How to Create a Budget When Studying Abroad

It is useful to create a budget for studying abroad because it helps you keep track of your finances and exactly what you spend money on. There are many expenses students might not take into consideration when studying abroad; for example, grocery shopping, housing, buying supplies, clothes and having extra for emergencies.

The budget serves as a guideline for how much money you want to spend. Start by writing out every category you think you’ll spend money on and then prioritize.  Prepare extra money for the first few weeks because you never know what will come up right away. After that, set aside money for food and housing. Then decide from there how much money you want to put toward everything else.

Compare your weekly spending to your expected expenses to make sure you are not over-spending and you always have money left over for emergencies. Many universities have pre-made budget plans (try this great budget calculator from Yale) available for students studying abroad, but, if they do not work for you, feel free to make your own.