Building a Budget for Study Abroad
Study Abroad is an investment in your future, but it is a financial undertaking.
With proper preparation, you can plan a great study abroad experience that fits your financial needs. To help you plan, we have created a Study Abroad Financial Planning Worksheet. This fillable PDF will help you determine your overall program costs and identify possible funding sources to make study abroad work, for you.
There are also many apps available to download onto your mobile device that can aid in budgeting while you are abroad. These can be helpful for those who are on tight budgets or like to keep a close watch on their spending. Herre are some options:
- Trail Wallet - This app allows you to set a budget and keep track of it down to the penny. You can categorize expenses and stay on top of what percent you've already spent. It was created by fellow travel bloggers who have enough experience to know the best way to stay on a budget while globetrotting.
- YNAB - YNAB (You Need A Budget) is a comprehensive budget, personal finance, and expense tracker tool. They offer a free one-year subscription for college students. Their website tell you why: "Because we hate student debt as much as the next guy, and maybe even a little bit more. And between books, tuition, and stockpiles of ramen, you’re probably looking at some debt and all the stress that goes with it. We can teach you how to be in total control of your money (even if you don’t have much right now, in which case, it’s even more important!), and give you the tools you need to reduce your dependency on debt now. Not to mention helping help you pay it off lightning-fast once you graduate!"
- Mint.com - The Mint.com app allows you to track, budget and manage your money all in one place, so you can see where you're spending and where you can save. Open an account, add your bank, credit, loan and retirement accounts and Mint will automatically pull in and categorize your transactions. Mint creates a customized budget based on your actual spending, and sends bill reminders, alerts and advice right to your device so you can avoid late fees and monitor cash flow. It's safe, secure and easy to keep your personal finances organized.