According to the NAFSA, over 300,000 students travel to study abroad every year. That’s almost 10% of college students in the United States. In fact, a majority of U.S. students who choose to study abroad often frequent countries in European, including Italy, France, Spain and the United Kingdom.
Despite the major increase in students traveling abroad, there is also a high price to pay. With the high cost of accommodations and living expenses, the cost of traveling abroad can become steep for the average student. In this article, you will find some of the best 4 tips on saving money while traveling abroad for students.
Determine Your Budget Prior to Travel
Before you book your next flight, make sure you understand how much you will really need to travel. Your estimated living expenses will depend on the length of your stay, where you will stay, and what you plan to do while abroad. Initially, we suggest that you keep a minimum of $2,000 budget, depending on where you will be staying. This should be able to cover your initial costs that include accommodation, security deposits for housing, transportation, food, and miscellaneous funds to help cover any unexpected situations.
Take Advantage of Local Commute
The best way to discover a new city is by foot. However, if you plan to explore the city streets, why not opt to rent a Vespa or bike? Today, Vespas and bikes are the natural methods of transportation in many cities abroad; especially in the U.K. Renting a bike is not only economically friendly but also the best way to ride around town.
Manage Money While You Travel
Imagine enjoying a Friday night out on the town and realizing your bank account has frozen.This is one case that has affected thousands of students traveling abroad and continues to do so. So how can you avoid this mess while traveling abroad? Consider using a prepaid card. This option allows you to use a reloadable prepaid card to use while you’re away. What recent surveys show that travelers use prepaid travel cards to stay on budget while getting the best exchange rate for your money. Additionally, you can stay protected from theft or fraud while you travel.
Find Available Government Help
There are plenty of options available for families and students to receive financial aid when they need it the most.
Whether you need help with your utilities, food, healthcare, or even mortgage, you can find an organization that is available for your current situation.
Furthermore, always do your research for your trip and know what to expect as well as the unexpected. As a student, it can be tough preparing a budget, especially with limited funds. However, with the proper preparations and these smart money-saving tips, you will be on your way to enjoying a once in a lifetime experience.
Photo courtesy of Syracuse University in Florence