Provided by IMC! Peer Mentor: Oliver Vasanoja
Studying abroad is a time when you should maximize your experience during a short time. You want to eat at every restaurant, send gifts to your family, visit new cities and go on a beach vacation, all in a few months. This time can be demanding for your wallet so it is good to be prepared. Here are some tips that will make your study abroad experience better:
Save money ahead of time
Set a financial goal for yourself for studying abroad like “I want to have $2500 in my bank account before I leave.” Then, you can budget and set up a monthly savings goal. This way, you make sure that you have enough money to get the experience you want.
Book flights early
Most study abroad programs require you to pay your own flights. Book them as early as you can because they only get more expensive with time! Also, look at flying from a bigger airport, like Minneapolis and Chicago because it is usually cheaper. After booking your flights, you can focus on saving up pocket money.
Learn the exchange rate
This will make it easier for you to understand your spending habits. You should also have some cash if your card does not work. It is usually best to take out cash from a local ATM once you get to your destination but you can exchange some dollars to a local currency at airports.
Get a credit card
A credit card is good to have when studying abroad. Visa and Mastercard work well internationally. You will be far away from family and in a different timezone, so it is good to have a credit card as a source of emergency funds.
Apply for scholarships
Scholarships are your best friend for studying abroad! Plan ahead and apply for as many scholarships as you can. Our Scholarship Resource Center on campus can help you find additional scholarships for studying abroad. To get started, you can fill out the Get Scholarific survey. Once you have submitted it, an SRC team member will send you scholarships matching your information. Be as detailed as you can!
Most importantly, have fun and experience as much as you can! You have time to recover financially after studying abroad.
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