is a highly individualized question. Budgeting for a trip you have never experienced before can be mind boggling. While some students might be able to do fine with a small budget of around $200 per week, others, with the same amount, are already broke at the end of the first week. It’s not a good idea to bring a lot of cash for your spending money. Bring a credit or debit card, but try to budget yourself wisely. Depending on your destination, a cup of coffee in a cute sidewalk café can cost as much as the equivalent of $8.00!
- Find out what your study abroad program includes. Most programs include some meals. Are you responsible for lunch, dinner and or meals on the weekends? Laundry, personal expenditures such as telephone calls, souvenir purchases, snacks, etc. can add up quickly.
- Are you planning to travel extensively during free weekends? Budget for hostels, hotels, transportation (trains, planes, rail passes). Food and entertainment such as museum visits can add up quickly. If on a very tight budget, you might consider day trips so you can take advantage of student housing and save money. Book, buy and prepay as much as you can before the trip so you don’t run out of money while you are there.
- Know the exchange rate of the currency at your destination. The days of travelers’ checks are thankfully over. The best way to use your money while traveling is to use an ATM machine at your destination. The money you get will already be in the currency of the country. However, before you go, spend some time online and download one of the many easy cheat sheets that converts your dollar. I can tell you too many stories of students who thought they were getting $100 from the ATM but were actually taking $1,000!!!! And, I can’t say this enough, do not bring cash!!
- Budget more than what you think you will need. It is better to budget ahead and end up with extra money than to run out in the middle of the trip. This is not time to overspend but you need to be realistic about what you can or can’t afford. Knowing that you have a reserve in the bank in case of emergencies will make you feel more at ease during the trip.
- Let your bank know that you are traveling abroad. VISA or Master Card are generally accepted everywhere, and often in preference to AMERICAN EXPRESS. If you plan to use your credit card for cash advances, be sure to know your PIN number before you leave the states. Many banks will block your card if they see too many charges in foreign places. For example, if you use your credit card at a layover airport while you travel and then at your destination, your bank might see charges in New Orleans, Atlanta and Paris all in one day. This raises red flags that your card might have been stolen and the card is frozen until you call and clear this up. Ask what the bank’s international ATM fees are. A $4.00 charge every time you get cash can quickly add up.
Budgeting can be something that you worry about but with a bit of planning and preparation, you can enjoy your study abroad trip and you can think about bringing one more souvenir in your suitcase!
