Money, Money, Money...Money!

Show Me the Money!
Planning a budget is one of the most important things you have to do before you go abroad. In order to help make the process a little easier, we've come up with some Do's and Dont's for living abroad on a budget.


What do I need to know about making a budget?

  • Budget, budget, budget! This cannot be stressed enough. Before you travel, try and decide how much money you will be able to spend while abroad.
  • We recommend that you plan on spending at least $4,500 during a full semester abroad. Some students can get by on less, whereas some have easily spent more. Consider the amount of traveling and shopping you intend to do as you structure your budget.
  • Make sure to consider the following variables as you set your budget:

What are the DO’S of using credit/debit cards abroad?

  • DO bring a credit/debit card abroad! Credit cards can be useful for emergencies as well as travel! Visa and Mastercard are the most commonly accepted international cards, but be sure to do your research! Make sure you are aware of international withdrawal fees, surcharges, and rates while abroad.
  • DO notify your bank that you will be travelling internationally! Your bank may become suspicious when purchases suddenly appear from all over the coast of Italy. You do not want them cancelling your credit card in the middle of your travels!
  • DO familiarize yourself with the policies of your card, payment plan, interest rates, and general usage guidelines.  Especially if you are a first time credit card user. We recommend this consumer guide from the federal reserve for tips on credit card usage. 

What are the DON’T’s of using credit/debit cards abroad?

  • DO NOT travel with large amounts of cash. For students participating on semester long programs, we do not recommend you travel with a semester’s worth of cash. Some US banks have international branches or affiliates, so be sure to check with your current bank. Some students use travelers checks, while most prefer to withdraw money from international atm’s. Usually your US bank will charge you a small percentage for an international withdrawal, but they also provide you with the best available exchange rate for that day. We recommend students withdraw around the equivalent of 250 US dollars at a time, to ensure you are not travelling with large amounts of cash.
  • DO NOT plan on using solely credit/debit cards while abroad. Credit/Debit cards are not necessarily accepted everywhere. Depending on your location of travel, you may find yourself shopping in small outdoor markets or eating in a countryside café where they only take cash. Try and always carry small amounts of emergency cash!

 What else do I need to know? 

  • Familiarize yourself with the current exchange rate, or cost of living in your country of travel. The website XE.com provides information on current exchange rates.  A sample cost comparison of daily expenses can be found here.
  • For students travelling on our Discover the World program, consider the order of your travels. Paris is typically the most expensive city, followed by Rome and Seville. Make sure to plan accordingly based on your specific rotation!