Taking an international study trip is a unique opportunity with the potential to be a turning point in the careers of university students and young professionals.
However, one of the aspects that underlies making the most of a summer course abroad is having a financial planning aligned with your needs, setting goals and avoiding setbacks that could impact the experience before, during and after the trip.
With this in mind, we prepared this article with 6 essential tips for budgeting a study trip abroad. Follow along!
1- Review your savings
Before planning any international study trip, you must review your financial life in general.
To do this, analyze your expenses, both fixed and variable, as well as the possibility of building up savings for this specific milestone in your professional development.
Getting your finances in order is crucial to fully enjoying your study abroad experience. If required, consider finding additional sources of income to help fund your international travel for a short course.
2- Estimate all expenses
When thinking about studying abroad, questions may arise about the expenses involved in creating an international travel budget.
See here what these costs are and plan from there.
Fixed costs before the trip
When planning your study abroad trip, keep in mind that the following costs are essential to guarantee your international experience. These represent the baseline required to go abroad.
● Travel Insurance
Variable costs during the course
These are the expenses that normally occur when you arrive at your destination for the short course. This way, you can include it in your study abroad budget as an amount that you will need to cover. To do this, consider the following items:
● On-site transport: Depending on your budget and personal preferences, you can choose whether to use public transportation like subway and buses, taxi, Uber or rent a car.
● Accommodation: in some destinations there is the possibility of staying on campus in student residences or in a family home. These are two of the most affordable options. Nearby hotels or Airbnb are also options.
● Food: Plan average spending per day and research how much each meal costs on and off campus.
● Tours and entertainment: while attending short courses in the United States and Europe, for example, there are many cultural options to do in your free time. Keep in mind that the availability of these activities may depend on your budget for international travel and can be arranged to fit your specific circumstances.
3- Prepare for unforseen expenses
While we strive to ensure that our trips run smoothly, unforeseen events can happen, and it’s essential to be ready for them. That’s why it’s crucial to include travel insurance in your international travel budget.
Additionally, you should also set aside funds for itinerary changes, unexpected weather conditions that may require new clothing or gear, and any unplanned purchases or souvenirs you may want to buy during your journey. Planning ahead will give you peace of mind and help to ensure a stress-free trip.
4- Check if your employer can help funding the trip
If you’re currently working and interested in pursuing a short course overseas, consider inquiring with your employer about potential funding opportunities. Many companies have a designated budget to invest in the professional development of their employees, which can include training programs and educational courses. If your desired course aligns with your company’s policies, you may be eligible for these incentives. To explore this option, schedule a meeting with your manager and/or Human Resources department to discuss your options.
5- Keep an eye on the currency exchange rate daily
When planning a trip abroad, it’s essential to include foreign currency acquisition in your budget. As soon as you book your short course abroad, start monitoring exchange rates at different times and on different days to take advantage of more favorable purchasing opportunities.
6 – Apply for a scholarship
If you’re considering pursuing a study abroad program but need some encouragement, IBS Americas can help you achieve your goal!
We offer scholarships for various short courses at esteemed educational institutions across Europe and the United States. Choose from over 30 courses in fields such as business, marketing, finance, projects, innovation, and sustainability.
There are more than 30 courses in business, marketing, finance, projects, innovation and sustainability.
If you want to budget for international travel, check out IBS Americas’ partner institutions and apply for a scholarship!