Budgeting for Study Abroad

Step 1: Create an Accurate Expense Budget

  • Use our Budget Template as a starting point.
  • Research your numbers to the best of your ability. Don't guestimate.
  • Better to over estimate costs than underestimate costs.
  • Be honest about your spending habits.
  • Don't know what you spend money on? Backtrack your purchases and weep.
  • Add detailed and specific spending categories to the template based on your habits.

Step 2: Review Your Current Finances

  • Savings - What do you have already saved up? Will you receive financial support from family? If so, how much?
  • Money In - What does your financial aid look like? What is your average monthly income? Which scholarships are you applying for?
  • Money Out - What are your average monthly costs? What are your financial goals? How can you reduce costs?

Step 3: Make Your Plan

Study Abroad Total Cost - Current Savings = Remainder to Save

How will you make up the remaining costs? Develop concrete goals. (Ex. I will only go out to eat twice a month. I will pick up 3 extra shifts a month.)

Balance spending less with making additional money.

Don't assume you will be able to work while you are abroad if you haven't researched immigration restrictions.

Step 4: Build Your Savings

  • A little can go a long way - $50 a month adds up!
  • Automate savings if you receive direct deposit checks
  • See if your bank has specific saving features you can take advantage of - can your money live in different accounts so you don't accidentally use it?
  • Prepare for the unexpected - it is recommended that you have $1,000 in savings for each month you are abroad
Additional Tips for Study Abroad Budgeting

Pick the Right Program

There are many factors that may influence where you study abroad, including cost. Here are some points to research:

  • Visa fees
  • Insurance requirements
  • Housing costs
  • Tuition or Program Fees
  • Medical costs (glasses, prescriptions, etc)
  • Phone bill
  • Exchange rates

Use our budget template to compare different locations!

Understand Local Prices

How do you like to eat?

  • Home cooked meals, fancy dinners, street food, snacks, desserts

How do you like to have fun?

  • Coffee, drinks, clubs, national parks, transportation, museums

How prepared are you for the weather?

  • Jackets, shoes, gloves or hats, athletic clothes

Numbeo is a nice website for finding cost of living prices by city.

Expect the Unexpected

When setting up your budget it’s important to allocate a certain amount for unexpected purchases such as:

  • Visa or residence permit fees upon arrival
  • Baggage fees
  • Textbook fees
  • Exchange rates
  • Spontaneous trips
  • Public transportation costs
  • Tips
  • Departure tax

Spending Less

  • Stick to a strict budget before leaving
  • Try making your own meals and drinks rather than going out
  • If you have time, pick up a side job or a few odd jobs
  • Review subscription services and monthly expenses

And Earning More

  • Selling all unnecessary clothes, books, shoes, etc (Online or host a garage sale)
  • Create a GoFundMe or similar request for monetary donations from family and friends
  • Sign up for background acting in ABQ
  • Take part in a local research study or focus group
  • Search the UNM Jobs Board
Apply for Scholarships!

Applying to scholarships, although not always a guaranteed way of making money, is still something that all students studying abroad should take the time to do.

We promote scholarships via social media, emails, and our website.

For UNM students, consider the Regents International Study Grant for Undergraduate Students, the Passport to Success Scholarship for Graduate Students.

For national options, consider the Gilman Scholarship (for Pell Grant recipients), Fund for Education Abroad, Boren Scholarships, and many more. Review our National Scholarships presentation for additional details.

Remember that budgeting can be quite tricky, so we encourage you to come speak to us at the GEO office!

Ok, now what?

Review your UNM financial aid and scholarships: Do you understand how much you receive? How do you maintain eligibility? When do you receive the funds?

Use our Budget Template: Research your top programs of interest

Compare different budget strategies: Find your preferred style for budgeting - it may take trial and error!

Create a calendar: Keep track of scholarship deadlines, create application goals, track payment due dates

Questions? Ask us!