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Creating a Budget

Preparing a Study Abroad Budget

  • Numbeo is a Cost of Living calculator that can help you find cost of living information for cities around the world.  This site will also allow you to compare living costs in different cities, which may help you decide on a location or compare your upcoming study abroad location to your current expenses in Tempe, Arizona. If you are concerned about finances, you may want to consider studying abroad in a city that has a lower cost of living (Lima, Peru rather than London, England, for example).  If you have already made a decision about where to study abroad, knowing cost of living information can still be incredibly helpful as you create a budget for your time abroad.

  • The OANDA Currency Converter can assist you in budgeting your expenses for your trip abroad.  It is an online tool that gathers the average price of the worlds’ currencies over a 24-hour period, and can provide you with currency conversions. Simply choose either the drop-down menu of currency that you have or the menu of currency that you want, and enter the amount of currency that you wish to convert.  Planning ahead to determine how many pounds or euros or reals or yen your US dollars will yield will help you create an overall budget!

  • Our Money Management Abroad Guide should serve as a jumping off point for you as you plan how you will manage your money while abroad. The ways you access and use your personal funds will greatly vary depending on the program in which you participate.  During your pre-departure orientation, your program leaders will speak more specifically about money matters, but this document will give you a good head start.

  • The Study Abroad Budget Tool can help you stay on top of your finances while you are abroad by allowing you to create category budgets and track your spending each month.  Living within a budget while you are abroad is really important, but doing so can be difficult without appropriate planning.  Use this tool to calculate budgeted and actual expenses for categories such as bills, meals, local transportation, health insurance, and other personal expenses.  You can also adapt this worksheet to help you create a budget for your current expenses, allowing you to plan ahead and save your money now for an upcoming study abroad adventure. View an example budget and instructions on how to update your own budget here.