study tour budget

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Traveling on a Student Budget? You Need This Budget Planner

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Traveling on a student budget isn't easy. Airfare, room and board, and study abroad tuition can be a big barrier to education abroad and student travel in general. The rewards, however make it all worthwhile. Your time studying abroad doesn’t have to break the bank and, depending on the destination and program, it could be economical. Your dollar goes a lot further in places like Thailand and Costa Rica, than in most North American cities. With some planning and saving you can go abroad, build new relationships, and experience new ideas and ways of life. 

Having international experience on your resume can set you apart when you’re ready to start looking for a job. In today’s globalized market so many employers, in all sectors, are looking for candidates with international experience and intercultural sensitivity. With a travel budget planner, you can better prepare for the experience of a lifetime. If you’ve never used a trip budget worksheet, read on to learn how to use our budget travel tool.

Download Your Student Travel Budget Planner / Worksheet Now

The truth about budgeting for travel.

To be honest, budgeting for travel isn’t easy. For one, many people are out of practice with hard-and-fast budgeting for any upcoming expenses. When your car breaks down or other unexpected expenses loom out of the blue, it can be very tempting to dip into your travel savings rather than make other adjustments to your daily expenses / cost of living. “Luxury” expenses like travel are all too easy to prioritize behind “necessary” expenses. 

But hear us out. Travel is no longer a LUXURY. Pushing your comfort zone and building empathy for our greater global community is an investment in your future. If we could all be so fortunate as to learn more deeply about ourselves and our own culture through the guise of travel, the world could be better off.

Luckily, GoAbroad’s student travel budget worksheet can help! A travel budget worksheet will ensure you keep track of the many expenses associated with international travel that you need to consider and include in your budget. Having a visual of your income, spending, and saving can help you wrap your head around what you need to reach your goal. Wondering where to find such a trip budget worksheet? Look no further than GoAbroad’s trip planner budget template!

Download our travel budget planner for students below!

List your income, savings, debt, and even your goals all in one place. Writing things down keeps you accountable and organized. By writing down your expenses, you can get a better idea of where your money is going. It sounds like a lot: organizing, tracking, holding back the urge to buy those cute new boots. With this worksheet, we think you’ll have this student travel budget planning under control.

How to use our travel budget planning resource

Our student travel budget planner is set up for monthly budgets. It might be easier to manage your finances in shorter time frames, versus semesters, trimesters, or years. Start with what you know. The first question is, if you’re traveling with an organized program, what does your tuition or program fee cover? This is extremely important as it will inform the rest of your planning and saving.

1. List Your Income

In the income section, add in all of the credits that your bank account receives on a monthly basis. This can be from your part time job, your full time job, your babysitting gig, your side hustles (teaching English online, anyone?). Whatever earnings you’ve got, put them down here. 

Add them all up and this is the number we are working with from the get-go.

Not as high / as much as you’d hoped? Consider getting a part time job or finding other ways to bring in additional cash. Nothing wrong with asking for a loan from the Bank of Wealthier Family Members or for a cash-advance on birthday or holiday presents.

2. Add Your Savings

If you already have a savings account, insert the numbers here that represent how much money is currently sitting in it. If you don’t have a savings account yet, now is a GREAT time to consider opening one (and setting up automated transfers to it—but we’ll get to that later).

Another key part of this section is to estimate your ideal savings goal. Is it $5,000? $10,000? More? You don’t need to pull this number out of thin air—you can estimate the cost of your program and travels first.

How to Accurately Estimate Your Travel Costs

While there are countless different opportunities for student travel out there, the types of expenses you’ll need to consider when budgeting for travel shouldn’t vary too wildly. 

Here are the basic travel expenses / cost categories to consider:

• Passport and visa(s)
• Program fees/tuition
• Housing/Accommodations
• Food (don’t forget to consider snacks and beverages in addition to meals)
• In-country transportation (this can include local city transport and regional travel)
• Project supplies (textbooks, notebooks, pens, work gloves, flash cards, etc.)
• Travel insurance
• Activities and sightseeing

If you can’t figure out what is covered in tuition or a program fee online, reach out to the program provider or university. While you’re at it, ask them what they think your average costs might be. Reach out to alumni of your program, because who better to give you advice than someone who was already there. As program alums they may already be expert travel budget planners. Read up on your destination online. Find out what an average day in your destination costs according to other travelers. 

And here are a few resources to help you make more accurate travel cost estimates:

• Estimate Your International Internship Costs
• How to Understand Your Study Abroad Fees
• Breaking Down the Cost of TEFL Certification
• Volunteering Abroad: Costs, Fees, & How to Fund It
• Your Teach Abroad Start Up Costs

3. Do You Have Debt? Don’t Leave It Out!

If you’re already in the red (*shakes fist at student loans*), be sure to calculate into your student travel budget planner how much you need to set aside monthly to continue paying down those costs. If you’re a pro planner, you will incorporate your monthly payments into your budget savings goal (so that you can still stay on top of your payment schedule even while globetrotting).

4. Outline Your Monthly Expenses

Car payments, phone payments, food budget, fun budget. Whatever you spend monthly, add your expenses categorically to the left hand column. Be sure to update this regularly as the value of your budget projection vs. actually spent will likely vary over the month. You can use an app like Mint to streamline your expense management even more easily. Don’t leave any expenses out if you can, otherwise your budget planning is for nought! 

5. Identify Some Savings Goals

It’s one thing to say “I’m going to save up for my travels abroad.” It’s another thing to dig deep and specify exactly what you’re saving up for. Try to have separate, mini-goals for tangible expenses in your travels, like your airfare or enough to cover the cost of a new travel backpack . Maybe you’re obsessed with coffee and want to buy a new Aeropress . Maybe you want to have your first month’s rent and deposit already taken care of before you set foot abroad. Having smaller goals will make accomplishing your big savings goal feel even more feasible and within reach. You got this!

5 helpful student travel budget apps

Don’t worry, you don’t need to be a financial wizkid to be a budgeting wizkid. There’s an app for that! Actually, there are a few. 

1. Mint: Personal Finance & Money

Mint brings together all of your bank accounts, credit cards, and bills. If it’s all in one place, your finances are easier to keep track of. You can also create a more customized budget worksheet with Mint. We know the GoAbroad one is beautiful, but we also understand you may need need to create your own, more specialized budget to supplement ours. 

2. GoodBudget

Set up envelopes for your various categories of expenses, and allocate a certain amount to each. An app like GoodBudget takes some of the day to day decision making out of saving because you’ve already decided how much you will allocate to each category of expenses.

Digit analyzes your spending habits and determines the right amount of money for you to put aside each day. The app automatically sends that money from your checking account to your savings account so you don’t have to worry about it. By analyzing your habits and accounts everyday, Digit is never transferring more money than their extremely intelligent algorithm thinks you can afford. Digit is automatic, personalized savings.

4. Trail Wallet

Budgeting and saving does not become less important once you start on your journey. Apps like Trail Wallet help you keep track of your expenses while you are on the road, so that you can continue to be smart about your spending habits. Add Trail Wallet to your smart phone to make budgeting on the go a cinch.

5. Moneycado

Did you ever wish you could have a digital piggy bank for travel? Well, now you can! Check out Moneycado, the first-ever savings account created solely to help you pay for travel. This app can help you stay on track with built in savings plans and projected trip itinerary costs. It’s your one-stop-shop… without the shop… to help you manage your student travel budget.

A few more tips to help you cut down travel expenses

• Use currency converters and flight-booking apps. If you’re booking your own flights and accommodation, consider travel hacking apps and websites that direct you to more budget-friendly options and promotions. Pay attention to currency conversion rates with an app too. It’s important to know how far your dollar can go, and there are several apps that will give you real-time conversion information. Being able to quickly look at the currency conversion can also keep you from overpaying for something. Three Euros might not sound like much, but is that apple really worth $4 USD?
• Apply for scholarships. You can also check out GoAbroad’s Database of Scholarships and Financial Resources for more suggestions on how to fund your international adventure. You’ll be amazed at how many funding sources and scholarships are out there. Have you spoken to the financial aid office at school? Find out if there are specific grants or scholarships for study abroad. Maybe your financial aid package can cover some study abroad costs.
• Over-budget. If you save more than you need from the get-go, you’ll have extra funds to cover one-off splurges on weekend trips or extra souvenirs. You might even save a little to have handy when you (eventually) return from abroad?!
• Make some cuts. Consider cooking more and eating out less. Do you have old clothes and books you can sell to a second hand store? Choose pot luck dinners and game nights over nights out on the town with friends. Are you at school? Consider applying for a work study job or another part-time gig at your university to supplement your savings. Save your loose change (it really adds up!). You’ll be amazed how much you can save by making small changes to your everyday routines. 
• Find accountability partners. Writing it all down in your travel budget worksheet will help. Writing down your goals will help you remember why you’re working so hard to save, and will keep you accountable. Consider sharing your travel budget worksheet with a friend or family member so they can help you stick to your plans too. If you know some of the other students you will be traveling with, share tips and information since you all have the same goal. Compare trip budget worksheets to make sure you didn’t leave anything out.  

Affordable travel is not impossible!

Start planning—and saving for—your dream trip abroad.

The idea of creating a budget and sticking to it can be stressful. With some planning, organization, and diligence, traveling abroad doesn’t have to be a financial burden though. We’ve shared a few good ideas for budgeting for travel and saving, but with a little research you can find several tips and plans to suit your needs. Start planning ahead of time to make sure you are fully prepared before you leave. Finances do not have to be a barrier to international travel so fill out that student travel budget worksheet and start saving!

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7 Top Tips for Organizing Study Tours & MBA Trips

• Group & Multi-Day travel
• Other Trip Leaders
• Organizing a trip

What do you need to think about when you’re organizing an MBA trip or study tour? A lot apparently! We've decided to make things easier by narrowing it down to our top 7 tips.

Planning a study tour or MBA trip is no easy feat. Aside from the normal things involved in planning a group trip , you also need to organize it around study and often around specific outcomes or business goals.

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Going on an MBA trip or study tour gives students the opportunity to explore other business regions around the world, and consider how economic, political and cultural contexts can influence business.

Or, sometimes, it’s just an end of study trip that gives them a chance to celebrate! Whichever one you’re planning, we’ve put together our top tips for organizing a student or MBA trip.

What’s the purpose of the trip? Is it a study tour to enhance studies or a trip to relax at the end of the MBA program? You need to sort this early on because it will influence the rest of the trip planning.

If it’s a study tour that requires you to have specific outcomes related to the program then you’re going to need to be able to connect more with businesses where you’re traveling to, as opposed to a leisure trip.

You’ll also need to be able to outlay the purpose when you’re marketing so that you attract the right people to the trip.

Your next big consideration when planning an MBA trip or study tour will be the budget. How affordable will the trip be for students? Will they need to fundraise or is it something they should be able to afford within a normal budget? The budget will have a large impact on where you go as well.

Consider a location that will enhance your study, and where you can easily connect with local businesses. Are you staying within the country or going international?

Do you want somewhere with low cost but not too much culture shock? Will you consider paying for a higher cost destination to have the right style of trip and get what you need out of it?

These are all questions to consider when you’re organizing where to have your study tour or MBA trip. It’s likely that the university or the particular courses will naturally influence the location of the trip, but there are still plenty of places in the world to choose from!

Study tours or MBA trips can take place during term time or university breaks, it really depends on the purpose of the trip and the university guidelines.

You need to consider breaks from university so that you’re not cutting into teaching time, or see if there is approval from the university for a study tour to be included as a subject within the curriculum.

Remember that the time of year you choose could have an influence on where you go because of seasonal changes in weather and popular times to travel, and also in the price of flights and accommodation in different seasons.

Market the trip

Once you’ve organized the study tour or trip itself you’ll need to market the trip. You can use tools within the university to do so, like emailing all eligible students, and utilizing social media if it’s available. Flyers are a still a good marketing option, especially at a university.

Set expectations

Make sure that the expectations for the study tour or MBA trip and clear to students who are interested in attending. If it’s a study tour then they need to realize it’s not a holiday, and they will likely be very busy visiting and learning from local businesses.

There will be defined targets and topics and specific outcomes that are expected. Even if it is a celebratory end of the MBA trip, students will still need to be made aware of what’s expected of them on the trip and what they’ll be doing.

Organising students for a study trip can be difficult, even if they are MBA students! You’ll want to be able to communicate easily with everyone, keep all information as central as possible and be able to easily organize payments.

That’s where a payment platform like WeTravel comes in. You can create a trip page, share it with the students and have them pay their deposits and final balances through the payment gateway. You’ll then be able to pay whoever you need to through there as well.

And then you can enjoy the trip! Planning an MBA trip or study tour can be stressful, but stick to these top organizing tips and you’ll find the process is much smoother.

Check out some previous MBA trip stories from our users here and here , and how WeTravel works to give you a central place to take payments and keep in touch with trip participants.

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Scholar Roam

Effortless budgeting, unforgettable memories.

Rachel - University of San Diego, 2023

"These plans were so helpful! I ended up sharing them with my friends abroad which really helped us plan our trips."

Our Commitment

Our purpose.

At ScholarRoam, we value accuracy and are committed to bringing students and parents our personalized budgeting and travel plans. We value your time and understand how busy your life can be and that is why we utilize an in-depth travel preference form that gives us a clear picture of what type of traveler you are, and your expectations of the things you will do during study abroad, and most importantly your budgeting style.

After we receive your results we will go into a deep dive into research to give you an accurate picture of what studying abroad will cost you. Figuring out how much your study abroad experience is can be a headache forcing you to look at many different articles to know if your numbers are accurate. We not only have done the research already but we have the results to prove our plans work receiving praise from students from universities such as the University of San Diego and the University of Missouri. 

Our Passion

The reason that planning ahead can be so important is that you can create significant savings by purchasing flights and accommodation for all of the trips you go on abroad very early. Our specially curated travel plan will allow you the freedom to go on more trips than you could normally afford, see amazing things during those trips, and provide a safer experience of knowing that you will be visiting reputable destinations. 

Creating a budget that makes sense which can be used to help parents with how much to give or students with saving money

Travel Planning

Planning an in-depth travel plan that'll give you the freedom to travel as much as you want while still being within a reasonable budget

Designing 

Personalizing your budget and travel plans to your preferences to ensure that you have the best study abroad experience possible.

Answering your study abroad questions to help you not feel stressed about the wild ride of study abroad. 

How to budget for expenses studying abroad

Studying abroad is one of those once-in-a-lifetime experiences. For many, it might be their first time traveling out of the country and truly immersing themselves in another culture. This opportunity is invaluable and can truly set college students up for great success in years to come.

When borders finally reopened after the pandemic, applications to study abroad programs skyrocketed; the number of U.S. students studying overseas in 2022-23 increased by 83% compared to the previous academic year, according to data from Opendoors .

During college, it was important for me to study abroad. I chose a program at the University of New South Wales in Australia (near the beaches in Sydney), and I look back fondly at that experience quite often.

Unfortunately, though, the study abroad experience comes with a hefty price tag. According to a recent Study.com survey, the average cost to study aboard for a semester costs $16,368 in 2023.

These costs are generally above and beyond what parents think college students spend. Of course, this number can be higher or lower depending on your specific program, the country where you are studying and other external factors, but this is a good number to start with.

For me, the cost of studying abroad was actually similar to the semester cost at my university in the U.S. Finding a program that partners with your university is important as it will make the process more seamless and potentially more financially feasible.

Related: How to travel on a budget: Here are our 22 top tips

With such an expensive cost, it is a good idea to start budgeting early. You'll also want to remember studying abroad is more than just tuition, housing and a plane ticket to that country. You truly want it to be an experience. You'll want to eat at local restaurants, travel around the country and spend nights out in the town.

Here are some tips on how to budget for your upcoming study abroad experience:

Plan out your expenses

Aside from your program costs, there are many additional expenses that you might not have thought about. Since you are in another country, you might have to get a different cellphone and sign up for a separate plan. You also might be on the hook to pay for Wi-Fi and electricity in your accommodation.

Related: Every student studying abroad needs one of these credit cards

Transportation to your school is another cost to think about. Are you within walking distance, or will you be relying on local transportation? Also, consider how you'll get to the grocery store and around town. The costs will be minimal for some, while others might have a decent line item in their budgeting tracker.

This is something that I did not consider initially. My school was about a 20-minute walk, but for late-night classes, I didn't love walking on my own in the dark. The grocery store was also close to the school, so walking with bags in hand (with many hills) was not a great option. Every time I took the bus, I was out another $2. While this might not seem like a lot, it can add up, especially if you pay this on a daily basis.

Your housing situation will also play a big part in your additional expenses. Are you living on a campus with an included meal plan, or are you on your own for food? Do you have a kitchen where you can cook your own food, or will you primarily be eating out?

I lived in a house with seven other students and was fortunate enough that we would all take turns cooking for one another. Cooking in bulk and splitting trips to the grocery store helped keep us on track with our budget.

Using an excel spreadsheet or creating a monthly budget can help you fully keep track of your potential expenses and help you spend accordingly.

Pick a budget-friendly country

When you are budgeting out all of your expenses, make sure to take your country of choice into account. For example, studying in Western Europe will likely cost more than in Southeast Asia. This is not only due to potentially lower program costs but also your everyday living expenses, entertainment and travel costs. Finding street food for a dollar is quite easy in Thailand, but it's nowhere close to realistic in Switzerland.

Understanding personal finance and ways to manage money early on is important when preparing to study abroad. Using a general study abroad cost calculator might over or underestimate your actual costs, so make sure to fully understand the overall climate of your country of choice.

You'll also want to consider exchange rate changes. If you are budgeting a year or more out, remember that the exchange rate might be slightly different after you actually arrive in the country. This may or may not be to your advantage. Hint: You could use a no foreign transaction fee card to pay for your expenses.

Know what's included in your program costs

Figure out what's included in your program costs, as you might be surprised to see the additional costs add up. Is the flight to the country included? (If not, you can always consider using points and miles to get you there.) Will you have to furnish your apartment or housing option, or will it already be furnished?

When I studied abroad, although our apartment was furnished, we were on the hook for nonessentials, like televisions. We went to a secondhand store to buy a television for the semester, and then we sold it at the end of our six-month stay. We also had to rent a washing machine from a local store and opted to hang dry our clothes to save on the dryer expense. These were not expenses I had originally budgeted, but they can add up.

Determine the cost of living

Do some research about the country you are planning to visit to figure out the cost of living. Talk to students who have studied at that particular school or join a local online group and speak to individuals currently living there.

This will help you determine essential costs, such as housing, cell phones, transportation, restaurants and groceries. Of course, you'll also want to budget for experiences as well, such as restaurants, excursions and nightly entertainment.

You will want to travel

Travel is a huge part of studying abroad too. While getting to know your new university and the city where you are living is great, seeing other parts of the country is part of the experience.

The place you're studying will determine your travel expenses. You'll want to determine if there are inexpensive train options or if you are bound to more expensive airplane tickets.

During my study abroad experience, we were pretty much on our own for sightseeing. One weekend trip, a visit to the Blue Mountains of Australia, was included in the program fee. My other travel and sightseeing expenses during the study abroad experience made up a hefty part of my budget.

Fortunately, I knew other students who went to my university of choice the year prior, and they were able to help me figure out my travel schedule in advance. My research ahead of time helped me understand to budget for a spring break trip and a week-long study period trip at the end of the semester.

I also planned a few weekend trips to see other sites within the country. Staying with friends while traveling is also a great way to reduce travel costs and help you stay on budget.

Bottom line

Studying abroad is an amazing experience and should be an opportunity to consider. The cost can add up, but some students might actually find it to be a similar price as their semester cost at home.

Ultimately, you'll want to ensure you budget properly to fully enjoy the entire experience out of the country. Make sure to live like a local, see everything you can and make the most memories to look back on.

Related reading :

• The best credit cards for college students
• 10 ways college students can meet credit card minimum spending requirements
• My experience of getting my first student credit card — and which credit card I want next
• College students: How to use your credit card responsibly

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6 Ways College Students Can Travel on a Budget

Travel Team | Feb 14, 2024

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Cliches are cliches for a reason. There’s usually at least a grain of truth to them. The stereotype of the broke college student exists because, well, we’re usually short of funds for those four (or more) years.

That doesn’t mean we don’t still dream big, though. If your big dreams include travel, you might need some ideas and inspiration for how you can see the world even when your wallet is looking a bit empty.

Check out our latest tips and tricks for the broke college student fulfilling their travel dreams.

6 Types of Budget-Friendly Travel for Students

“As someone who has held a passion for traveling from a young age,” said Nicolle Kain , a former college intern with Seven Corners, “I have been desperately searching for ways to see the world while working on those college loans.” Here are a few of her tactics.

1. Study abroad

As Nicolle reminds us, “Study abroad programs are designed for college students and offer a safe and inexpensive way to explore the world without putting your education on hold.”

The key to making the most of your travel dollars is choosing your study abroad destination and activities wisely. If you’re a biology major, Costa Rica or Australia might be a good fit. If you’re interested in the arts, try Italy. A good program match can make sure you’re not wasting your money.

Learn how to budget for study abroad . As much as we love travel, going deep into debt for it isn’t a smart decision.

2. Voluntouring

Volunteering abroad is a great opportunity to give back to the community you’re visiting. These trips tend to be less expensive, partly because you may be visiting an area with a lower cost of living, but also because the organizations that set up a voluntour know that you’re paying for your trip partially by working. Some missions even sponsor college students, easing even more of your financial burden.

Not all international volunteer organizations are the same. Do your homework to find one that’s reputable as well as match with the right opportunity that fits your interests, skillset, and budget. Find out more about how to be a responsible voluntourist before you make any major decisions.

3. Work exchange

Like voluntouring, you’ll be flexing a bit of muscle during your trip. With a work exchange, you pay for your room and board by providing labor to an organization. You could be working on a farm or orchard, house sitting, or helping with a sustainability project or other community effort.

Don’t worry about missing the chance to actually travel. While you are somewhat tied to a single home base, you’re usually only working for part of the day, leaving the afternoons and evenings open for exploring.

You can find these unique opportunities through groups like Workaway .

4. College ambassadors

The side hustle of being an ambassador or an influencer is one way to earn money or points for travel. Nicolle held a position as an ambassador for a travel organization when she was a student and earned a free trip by recruiting other people to the organization.

5. Contests and giveaways

People win radio and Instagram contests all the time. Why not you?

“Google ‘trip giveaways,’” says Nicolle, “and you would be surprised at how many different trip sweepstakes pop up. Be warned, however, to always read the fine print.” Know what you’re signing up for before you dish out personal information or your email address.

Don’t sweat it if you never win an all-inclusive trip. Look for contests that give away travel-related items like free luggage or airline vouchers.

6. Student travel deals

If you’re someone who knows which night each local restaurant has the best happy hour deals, you have what it takes to travel on a budget. Spend some time finding the right deals instead of booking the first thing that pops up, and you could save hundreds of dollars.

For students with flexible schedules, you’ll want to take your trip during the off- or shoulder season . It’s easier to find travel deals when the destination isn’t already overrun with other tourists.

Look for flight deals , too. Sometimes that means booking on a budget airline, but sometimes you want to choose a more mainstream airline that doesn’t nickel-and-dime you to pick your seat, check or carry on a bag, get a drink, watch a movie, or borrow a pillow. It might seem more expensive when you book the flight, but you could save more money in the end without all those hidden fees .

Instead of hotels, consider booking a hostel. Hostels are well-known in the student travel world. They’re inexpensive because they’re basic and because you’ll probably share a room with two to 15 strangers.

For more privacy, rent a room in someone’s house through Airbnb or Vrbo. You’re not necessarily looking for fancy, just safe, clean, and on budget.

Travel with a backpack. You might be a backpacker on a gap year or a weekender packing light. Either way, by traveling with a smaller bag instead of massive luggage, you could save some cash.

“It’s all about prioritizing,” says Nicolle, who admits to being guilty of overpacking from time to time. “Not only is a backpack cheaper to fly with, but the limited storage helps you resist tacky souvenirs that you may regret purchasing once you land back home.”

Finally, keep an eye out for student discounts. Lots of museums, theaters, tours, public transportation, even restaurants will offer cheaper prices if you show a valid student ID. This might be the easiest way to save a few bucks.

Is Travel Insurance Worth It?

When you’re trying to save money on travel, why would you want to spend more money on travel insurance? You might not even need to use it. But here’s the deal. The price of not protecting your trip, health, and belongings can be much higher than what you’d pay for a travel insurance plan.

Why risk losing the money you paid for your trip if you have to cancel it? Will you be able to afford replacing your luggage if it gets lost or stolen? Travel insurance can help reduce the financial risk that comes when something bad happens during your trip.

Seven Corners offers a variety of plans designed to fit every kind of trip and budget. Consider Seven Corners Backpacker Travel Insurance , an economical plan that provides essential medical benefits, or see what other types of coverage could be right for you. Get a quick quote online at SevenCorners.com .

About the Authors

Nicolle Kain and Becky Hart contributed to this article. You can read more of their expert travel advice on the Seven Corners blog .

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Study abroad budget templates: Plan and monitor your expenses

The budget for a study abroad experience is one of the most important factors for every student. There are many factors influencing the costs. With my study abroad budget template you cover them all!

Studying abroad is something you will very likely find on top of every student’s bucket list. Fair enough! It is a great chance to enhance your education, meet new people and travel the world.

In case you are not yet 100% conviced, you find the top 5 reasons why you should study abroad here .

Anyway, one big hurdle for realising the study abroad dream is the required budget. Spoiler alert: in this post I will not provide the ultimate sum of how much your study abroad will cost you in the end. This depends on too many different factors:

• Price levels of your chosen destination
• Sought lifestyle / expectations on traveling and living (dorms vs. private rooms)
• Distance from your home country
• Duration of your abroad studies
• your „home“ university
• local associations
• a community or international programme, like Erasmus in Europe

In either case it is important that you plan your budget thoroughly in advance.

On one hand you need to take into account the above mentioned key influencers on your budget, which have to be observed individually.  On the other hand your calculation is influenced by different types of costs, which are the same for every student. These include for instance:

• accommodation
• transportation
• fixed costs at home

For these types of cost I put together a calculation sheet, which I used myself for planning and monitoring my study abroad budget (I spent 5 months in New Zealand). I am happy to share this template with you to make your life a little easier.

I attached two templates in an user-friendly excel format: An empty one as well as my own budget sheet for New Zealand, where you can see and overwrite a completed calculation.

Just click on the pictures to download the excel sheets:

How to use the templates?

1. Fill the yellow spaces in the header for your personal overview

• Where do you go?
• When do you go?
• What is the exchange rate? (fill in „1“ if you calculate in your own currency)
• What is your planned budget in total?

2. Differentiate your costs in travel related and study related costs

Fill the yellow spaces with your budgets (either in your own or destination’s currency)

• one-shot fees (eg. flights, vaccinations) vs.
• recurring costs (eg. rent, insurance, food shopping)

3. Give a status „outstanding“ or „paid“ to your budgets

If you are in a very rough planning and estimation stage you can also use the placeholder „-„. Otherwise you will find an overview of open and settled payments in the header.

4. Delete rows you do not need or add new ones in case you identify additional costs

Attention: if you do so please check the underlaying formulas.

5. Get an overview of total budgets

You will get an overview of the automatically calculated overall budget, separated in following sections:

• traveling vs. studying
• open vs. settled
• planned vs. actual

In case you have any detail questions or need an adapted version please just leave me a comment.

I am looking forward to comments of any study abroad students out there: What are your key take aways regarding budgets and costs? Did you stick to your planned budget? Did you face unexpected costs?

If you are interested in sharing your experience with My Travel Emotion’s readers please also leave a comment. My study abroad section shall grow over time with more and more impressions and stories of study abroad programmes all over the world.

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How to study abroad on a budget.

You have the opportunity to study abroad for a semester or two — congratulations! With a new home base to explore, new cultures to experience, and new friends to make, studying abroad is exciting, but it can get expensive quickly if you fail to budget for it.

To ensure the experience doesn’t become a financial burden, it’s important to prepare in advance and ensure you’re aware of the opportunities for financial support specific to studying abroad.

In this article, we will cover the basics of studying abroad, how to budget for it, and programs that can help make studying abroad more affordable.

How does studying abroad work?

Study abroad programs are opportunities provided by universities and colleges to complete a semester, year, or sometimes even more of your degree program on a different campus — usually in a foreign country.

These programs are excellent opportunities to see a new part of the world and experience a different culture. Temporarily relocating to Europe, Asia, or anywhere else means having an excellent opportunity for travel options that you might not otherwise have access to.

How much is it to study abroad?

The cost of studying abroad will vary dramatically depending on what country you choose, the tuition and fees charged by the college or university you select, the cost of living in the place you choose, and travel costs related to studying abroad.

To give you a sense of how much it can vary, studying abroad at the University of Delhi will cost international students a few thousand dollars in tuition and fees a semester, while studying abroad at the American University of Paris will cost €17,838 in tuition and fees for the fall 2023 semester .

Many colleges and universities provide helpful breakdowns on their websites to help students who want to study abroad assess all the costs and fees for attending their school, which are worth looking at as you explore your options.

One final thing to remember is that in addition to paying tuition and fees for the school at which you’ll be studying, your home college or university might also charge fees if you decide to study abroad.

Planning your expenses

As you start adding up the costs of studying abroad, the first expense you’ll want to tally up is the tuition and program fees and any fees your home college or university charges. Some colleges and universities charge standard undergraduate tuition plus a relatively small study abroad fee. Others have separate tuition plans for study abroad students, which may cost much more than continuing to attend your home college or university. Don’t forget to include a college or university’s miscellaneous fees, too. From facility fees to the cost of textbooks , you need to anticipate the total cost of attending school in another country.

Of course, tuition isn’t the only significant expense you’ll have to pay while studying abroad. To make a thorough budget, you’ll need to account for the cost of living, miscellaneous school expenses, transportation, and providing for an emergency fund. You might need to purchase plane tickets to get there and back, and you may need to pay to ship extra clothes, books, electronics, and other belongings.

After accounting for tuition and fees for studying abroad, check with your study abroad program to learn about your living options. You may try to take advantage of affordable on-campus housing options if they exist, or you may be able to room with a local family during your time abroad. Be sure you understand your meal plan options, too. Do you have to pay for a plan, or will you be responsible for your meals? These expenses add up.

Unless your new town is small and easy to navigate by foot, you’ll need to know your transit options, too. Find out if a school shuttle is available or calculate how much you’ll have to spend to take the subway or bus to class.

In many ways, planning your expenses for studying abroad is similar to planning your expenses for studying at a college in the U.S., you might just need to do a bit more research to find out what things could cost.

Decide how much to spend on extras

Just like when you’re studying at your home college or university, you’ll need funds for entertainment and socializing while you’re abroad. Before starting your program, you might want to understand the typical costs for dinner, a night out on the town, and local attractions so you can budget for these extras. If you want to explore the area with your new friends, consider assessing the expense of enjoying a weekend away in a neighboring city or country, too.

Calculate how much money you’ll have

Calculating the money you’ll have during your time abroad can be tricky. To cover additional living expenses, you may need to start saving well before your study abroad program. For instance, if you have a part-time job, consider taking on additional evening or weekend hours to save up for your time abroad. Depending on where you’re planning to study abroad, you might be able to secure a job while you’re studying abroad, and the current remote work environment might provide more opportunities to earn money while you’re studying abroad, too, which are other factors to consider.

How to spend wisely while studying abroad

You’ll undoubtedly want to experience as much as possible while overseas, which may mean you’ll need to stretch your budget. Fortunately, there’re a few ways to save money while experiencing your new home to the fullest.

Find ways to save while studying abroad

As a student, you’ll most likely be eligible for discounts while studying abroad in the same way that students can often access discounts while studying in the U.S. From reduced fees for public transit to discounts on attraction tickets to deals at restaurants , seek out all the savings you can. Often you can present your university-issued ID to take advantage of the discounts.

Track your expenses and adjust your budget as necessary

Once you land in your new home to study abroad, you might be tempted to throw your budget by the wayside and embrace every unique experience that comes your way. It’s important to remember that just because you’ve spent hours crunching numbers and developing a workable budget doesn’t mean your spending will automatically be kept in line. Track your expenses carefully and assess whether you’re staying within your budget every month to keep your spending in check while studying abroad.

After a month or two of tracking your expenses, revisit your budget and assess how well it’s working. If spending in some categories is much more or less than anticipated, don’t hesitate to adjust your budget for accuracy.

Common FAQs about paying for study abroad

Can the free application for federal student aid (fafsa ® ) help cover study abroad programs.

Aid from filing the FAFSA ® may help cover the cost of study abroad programs depending on the college or university you choose to study at abroad, if you’re participating in the program through an American college that participates in federal student aid programs, and if you meet specific eligibility requirements. The financial aid office at your home college will be able to answer specific questions about whether your financial aid can be used to cover the costs of studying abroad.

Once you’ve completed your FAFSA ® for the academic year in which you’ll be studying abroad, you’ll need to consult your specific school on how to proceed to make sure you fill out all the necessary paperwork.

Of note, there’re different rules for federal financial aid depending on whether you’re just looking to complete a few semesters abroad versus if you want to complete your full advanced degree abroad.

Are there study abroad scholarships?

Scholarships could be available for students studying abroad with eligibility based on several factors such as academics, location, and whether they plan to learn a foreign language. Contact your school’s study abroad or financial aid office to see if you might be eligible for any study abroad scholarships.

Final thoughts

Consider the costs carefully before you head overseas, and do your best to stick to your budget once you arrive. Take advantage of financial aid opportunities and scholarships to help pay for your study abroad experience to help lower your costs during your semester abroad and beyond.

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Study Abroad Office

Budgeting & planning, step 1: review program budget with your study abroad heading link copy link.

Once you have selected a program, you will create a budget with your study abroad advisor during your program advising appointment. Should you receive financial aid, this budget is shared with the office of financial aid. Your financial aid may be adjusted based upon the updated cost of attendance for the term you are studying abroad.

In your advising appointment, your advisor will review estimated amounts for the cost of attendance, additional expenses, and where to pay your study abroad fees to. At that time, your advisor will also review scholarships and other funding options available to you.

Budget Heading link Copy link

This budget includes the following estimated program costs:.

• Application Fee
• Tuition & Fees
• Room and Board
• Field Trips/Other
• Program Required International Insurance
• Study Abroad Administrative Fee
• Campus Care (If Applicable)

*If you are eligible for an automatic discount or a cost differential, this will be indicated on this budget as well

Additional Estimated Costs

Additional estimated costs you will need to budget for:.

• International Airfare
• Passport/Visa
• Immunizations & Vaccinations
• Books and Supplies
• Local Travel
• Personal Expenses
• Meals not covered in R&B

Step 2: Research Costs of Living Abroad Heading link Copy link

The cost of living varies greatly by program location.  Europe, Australia, and some countries in Asia tend to be more expensive than other parts of the world. Major cities and popular tourist destinations can also be more expensive in terms of daily living expenses.  Many non-traditional locations, smaller cities, or rural locations tend to have a lower cost of living. There are many online blogs, websites, and country guidebooks that can give you an estimate for all expenses you may have to account for abroad such as groceries, local transportation, entertainment, personal expenses, travel, and dining.  One recommended resource is expatistan.com . We also recommend you connect with UIC study abroad alumni and read blogs and testimonials from UIC study abroad students and other college students who have studied abroad on your particular programs. Make sure to read budget related information provided by your program.

Your program page will have a tab outlining tuition and fees, housing, estimated costs for food, airfare, and other living expenses in your host country.

Step 3: create your personal budget heading link copy link.

Creating a budget and living within that budget while abroad is really important. However, without ample planning this can prove to be more difficult. Knowing what you are spending your money on by creating categories and sticking to those limits will help you stay on track each month.  You can utilize this budget template to plan and track your expenses abroad! Use this tool to calculate budgeted and actual expenses for categories such as bills, meals, local transportation, health insurance, and other personal expenses. You can also begin budgeting several months or years before you go abroad to save monthly and put your savings towards budgeting for study abroad.

• Make an appointment with Hua Kao  [email protected]   in the Office of Financial Aid and Scholarships to learn more about your personal financial aid package and how it may be adjusted for your term abroad to account for the new cost of attendance
• Review the difference in cost between what you are currently paying at UIC and what you will be paying abroad. If it is more, how will you make up the difference? Consider scholarships, financial contributions from family members, community-based funding, and setting up a budget now so you can save for study abroad.
• Some partners can be flexible on when you will pay the program cost.  If you need to set up a payment plan, please be sure to contact them directly up front to make those arrangements. If you do decide to set up a payment plan, you will need to account for this on your budget.
• Make a special note of when your financial aid will be dispersed. This will impact how you budget for paying your bills and allocating your spending money.
• Reference the budget sheet that the Study Abroad Office will provide you to determine what expenses are not included in your program fee and develop a funding plan for how you are going to cover these costs.
• Clearly establish what your anticipated additional expenses will be, then build estimated amounts out by month for the time you are abroad.
• Reflect on what you value spending your money on. Is it entertainment? museums? concerts? dining? travel? or are you trying to focus primarily on the program and your studies to save money?  Your program offers a lot already so that will certainly keep you busy and engaged!
• Think through how much you normally spend on personal expenses in the U.S. and do some research on how that might change or be adapted abroad
• Once you have thought through your additional expenses, set limits for each category and stick to them! Make tough decisions.  You will likely need to say no to some opportunities in order to stay within your planned budget.
• Track your expenses.  Meals and personal expenses can add up quickly, so be sure to document everything you are spending money on so that you can stick to your budget and make the most of your experience.
• Utilize a budget worksheet or budget checklist to plan your budget prior to departure. Many students have relied on apps to help track their expenses and purchases in real time such as  Mint  or  Numbeo .
• Know the conversion rate between the U.S. and different countries you may travel to or study in. You can look it up using an online currency converter or download the OANDA  phone application.  The rate will change daily and monthly depending on the market.  Remember to update your budget when you arrive to account for any changes in the currency conversions.
• Contact one of our  Study Abroad Student Ambassadors  to learn more about how they budgeted abroad.
• Read some helpful student blogs and resources from Diversity Abroad below.
• 4 Tips for Budgeting While Abroad
• How to Budget Traveling and NOT Break the Bank
• Tips for Saving Money Abroad
• How to Save Money While Abroad
• Stretching Your Money While Abroad
• 9 Ways to Save for Your Study Abroad Adventure

Ways to Save

• Flights:  You are going to want to weigh the cost of conveniences and price when deciding what flight to purchase to get to your study abroad destination as well as any national or continental flights you may purchase for independent travel.  “Basic Economy” tickets tend to be more affordable; however, you are then required to pay for all additional expenses such as baggage and have limited options in terms of making changes or cancelling flights. You can sometimes find cheaper flights if you are flexible on your dates or flight plans. Less direct flights can be more affordable, but may come with more hassles and opportunities for luggage to be lost or delayed.
• When traveling, it is often ideal and a great way to get to know a new place to try the local cuisine. Try to be strategic about budgeting for your food explorations. Maybe plan one “splurge” meal for your trip. When you are out and about site-seeing, many students recommend packing a sandwich or a travel lunch you purchased from the grocery store to save money. Additionally, when you are planning your lodging for a trip, many hostels offer daily breakfasts included in the cost of the stay or have access to a kitchen to prepare your own breakfast.  Take advantage of the local festivals as well. In some parts of Europe, you will find the food at festivals, such as the Christkindle markets in Germany or Ferias in Spain, are not only low-cost, but delicious and showcase the local cuisine!
• Toiletries:  U.S. brands may be more expensive abroad than they are in the U.S. or your home country. If you have a particular item that you cannot live without, you can purchase it at home before going abroad to save money.  However, you will find the local brands can satisfy your same basic needs and are much more affordable. Plus, exploring the different local shops for your personal necessities will help you get acquainted with your neighborhood and host destination as well as teach you some valuable language lessons!
• Entertainment & Travel:  Research student discounts and low-cost or free events offered by your program or in your host city. If you are in a city with a local university, you will find there are a multitude of cheap and affordable social plans to check out. Sites such as timeout.com are great resources for finding out about free and low-cost events taking place in major cities around the world.  In many locations, you will be considered a local resident if you are studying abroad there. There are special discounts for local residents or students. Ask your on-site staff and homestay families for recommendations. Make local friends who can guide you to new entertainment opportunities. Think through what types of experiences are most valuable to you, and budget accordingly. Keep track of your expenses they add up quickly. Always carry your student ID as most historic monuments, museums, or tourist destinations offer discounts or free entry to students. Visit museums on free admission days. Take advantage of free walking tours (although it is customary to tip) or use an application or guide on your phone to make up your own free/affordable walking tour!
• Take Advantage of What your Program Offers:  Many of our programs come with cultural activities, excursions, and site visits already included in the cost of the program. Some are optional, but if you already paid for it, you should participate!

Step 4: Money Management Heading link Copy link

Before You Go Abroad

• Contact your bank(s) to let them know you will be traveling abroad. You will need to share the dates and location of where you will be studying.  If you participate in independent travel and plan to use your card in a different location, you may need to notify them you will be traveling in a different country.  It is important to notify your bank because otherwise you may be traveling and your card will be frozen (due to suspected fraud) leaving you with no access to funds.
• Find out before you depart what your daily withdrawal limit at ATMs is. You don’t want to be assessed overdraft fees while abroad.
• Check into ATM fees and foreign transaction charges. Some credit cards and debit cards have free ATM fees and or no foreign transaction fees, while others have extremely high fees associated with using the cards abroad.  Some banks have sister banks abroad that don’t  charge fees for ATM usage.  Contact your bank about this!
• U.S. debit cards may not work in Europe, Asia, or Latin America, especially if they do not have the  EMV chip . This is transitioning in the U.S., but it is important to be aware of.
• Verify your card and PIN number’s compatibility with machines overseas.
• Make copies of the front and back of any debit or credit card you will be taking with you during your time abroad. In the event that your card is lost or stolen, you will have your banking information and also the international phone number to contact your bank to notify them of the lost or stolen card.
• Give yourself multiple ways to access your money. Bring a debit and credit card with you. Also make sure someone at home is able to access your bank account in the event that you need an emergency transfer of money.
• Make sure you’ve enabled online and mobile banking to make it easier to manage your funds while abroad.
• Create a budget and try to stick to it during your program. Unexpected expenses will inevitably arise, and having a plan in mind for your money while abroad will help you better prepare for these surprises.

While Abroad

• Be prepared to pay for most of your daily expenses in cash. Use a debit card to access cash from ATMs so that you don’t have to worry about packing or exchanging US money.
• Thefts at ATMs can happen, so be vigilant when taking out money at ATMs. Extracting large sums of money from the ATM and keeping large sums of cash on you (or in your personal space) increases the risk of theft. Be aware of your surroundings when taking out money and cover the pin pad when entering your secure number.
• If possible, use ATMs associated with banks. If you see a bank, chances are that there will be ATMs right inside or outside near the bank entrance. These ATMs will be more secure and usually have a lower fee associated with their use.
• ATMS in bars/restaurants or not associated with banks are often independently owned and are a magnet for pickpockets or debit/credit card fraud.  Most are ok, just be mindful of your surroundings when using them and be sure they are certified ATMS before using them.
• Many countries rely on cash more than credit/debit cards.  Be sure to carry a small amount of cash around with you at all times. Be mindful to keep it in small bill increments to make sure you are less susceptible to pickpockets. You may not be able to use your card for small purchases; some businesses have a minimum on how much can be put on a card.  For purchases that can be made using a credit card, Visa and MasterCard are the most widely recognized.
• It is not recommended to open a foreign bank account, rely on personal checks, or rely on less commonly used credit card companies abroad such as American Express or Discover.

Study Abroad Budget: a Template Example

Based on LOTS of experience with our international students and their encounters with budgeting, we at TALK created a study abroad budget template, which includes both the major and the minor costs of studying abroad . You can sort costs into categories: tuition, food, souvenirs, activities, etc. This budget template will guide you as you create a budget based on your choice of program, your school, and your pocketbook.

This is possibly the first time you will have to create a budget in your adult life and it is a budget that is important.  If you get it right, your time abroad will not be a stressful exercise in controlling costs and staving off debt. And, of course, these costs add up to an incredible investment in your future career and life success.

We know how easy it is to blow through money when you travel. The trick is not to overlook those expenses which don’t seem relevant.  They do – surprise! – add up.

As a future TALK English Schools student, we want to make sure that you make a fail-safe budget! With our template, you can sort costs into categories: tuition, food, souvenirs, activities, etc. By looking at each category, you can see where your money is really going. This will help you spend wisely and be able to afford those little  indulgences like travel, clothing, and gifts.

Beyond your budget template

Now that you have created a budget, start using it, even before you go.  As you go about daily tasks, from transportation to school or work, snacks along the way, meeting up with friends for coffee, keep those receipts.  At the end of each day, add up your costs.  You’ll very soon realize that small expenditures that you wouldn’t have factored into your budget indeed amounts to quite a little sum of money across a whole month!  By doing this, you can draw up a budget which factors in all those overlooked costs, and you will see what you need to tweak or update.  Use your Excel sheet – another learning opportunity to get familiar with using a spreadsheet for budgets.

Set aside an emergency cash float in your budget template .

Pay attention to your expenditure once you are at your school.  Keep an eye on your budget and if you are exceeding it, identify what costs you can cut – fancy coffee, perhaps? 😊  Reconfigure your budget and make changes to the budget template if you need to add other expenditure areas.

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How Much Does It Cost To Study Abroad?

• Program:   Each program page  gives its specific pricing information. SRAS offers a variety of program choices of varying length and cost.
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• Airfare:  Our  International Airfare Guide  can give you some pointers on getting the best price for tickets to and from your study abroad destination.

Studying Abroad for Educators

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At Stetson, we’ve used SRAS to arrange all of our student study abroad trips for the past five or six years. During that time we’ve sent dozens of students on summer- and semester-long programs in Moscow, St Petersburg, Nizhny Novgorod and Irkutsk. In every interaction I’ve had with them, SRAS has been prompt, reliable, knowledgable, courteous and quick to lend a hand when needed.

Just yesterday my student successfully defended her honors thesis on environmentalism around Lake Baikal, a project that would not have been possible without the fieldwork that she conducted on her SRAS study abroad program in Irkutsk. I hope to see more such projects in the future and will keep directing students to SRAS programs!

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• Create a Budget for Study Abroad

Consider the program fees and expenses you should plan for while abroad.

Building a Budget

Isep exchange.

• Work with your ISEP coordinator to build a sample budget for an ISEP Exchange Program using this template .
• On an ISEP Exchange program, your home institution will charge you for Tuition, Housing, Meals/Board, and Applicable administrative fees.
• ISEP will charge you (or in some cases, your home institution) for the Application Fee , Placement Fee , and Health Insurance .

ISEP Direct

• This ISEP Direct budget template can help you estimate the total cost of an ISEP Direct Program.
• On an ISEP Direct program, ISEP will charge you (or your home university) for your Application Fee , your Placement fee , and your ISEP Direct Program fee.
• For most programs, ISEP will also charge you for housing, and for some programs ISEP will charge you for meals or board. Check the program page to see what fees to expect.

Additional Expenses to Consider

• Passport (required for all students)
• Visa, Immunizations, and/or Health Screenings , if applicable
• Transportation to/from host city, if not included
• Textbooks and Class Supplies
• Local Transportation
• Entertainment
• Personal travel
• Food/meals, if not included in your program fee
• Academic Training Processing Fees , if applicable*.

Academic Training Processing Fees only apply to students studying in the U.S. that choose to participate in Academic Training.

Other Financial Considerations

• What recurring expenses do you pay weekly, monthly, or annually, like insurance, loan or credit card payments, mobile phone plan, or online subscriptions? Can you pause any of them while abroad?
• Lost earnings. If you rely on a part or full-time job now, consider how you will make up that funding.

Funding your study abroad experience

• Consider how you currently pay for your education. Can you use those sources while abroad?
• What financial aid do you already receive?
• Do you earn money from a job that you can save for study abroad?
• Will your family provide any financial assistance?
• Do you have personal savings you can use?
• Could you use online fundraising (like a GoFundMe) to increase your financial support?
• What scholarships are you eligible for?
• Review your Country Handbook to learn more about life in your host country and daily expenses.
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