Studying abroad is an incredible opportunity, especially when it comes to language learning. Not only does it provide exposure to an immersive environment, but it also enhances employability and personal growth. However, studying abroad can come with a hefty price tag. Don’t let this scare you though. With some advanced planning, budgeting for study abroad may be more manageable that you think.

Research the Costs

Before choosing a study abroad program, it’s important to research the costs involved. Start by looking into the program fees to see what’s included. For example, Omnia’s programs include the essentials like university tuition, housing, and international health insurance, as well as some extras like visa fees and books. Every program is different though, so be sure to check. It’s also important to talk with your on-campus study abroad office to see if there are any fees or other costs that you’ll be responsible for during your time away.

Next, do a little research into any additional costs so you have an idea of what you’ll need to budget for. Your biggest additional cost is likely to be airfare to your destination. Most study abroad programs don’t include this in their program price because prices vary so much from location to location. However, there are plenty of options out there, including booking with airlines directly, using a travel site like Expedia, or sites like Student Universe that provide special discounts on flights to students. With a little research you may find a great deal. It’s also worth checking in with family members to see if they have any frequent-flier miles they would be willing to share with you.

Create a Budget

Once you have an idea of the costs involved, it’s time to create a budget. Start by listing all the expenses you expect while abroad. Think about what you spend money on during a typical week. If you don’t know much to estimate for something specific, do some research online or talk with your Omnia advisor or on-campus study abroad office. Just try to make your budget as detailed as you can so the final amount you come up with makes sense. After you create your initial budget, let it sit for a few days then review it again. You may notice something you forgot.

You also want to treat your budget like a living document. While costs like your program fee likely won’t change, you may decide to modify your budget after doing additional research or deciding extra costs are more/less of a priority. Be sure to record these changes in your budget as they come up.

Evaluate Funding Sources

After your budget is ready, the next step is taking a look at all of the funding sources available to you to pay for your time overseas. You likely are using a few funding sources for your on-campus studies that can use your study abroad program. If you use financial aid, grants, or institutional scholarships, talk with your academic advisor or financial aid office to see if you can use these for your program. Be sure to look at your savings, loans, and any support you receive from family as well.

It’s also worth researching funding for study abroad. There are numerous study abroad grants and scholarships available, but many are dependent on location or area of studies. Your institution’s study abroad office or regional studies department is a good place to get started. Research and apply for these opportunities early. Also, apply for as many as you’re eligible for to increase your chances of securing funding. Be sure to use common sense though. There are scams out there, so be wary if a scholarship requires you to pay as part of the application process or in order to receive an award.

Save Money Before You Go

Another important way to support your time abroad is to save money before you go. Just like you would save for any kind of trip, setting money aside for your program can make a big difference. You’ll likely have several months before you leave for your program, so set a savings goal and work towards it each month. Consider taking on a part-time job, selling unused items, or cutting back on expenses to save for your trip. If you have a birthday before you leave, ask your friends and family for study abroad funds instead of gifts.

One useful way to cut expenses is to think about how much you’re paying for entertainment right now. You may be spending more than you realize on streaming services, nights out, or a trip to an away football game or for spring break. Making some sacrifices now may mean you get to take advantage of some really amazing experiences later.

Budget for the Fun Stuff

Speaking of amazing experiences, make sure you budget for fun things outside of class. You’ll likely want to do some independent travel (and you absolutely should!) or take advantage of nightlife, concerts, or other special experiences while you’re abroad. These expenses can add up quickly and easily derail your budget. Be sure to include independent travel or entertainment in your budget so you don’t end up in an uncomfortable situation when you’re on your program.

Studying abroad is a worthwhile investment that offers a wealth of benefits. By researching costs, creating a budget, exploring funding opportunities, and saving money, you can successfully budget for study abroad. With careful planning, you can make your study abroad experience a reality and reap the benefits of this life-changing opportunity. Do you have any tips for budgeting for study abroad? Let us know in the comments!