I remember my friends showcasing their studying abroad experiences as a seamless activity to plan. Being updated either through their social media or long awaited distance phone calls, I always dreamed of gaining the opportunity to learn different cultures and try new foods. Most importantly, it inspired me to want to have an Emily in Paris moment (school and studying cultures always come first). However, I realized quickly that creating a study abroad budget plan requires preparation and strategy — a lesson learned prior to embarking on my Fulbright grant to Taiwan. With many summer study abroad applications open, you’ll want to draft a strong application. Arguably, however, making sure you have all the financial components to study abroad is just as important, if not more.
Even though there are numerous scholarships that can alleviate the majority of your study abroad trip costs, there are still other forms of financial responsibility you should keep in mind prior to embarking a study abroad experience. These extra costs to look out for include passports, tuition, room and board, meals, visas, and airfare.
On average, a semester abroad costs approximately between $15,000 and $22,000 (depending on location). With a lot of money involved, a personal budget planner should and will become your best friend. Regardless if you’re an undergraduate, recent graduate, or graduate student, here are some tips and tricks in creating an adequate study abroad budget template.
- Decide Where You Want To Study Abroad.
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Before even beginning to draft a study abroad budget template, it is important to already have an idea of where and how long you want to be abroad. Programs can range from a week to an entire year and based on your time frame, your budget template may require more or fewer components.
One way to decide is by taking a look at your school’s study abroad website. For example, the University of Central Florida’s study abroad website lists all of the different study abroad programs, duration, and approximate price. Additionally, many schools also list the scholarships eligible for each respective study abroad experience. Lastly, in regards to deciding where to study abroad, I highly recommend connecting with your study abroad advisor, as they may have additional information on funding and other scholarship opportunities.
- Outline A Projected & Actual Budget.
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Once you decide where you want to go, outline a projected and actual budget. This will aid in calculating fixed and variable expenses. When outlining, it’s good to list all the grants and scholarships you’re applying for. It is also a good idea to list the currency rate of the country you will be studying in, as it will be one of the deciding factors in how flexible your budget can be. Another aspect you should have on your study abroad budget outline is any additional income including jobs, work study, paid internships, and savings.
To make this process easier, you can use a budget calculator. A budget calculator will allow you to get a reasonable idea of how much money you can spend on necessities and souvenirs.
Prior to starting my Fulbright Taiwan grant, I watched YouTube videos from prior grantees to get an idea of how much money I would need to save, seeing that the stipend was between 40,000-53,000 NTD ($1,275-$1,690 USD) monthly depending on the city I would be placed in. Using the monthly projected stipend, I estimated how much I would need for rent, utilities, food, transportation, and personal spending. I also needed to purchase a resident visa and get medical testing done prior to arriving in Taiwan, so I made sure to accommodate for those costs on my budget plan as well.
Lastly, in regards to creating a projected and actual budget, I made sure to begin an emergency budget, as anything can happen in a foreign country.
- Use Someone Else’s Template, Or Create Your Own.
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Once you outline your projected and actual budget, you can organize it all on a template! You can choose a template from your school’s study abroad office, online, or even make your own.
For example, many universities, including Purdue University Fort Wayne, offer free study abroad budget templates that you can use to outline all your expenses and expected financial aid. One study abroad template that I personally used before embarking on my Fulbright grant was My Travel Emotion, where I was able to input all my study, travel, and personal expenses. If you want to be more creative with your study abroad budget template, you can also create your own with Google Sheets or Microsoft Excel. Whichever method you choose, you should create a template that will allow you to hold yourself accountable and that will keep your expenses organized and easy to understand.
All in all, I’m not saying you can’t create your own cinematic study abroad experience this year. As a matter of fact, I hope for all young people to be able to explore new countries, cultures, and cuisine. What I am expressing is the importance of being financially responsible in a foreign country, and being aware of what you need prior to traveling. Most importantly, a template enables you to start implementing postgraduate financial strategies. Some aspects of your study abroad template may change — and that’s OK! You’ll be better safe than sorry as you embark on a new beginning.