The Ultimate Guide to Studying Abroad on a Budget

Studying abroad doest have to be a pipe dream — for many people the reality of enrolling and affording study abroad is extremely attainable. Who wouldn't want to take advantage of this opportunity? The chance to travel, meet new people, experience new cultures, and expand your education – it sounds like a dream come true. I’m here to say – you can DO IT! But let’s be real: the cost of studying in a foreign country can seem like a huge barrier. 

The biggest cost items being flights, tuition, housing, food, and transportation – it all adds up fast. However, studying abroad doesn't have to break the bank! There are plenty of ways to make this amazing opportunity more affordable. With the right planning and a bit of research, you can make your study abroad dream a reality! 

Welcome, I’m Kevin. I chose a study abroad program in Dublin, Ireland during the mess of the Coronavirus (COVID-19) pandemic. I know… ‘Kevin, what were you thinking?’  But look – I couldn't pass up my only opportunity to go abroad.

I flew to the green country of Ireland in Fall 2021 with a suitcase and a backpack (see my study abroad packing guide) with a mission to make the most out of my experience. Years later, I am still a huge advocate for study abroad, and I volunteer my time helping others on their abroad journey.

Whatever it is, the way you tell your story online can make all the difference.

Here’s your ultimate guide to studying abroad on a budget, including tips, resources, and opportunities to help you make it happen. 

1. Choose the Right Destination – Great Places to Study Abroad

The first step to saving money when studying abroad is selecting the right country and city. Some places are just naturally more affordable than others. Sure, London, Paris, or Tokyo may sound exciting, but they also come with hefty price tags. Cities like Florence, Madrid and Prague tend to be more affordable for students.

Pro Tip: If you’re not Europe-bound, consider countries where the exchange rate is in your favor. For example, the US dollar is stronger in countries like Malaysia or India, meaning your money goes further.

Here’s a breakdown of affordable study-abroad destinations:

• South America: Argentina, Colombia, Chile, Peru

• Europe: Spain, Portugal, Poland, Hungary, Czech Republic

• Asia: Thailand, Vietnam, Malaysia, India

• Oceania: New Zealand (though Australia can be pricey, New Zealand offers more budget-friendly options)

Depending on which programs your college is offering, you may also want to consider Germany or Poland as great places to study abroad for lower than average tuition fees as public universities, with Germany often having nearly free tuition, making the overall cost of education considerably less than most US universities; additionally, the cost of living in both countries is generally lower than in the US, especially when compared to major metropolitan areas

2. Look for Study-Abroad Programs with Low Fees

If you’re working through your university’s study-abroad office, make sure to explore all the options available. Some schools have partnerships with universities abroad that offer affordable tuition rates or discounts for exchange students. It’s also worth checking if your institution has a study-abroad scholarship or grant program.

My college had an agreement with American Programs International (API) where my tuition costs were matched at the same rate I would pay during a traditional semester at home. Therefore, I was allowed to maintain my scholarships during my semester abroad – the only difference being housing costs and miscellaneous fees. If you have a choice, I would highly recommend API’s assistance every step of the way! 

Returning home, I became an API Ambassador, where I volunteered to help students like me on their abroad decision. This was great experience to put on my resume!

Research Tip: There are also independent organizations and third-party providers that can help connect you with affordable programs. Websites like GoAbroad, CIEE, and StudyAbroad.com allow you to filter programs by price, location, and other factors.

3. Apply for Scholarships & Grants

There are tons of scholarships and grants available for students who want to study abroad, and you should definitely be taking advantage of them. Some of these awards can cover tuition, airfare, or living expenses, which can make a significant dent in your overall budget.

• The Gilman Scholarship: This is a popular choice for US students who are receiving federal Pell Grants. It offers substantial funding for studying abroad.

• Boren Awards: If you’re studying a less commonly taught language or want to go to a nontraditional study-abroad destination, this scholarship could help fund your journey.

• Critical Language Scholarship (CLS): This government-funded scholarship focuses on language immersion programs in countries where there’s a high demand for specific languages like Arabic, Chinese, or Russian.

Don't forget to check with your university for internal scholarships as well— many schools offer study-abroad-specific funding opportunities. Reach out to your alumni office for more information on resources to students who study abroad. 

4. Find Affordable Accommodation

Accommodation is one of the biggest expenses you’ll face while studying abroad. But with a little effort, you can find ways to cut down on costs:

• Student Dorms or University Housing: Many study-abroad programs provide affordable dorms or university-managed apartments. These options are often cheaper than renting privately. I highly recommend this option for the pure convenience and opportunity to connect with students  like yourself. 

• Homestays: Staying with a local family not only helps you save money but also gives you an authentic cultural experience. Websites like Homestay.com, GlobalHomestay, and Host Families connect students with local hosts around the world. These services usually vet hosts, provide detailed listings, and offer support during your stay.

• Hostels and Guesthouses: If you're staying for a short period, hostels can be an affordable option. Also, many hostels offer kitchen facilities where you can cook your own meals.

• Airbnb: In some countries, Airbnb can be a more affordable choice, especially if you’re staying for a few months. Look for shared apartments to save even more money.

Money-Saving Tip: Split accommodation costs by sharing a room or apartment with other students or travelers. The more, the cheaper! This is a great way to make new friends as well. 

Whatever it is, the way you tell your story online can make all the difference.

5. Budget for Food (and Learn to Cook!)

Eating out every day can quickly drain your budget. While it’s tempting to try all the local cuisine (and you should!), cooking your own meals can save you a lot of money. You can visit local markets to buy fresh, affordable ingredients and get creative in the kitchen. Plus, cooking is a great way to bond with new friends!

• Local Markets: Shopping at local farmer’s markets or grocery stores will help you avoid inflated tourist prices.

• Cook with Friends: Not only is it cheaper to cook together, but you’ll also get a chance to bond with others and learn new recipes!

Budgeting Tip: In some places, you’ll find “student meal cards” or discounts for university cafeterias— don’t forget to take advantage of those! If you’re staying in a hostel, some accommodations offer free breakfast or regularly occurring meal nights. 

Whatever it is, the way you tell your story online can make all the difference.

Using TooGoodToGo while studying abroad is a great way to save money on food and reduce food waste at the same time. The app allows you to buy unsold food from restaurants, cafes, bakeries, and supermarkets at a discounted price, which is perfect for students on a budget.

6. Save Money on Transportation

Getting around abroad can be pricey if you're not careful. Here's how to keep transportation costs low:

• Public Transit: In most countries, public transportation is reliable and affordable. Look into weekly or monthly passes to save money on buses, trains, and subways.

• Biking: In cities like Amsterdam or Copenhagen, biking is not only a cheap way to get around, but it’s also a great way to see the city!

• Walking: If your accommodation is close to school and local attractions, walking is the easiest (and cheapest) way to explore.

• Student Travel Cards: Some cities or countries offer student travel cards that give you discounts on transportation. 

Research your host city to find out how payment is processed for public transportation. In Ireland, the Dublin Bus used Leap Cards that could be topped-up via the Leap Top-Up app or any convenience store. In some cities like London you can tap to pay with your bank card.

Check with your university’s study-abroad office to see if they have partnerships with local transportation authorities or offer resources on student travel cards available in your host city. Most student travel cards require proof of student status (usually your student ID, proof of enrollment, or a letter from your university). Some cities may require additional documents, such as a student visa or passport. While some cities offer online applications, many require in-person appointments or applications at a specific office or kiosk, such as a transportation office, student union, or government office, to apply in person.

Here are a few popular transportation cards in different cities:

• London: The 16-25 Railcard offers discounts on rail travel, and the Student Oyster Card provides discounts on the Tube and bus services.

• Paris: The Carte Imagine R offers discounted metro, bus, and tram services for students.

• Barcelona: The T-Jove card offers unlimited travel on public transport for students under 25.

• Berlin: The Berlin WelcomeCard gives discounts for public transport and attractions for students.

7. Have Fun While Saving Money

Studying abroad isn’t all about textbooks and classrooms—it’s about experiencing the culture. You should absolutely take advantage of every second, but that doesn’t mean you have to spend a ton of money on entertainment.

• Free Events: Look for free events like concerts, festivals, museum days, and cultural exhibitions. Many cities offer these, especially for students.

• Student Discounts: Many places offer student discounts on everything from movie tickets to museum admissions to tours.

• Explore Nature: Hiking, swimming, and other outdoor activities are often free and a great way to get to know your host country.

Pro Tip: Download apps like StudentUniverse or UniDays for exclusive deals on travel, entertainment, and shopping. If you’re wondering how other students are affording to jet around during their weekend trips, StudentUniverse is a popular way to earn discounted student fares that are not available on other travel websites. These discounts can sometimes be up to 30% off, especially for long-haul international flights.

8. Use Technology to Your Advantage

Technology is your best friend when it comes to saving money abroad.

• Currency Exchange Apps: Apps like Wise (formerly TransferWise) or Revolut can help you get the best exchange rates when converting money.

• Budget Tracking Apps: Splitwise is great for group travel or shared living arrangements, allowing you to split costs among friends or travel buddies. Mint or Yolt are great money management apps to help you stay on budget and track your financial transactions. 

• Google Flights: This is one of the best tools for finding the cheapest flights. You can track price trends and set up price alerts to help you book at the best time. You can also try Skyscanner or Kayak for assistance locating cheap flights. 

• XE Currency: Keep track of exchange rates in real-time with this handy app to ensure you're getting the best deal on your purchases.

• Airbnb and Hostelworld: Use these apps to book affordable accommodations and compare prices.

9. Work or Intern While Abroad

If your student visa allows, taking on a part-time job or internship while abroad is a great way to earn some extra cash and offset living expenses. Many countries have working holiday visas or student permits that allow you to work a certain number of hours per week.

Additionally, some study-abroad programs offer internships that pay or provide a stipend, which can help cover your costs.

I interned for GOAL Global, an Irish humanitarian relief organization. I learned about the Irish work culture, in how it varies with the United States, but in some ways is consistent with how to the business world operates on a global scale. What a cool opportunity!

Whatever it is, the way you tell your story online can make all the difference.

Choosing an internship abroad is a great option if you’re looking to gain real hands-on working experience in an international setting. Check with your study abroad provider for opportunities that align with your major or concentration. I completed an internship abroad in Dublin and I wouldn't change a thing. Learn more about how to succeed while interning abroad. 

10. Be Mindful of Your Budget and Plan Ahead!

The key to managing your finances while studying abroad is keeping track of your spending. Here are some tips for staying within your budget. I know the last thing you want to do while abroad is limit your experience due to personal finances but it’s all about how you manage your money. If you set a monthly spending limit on how much you can afford to spend each month on non-essential things like entertainment or travel expenses – once you reach that limit, it’s time to cut back. However, if you plan ahead, you can prioritize what is most important to you. If your dream is to go on a shopping trip in Milan, alter your budget to make it happen. 

I’ll be the first to admit, staying on top of your budget is not easy. You will be tempted to spend money, especially in group settings, and your study abroad clock will run out eventually so you shouldnt limit your experience due to finances. However, you can do everything you want to do and more if you plan ahead! 

While the cost of living varies greatly depending on the country, city, and lifestyle you choose – Here’s an average study-abroad budget for a month in Europe.

• Accommodation (Typically 30-40% of Your Budget)

Accommodation costs can vary significantly depending on the city and the type of housing you choose. Larger cities like London, Paris, or Amsterdam will generally be more expensive compared to smaller cities or towns in countries like Portugal, Hungary, or Poland.

• Student Dorms (Budget Option): €800-1,200/month

• Shared Apartment: €500 - €900/month

• Private Apartment: €1,200 - €1,500/month

For the sake of this budget, let’s assume you're staying in a shared apartment or student dorm in a mid-range European city (such as Berlin, Barcelona, or Prague).

Average estimated accommodation cost: €1,200/month

Food (Typically 20-30% of Your Budget)

Your monthly food costs will depend on whether you cook at home or eat out frequently. Cooking at home will save you a lot of money, but if you eat out or grab coffee regularly, this can quickly add up.

• Groceries (basic foods): €150 - €200/month

• Eating Out: €5 - €15 for a casual meal, €20 - €30 for a nice sit-down meal at a restaurant.

• Coffee/Drinks: €3 - €5 per coffee or snack.

If you're cooking most of your meals at home and occasionally dining out, here's an average:

Average estimated food cost: €400-600/month

Transportation (Typically 5-10% of Your Budget)

In Europe, transportation is relatively efficient and affordable, especially in larger cities with well-connected public transit systems. Costs can depend on whether you are in a city with excellent public transportation or if you need to rely on regional trains and buses.

• Public Transport Pass (monthly for students): €30 - €80/month

• Bicycle Rental: €20 - €50/month (common in cities like Amsterdam or Berlin)

• Occasional Taxis/Rideshares: €40 - €50/month

If you’re in a city with great public transport (like Berlin, Vienna, or Barcelona) and use it regularly, you'll probably only need a monthly pass.

Average estimated transportation cost: €100/month

Leisure and Entertainment (Typically 10-15% of Your Budget)

Living abroad means you’ll likely want to explore your host country and enjoy local events, cultural experiences, or weekend trips to nearby cities. The cost of entertainment will depend on your lifestyle.

• Socializing/Going Out: €100 - €300/month (e.g., dinners, bars, clubs, etc.)

• Museum/Attraction Entrance Fees: €5 - €15 per visit

• Weekend Trips (e.g., budget travel to neighboring countries): €150 - €650/month (depending on frequency)

• Fitness/Gym Membership: €20 - €50/month

If you want to travel on a budget, consider taking advantage of student discounts for cultural events or museum visits. Hostels, buses, and budget airlines (like Ryanair or EasyJet) are great options for affordable travel.

Average estimated leisure and entertainment cost: €700/month

Miscellaneous and Other Expenses (Typically 5-10% of Your Budget)

These are the expenses that pop up occasionally—laundry, toiletries, study materials, and any other unexpected costs.

• Toiletries and Supplies: €10 - €30/month

• Laundry Costs: €10 - €30/month

• Study Materials (Books, Software, etc.): €20 - €40/month

For a reasonable estimate, let’s allocate some room for miscellaneous costs.

Average miscellaneous cost: €40/month

Conclusion

There is no one-size-fits all method to budgeting for your study abroad experience. However, if you plan ahead and save up money beforehand, it doesn't have to be so overwhelming. I know plenty of students who worked a summer job to save up a nest-egg for abroad and were able to live their experience comfortably without financial burden. 

Overall, studying abroad doesn't have to be expensive! By following these tips, you can make the most of your time abroad without breaking the bank. Plan ahead, research scholarships, be smart with your money, and most importantly—have fun! Whether you’re exploring new cities, making lifelong friendships, or diving into a new culture, studying abroad is an experience that will stay with you forever. Safe travels!

Just do it! You never know what doors it will open. For me, I learned what I want from my career and what will make me happy. Not to mention, I gained a global perspective on the world that changed how I see myself and the world around me. - Kev

Whatever it is, the way you tell your story online can make all the difference.