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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. 

Review this page for important tips about how to find and understand your program's costs, things to include when planning a budget, and a useful worksheet to actually build your own budget.

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

Understanding Your 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.

It is also important to be aware of how your program is billed. Semester program students will receive two separate bills—one from Davidson College for tuition and one from the program provider covering non-academic fees such as housing and insurance.

Summer program students will receive one bill directly from the program provider and are responsible for paying it according to the provider's deadlines. Note that semester scholarships and need-based financial aid do not apply to summer programs, though many external scholarship opportunities are available.

For non-program expenses, you can find estimates of general travel or cost of living by using tools like Numbeo, Expatistan, or Budget Your Trip*.

*These resources 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 costs both before departure and during the program.

Before departing, students should budget for passport and/or visa fees, physicals and immunizations, airfare, and any miscellaneous pre-departure needs such as luggage, power adapters, or appropriate clothing.

During the program, students should plan for the following:

  • Local transportation (e.g. metro/bus passes, bike-share, occasional taxis or rideshares)
  • Meals (e.g. groceries, snacks, meals out)
  • Communication costs (e.g. local SIM card, eSIM, or international roaming charges)
  • Funds to attend cultural events, museums, and personal excursions
  • Essential daily living costs/ Personal items (e.g. toiletries, laundry, etc.)
  • Independent travel
     

After calculating necessary expenses, it is wise to add a small cushion to the budget for unplanned needs, if able to do so. Students are also encouraged to track their spending regularly while abroad and to take advantage of student discounts and subsidized program activities whenever available.

Building Your Budget

Ready to put your plan into numbers? Use our Budget Planning Worksheet to estimate your full program costs. To edit, go to File → Make a Copy.