Budgeting Abroad

Money has been the biggest focal point behind many issues and endeavors in my time abroad. I usually do not have a budget at home, but quickly after arriving in Ireland, I realized I should make one. My traveling, shopping, and activity habits here are much different than at home, so I needed to lay some guidelines to ensure my financial stability and comfort.

This was a trial and error process for me, so do not worry if you also find it difficult. I have had to redo my budget a few times because I forgot to update it or switched priority preferences. Additionally, the budgeting process varies between individuals based on financial status and desires, so remember that what works for me may not for you, and that is okay!

I started being more careful with my money about a year before I chose to go abroad. I did not make any specific saving goals or limit myself very much, but I just tried to be more mindful. If you are able, I do recommend setting some goals and restricting yourself a bit more so that you can do everything you want while abroad. During my time abroad, I have prioritized travel a lot and wish I had more financial freedom in planning, so I recommend considering this as well.

I like to make all of my budgets in Google Docs because it is the easiest for me, but I know other people who use spreadsheets, budgeting apps, and more. I start by putting how much money that is in my bank account at the top of the document. Then, I subtract initial values that I know are coming up. For example, I may subtract $1,000 for a rent payment or $500 because that is how much money I want to have when I go home. After subtracting all of these set payments, I then decide what I spend money on every month. These are usually things like food, bus tickets, laundry tokens, activities, or gifts for family. Then, I decided how much I wanted to spend on these per month. Next, I multiply these monthly amounts by the number of months my budget will last. I subtract these values from my bank account value and see what I have left. All of the money left is what I split up between the months for travel. Every time I spend money, I just go into the doc and subtract the amount so that I can see how much I have left in each category at all times.

This is some really expensive, but delicious, cake I bought in Seville, Spain.

These are some fish I saw after deciding to spend some of my money on an aquarium ticket in Barcelona.

To anticipate how much money you may want or need when abroad, USC’s Education Abroad Office usually includes estimates under the budget tab on your host university’s page in the program directory. There are also plenty of tips about money and budgeting in the module you are required to complete online before studying abroad. USC also has a Money Management program through the Student Success Center. Through this resource, you can schedule consultations, complete the CashCourse online module, or apply for an emergency loan.

If you are planning to attend the University of Limerick, the university has a Student Financial Support Advisor. He is in charge of providing financial support and advice on budgets for all students. I recommend looking up what your host university may provide for financial support with key phrases like “budget help” and “financial advising” to see what they recommend for expense planning.

Furthermore, if you have the ability to talk to family members about expenses, try to do so. It can be a difficult conversation to have, but even redirecting gifts into study abroad money can go a long way.

Money is a touchy subject, and going abroad makes you have to talk about it. Overall, just think ahead and be more mindful of what you spend. Plan things out and you will do just fine.