Budgeting & Planning
Study abroad may be your first experience planning and managing a budget – in a different country, in a different currency, on a different calendar, and maybe even in a different language! It is important to plan and stick to a budget and pay attention to your spending. The amount you spend abroad will depend on many variables, including the host country’s economy, the currency exchange rate, what costs are covered by your program, your personal spending habits, and the amount you wish to travel.
Step 1: Learn How Much Things Cost
When choosing a program, consider the cost of living in your desired location. Western Europe, Australia, and Japan tend to be more expensive than other parts of the world. Urban areas are generally more expensive than rural areas. Compare the cost of living in different countries you are considering at expatistan.com.
Your program page will have estimated costs for food, airfare, and other living expenses in your host country. (For affiliated programs, contact your provider directly for cost-of-living information.)
Consult country guidebooks and other resources to estimate all expenses you may encounter, including food (groceries and eating out), travel (daily transportation and optional weekend trips), entertainment, laundry, toiletries, and other incidentals.
You are strongly encouraged to connect with returnees who studied in your host country to learn how much they actually spent abroad. You can also read through Northwestern students' blog posts about budgeting abroad.
Student Perspective
"Although it may seem intimidating to contact a returnee about their study abroad experience, I'm always happy to share my stories and perspective about my time abroad, and I can guarantee that other students are open to sharing their experiences as well!" —Saya Federbush, GESI Costa Rica returnee
Step 2: Plan Your Budget
- We recommend you use a budget worksheet or budget checklist or to help plan your budget prior to departure. Past students have recommended Mint or Numbeo.
- Undergraduate Financial Aid holds one-on-one study abroad budgeting advising sessions each spring quarter prior to summer and fall study abroad departure. Keep an eye on your email to sign up for a session.
- Memorize the conversion rate or use a currency converter app on your phone to stay aware of how much you are spending in U.S. dollars (or your home country's currency).
- Articles & Tips:
- If you are a financial aid recipient, you may also find it helpful to schedule a financial aid appointment to review your aid package and plan your study abroad budget, especially if you might receive a financial aid refund to help with your expenses overseas.
Student Perspective
"For a lot of people who wish to study abroad, finances are an important consideration. My correspondence with Krista Bethel in the Financial Aid Office was of great help and reassurance." —Cindy Mei, China: Political & Economic Development and SU Abroad in Florence returnee
Step 3: Save Money When Possible
Flights: It may sound counter-intuitive, but avoid "basic economy" plane tickets, which typically don't include any checked bags and offer very limited or no options for making changes. You should also balance itinerary with cost - the more times you have to change planes, the greater likelihood for issues, such as missed or cancelled connections, lost bags, or other problems, which can bring additional costs. Review our Buying a Plane Ticket page for more information.
Food: If your program housing includes meals, plan to eat as many meals as possible that are already provided to cut down on additional food costs. When grocery shopping, find out which stores are low-cost (e.g., Whole Foods vs. Aldi) to maximize your food budget.
Toiletries: Some items, such as toiletries, may be more expensive abroad than in the U.S. or your home country. To save money, you may wish to pack your preferred products rather than purchasing them in your host country. Review our Packing Tips page for more information.
Entertainment & Travel: Research student discounts and low-cost or free events offered by your program or in your host city. Returnees have recommended visiting museums on free admission days and avoiding "tourist traps."