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Budgeting for Study Abroad

For many students, a study abroad or away experience is the first time that they must manage their own living expenses. Students going abroad who carefully plan and adhere to their budget will be able to make the most of their unique situations as well as develop an important life skill.

Think Ahead

Many study abroad returnees report that they found managing their own expenses more challenging than expected.  To avoid undue stress, students should begin thinking ahead and planning their finances as early as possible in the study abroad process.

Get started by gathering information about anticipated expenses for your program and in your host country.  You can then begin building your budget.

 


Woman in traditional Korean dress standing outside

Determining Estimated Program Costs

The first place to look for costs is on the official program brochure or website.

  • Most partner programs will have a page or section on their website which outlines estimated program costs for housing, transportation, meals, and other expenses.  

  • Davidson program brochures have a tab called "Money Matters" with a breakdown of program fees, estimated out of pocket costs, and explanations of what is and is not included.

For other non-program expenses, you can find estimates of general travel or cost of living by using tools like Budget Your Trip or Numbeo Cost of Living*.
*These reasources are provided for informational purposes and using any of them is at the sole discretion of each individual.

Planning Your Budget

Each person's budget is unique, and can vary depending on their available funds, the cost of living in the host country, and their personal spending habits.

When planning a budget, students should remember to include the following items:

  • Local transportation

  • Books and classroom materials

  • Communication costs (e.g. local cell phone SIM cards or service, international roaming charges, etc.)

  • Funds to attend cultural events

  • Personal items (e.g. toiletries, school supplies, laundry supplies, clothing)

  • Meals and snacks

  • Emergency medical costs

  • Personal travel or excursions

After calculating necessary expenses, it is wise to add a small cushion to the budget for unplanned needs, if able to do so.