Budgeting Abroad
Properly budgeting for your study abroad program can be a daunting task! Traveling abroad might be the first time in your life you need to create and stick to a budget in a new landscape that has a foreign currency to you. In addition, while abroad, you are likely not able to legally earn income unless you hold a valid passport for that country, so managing your finances is very important.
Review Program Budget with Your Study Abroad Advisor
Before selecting a study abroad program it is important that you understand both the cost of attendance of your program and your personal spending habits when calculating estimated expenses. Your Study Abroad Advisor is available to walk you through these costs.
Reference the cost sheet for your specific program. On the program application page of your specific study abroad program, there is a tab “Finances” where you can view a breakdown of tuition and fees as well as other expenses such as transportation, airfare, meals, visa and passport expenses, and other personal expenses. Financial aid portability varies by program type; however, the cost sheet is utilized to update the cost of attendance utilized for packaging your financial aid awards. Learn more here!
Research the Cost of Living Abroad
Understanding the cost of daily life—such as meals, transportation, and social activities—is essential for building a realistic study abroad budget. These expenses can vary widely based on your destination, program length, and lifestyle.
Major cities and popular study abroad destinations such as the UK, Australia, Switzerland, and Japan often come with a higher cost of living and higher tuition and fees associated with operating in these countries. Rural areas or less-visited cities and regions tend to offer a more affordable cost of living. Small towns centered around university culture and lifestyle also can be more affordable places to study abroad. Planning ahead and budgeting can help you save money and avoid unexpected costs.
- Compare Costs by Country – Use tools like Numbeo or Expatistan to explore typical living expenses in your host country and how they compare to Chicago. These sites offer data on groceries, transportation, dining out, and more.
- Talk to Study Abroad Alumni – Reach out to your Study Abroad Advisor to be connected with Loyola students who have previously studied in your program or location. They can share first-hand budgeting tips and insights. Also, our Study Abroad Office staff have lived abroad themselves and are happy to offer guidance. Most affiliate partner pages share testimonials, blogs, and contact information for other U.S. university students who have studied abroad in your desired destination.
- Review Your Program’s Cost Sheet – On your program brochure page, click the "Finances" tab to see a breakdown of estimated expenses—like housing, airfare, meals, and personal costs. This is a key resource for understanding your total expected budget.
How to Create and Manage a Budget While Abroad
Budgeting is a critical part of preparing for your time abroad—and sticking to that budget while overseas is key to enjoying your experience without financial stress. With a little planning and flexibility, you can make the most of your study abroad time while staying financially savvy. Knowing what matters most to you—whether it’s trying local cuisine, traveling over weekends, or embedding yourself in the local university or community—will help you prioritize your spending and create a budget that reflects your goals and finances.
Build Your Budget
Once you understand the local cost of living, it’s time to create your budget. Consider using Excel, Google Sheets, or free apps like Mint or Trail Wallet to track your expenses. A great starting point is the program cost sheet on your program application page. This can serve as a template for creating your own personalized budget.
- Understand cost of living – Visit expat websites, consult alumni, and research daily expenses of host country
- Review currency exchange rates – Use OANDA to understand the value of your money abroad
- Program cost sheet – Found on the “Finances” tab of your program’s brochure page
- Financial aid – Email LUfinaid@luc.edu to clarify how your aid package applies abroad
Save Money Before You Depart
Because most students cannot legally work while abroad, it’s a good idea to build up savings ahead of time. Cut back on discretionary spending, work extra hours if possible, and consider setting up a dedicated savings account for your travels.
Ways to Save Money While Abroad
Once you arrive in your destination, there are plenty of strategies to help stretch your budget without missing out.
Flights
- “Basic Economy” fares often do not include baggage, changes, or seat selection—factor in those extra costs or travel light and save money.
- Flying mid-week or during off-peak hours can have lower fares. Less direct routes can be cheaper, but may involve longer travel times or layovers.
- If you plan to explore the region, look for budget flights and book well in advance.
- Make the commitment, once you know you will be studying abroad, book your international flight in advance for lower cost and better travel itineraries.
Meal Planning
- If your program includes meals (especially in homestays or residence halls), eat in your organized accommodation option as much as possible—it's already paid for!
- Shop smart: Identify low-cost grocery stores and local markets. Buy local items over imported products—peanut butter and other U.S. staples can be pricey.
- If you live in an apartment or have access to a shared kitchen, cook with roommates and split costs to reduce waste and save money.
- Be strategic when traveling. Plan one “splurge” meal per trip. Pack snacks or lunches from local grocery stores while sightseeing. Choose hostels that include breakfast or have kitchens you can use.
- Local food festivals, like Christmas markets in Germany or Ferias in Spain, offer delicious and affordable meals while immersing you in the culture.
Toiletries and Essentials
- Bring your must-haves: U.S. brands can be more expensive abroad. If there are any products from home that you cannot live without, pack them ahead of time.
- Go local: Local brands are typically cheaper and often just as effective. Shopping locally also helps you get to know your new neighborhood—and practice the language!
Entertainment and Travel
- Many museums, historical sites, and events offer reduced or free entry with a student ID. Always carry it!
- Use free resources: Look up local event calendars (like timeout.com) to find low-cost or free entertainment.
- Take free tours: Many cities offer free walking tours, just remember to tip your guide. Or download a free walking tour app and explore on your own.
- Tap into local networks: Your host university, program staff, or homestay family can recommend low-cost activities, events, and student deals.
- Check out a new neighborhood or plan a walk with a friend to save on weekend travel and discover new local spots.
Be Intentional
- Think about what kinds of experiences matter most to you—whether it’s museums, nature, food, or festivals—and prioritize your spending accordingly.
Take Advantage of Program Inclusions
- Many Loyola affiliate programs include built-in cultural activities, site visits, and excursions. Some are optional, but if they are already included in your fees, be sure to opt in to save money.
Other Money Matters
Learn more about how other money matters may influence how you budget abroad.
Properly budgeting for your study abroad program can be a daunting task! Traveling abroad might be the first time in your life you need to create and stick to a budget in a new landscape that has a foreign currency to you. In addition, while abroad, you are likely not able to legally earn income unless you hold a valid passport for that country, so managing your finances is very important.
Review Program Budget with Your Study Abroad Advisor
Before selecting a study abroad program it is important that you understand both the cost of attendance of your program and your personal spending habits when calculating estimated expenses. Your Study Abroad Advisor is available to walk you through these costs.
Reference the cost sheet for your specific program. On the program application page of your specific study abroad program, there is a tab “Finances” where you can view a breakdown of tuition and fees as well as other expenses such as transportation, airfare, meals, visa and passport expenses, and other personal expenses. Financial aid portability varies by program type; however, the cost sheet is utilized to update the cost of attendance utilized for packaging your financial aid awards. Learn more here!
Research the Cost of Living Abroad
Understanding the cost of daily life—such as meals, transportation, and social activities—is essential for building a realistic study abroad budget. These expenses can vary widely based on your destination, program length, and lifestyle.
Major cities and popular study abroad destinations such as the UK, Australia, Switzerland, and Japan often come with a higher cost of living and higher tuition and fees associated with operating in these countries. Rural areas or less-visited cities and regions tend to offer a more affordable cost of living. Small towns centered around university culture and lifestyle also can be more affordable places to study abroad. Planning ahead and budgeting can help you save money and avoid unexpected costs.
- Compare Costs by Country – Use tools like Numbeo or Expatistan to explore typical living expenses in your host country and how they compare to Chicago. These sites offer data on groceries, transportation, dining out, and more.
- Talk to Study Abroad Alumni – Reach out to your Study Abroad Advisor to be connected with Loyola students who have previously studied in your program or location. They can share first-hand budgeting tips and insights. Also, our Study Abroad Office staff have lived abroad themselves and are happy to offer guidance. Most affiliate partner pages share testimonials, blogs, and contact information for other U.S. university students who have studied abroad in your desired destination.
- Review Your Program’s Cost Sheet – On your program brochure page, click the "Finances" tab to see a breakdown of estimated expenses—like housing, airfare, meals, and personal costs. This is a key resource for understanding your total expected budget.
How to Create and Manage a Budget While Abroad
Budgeting is a critical part of preparing for your time abroad—and sticking to that budget while overseas is key to enjoying your experience without financial stress. With a little planning and flexibility, you can make the most of your study abroad time while staying financially savvy. Knowing what matters most to you—whether it’s trying local cuisine, traveling over weekends, or embedding yourself in the local university or community—will help you prioritize your spending and create a budget that reflects your goals and finances.
Build Your Budget
Once you understand the local cost of living, it’s time to create your budget. Consider using Excel, Google Sheets, or free apps like Mint or Trail Wallet to track your expenses. A great starting point is the program cost sheet on your program application page. This can serve as a template for creating your own personalized budget.
- Understand cost of living – Visit expat websites, consult alumni, and research daily expenses of host country
- Review currency exchange rates – Use OANDA to understand the value of your money abroad
- Program cost sheet – Found on the “Finances” tab of your program’s brochure page
- Financial aid – Email LUfinaid@luc.edu to clarify how your aid package applies abroad
Save Money Before You Depart
Because most students cannot legally work while abroad, it’s a good idea to build up savings ahead of time. Cut back on discretionary spending, work extra hours if possible, and consider setting up a dedicated savings account for your travels.
Ways to Save Money While Abroad
Once you arrive in your destination, there are plenty of strategies to help stretch your budget without missing out.
Flights
- “Basic Economy” fares often do not include baggage, changes, or seat selection—factor in those extra costs or travel light and save money.
- Flying mid-week or during off-peak hours can have lower fares. Less direct routes can be cheaper, but may involve longer travel times or layovers.
- If you plan to explore the region, look for budget flights and book well in advance.
- Make the commitment, once you know you will be studying abroad, book your international flight in advance for lower cost and better travel itineraries.
Meal Planning
- If your program includes meals (especially in homestays or residence halls), eat in your organized accommodation option as much as possible—it's already paid for!
- Shop smart: Identify low-cost grocery stores and local markets. Buy local items over imported products—peanut butter and other U.S. staples can be pricey.
- If you live in an apartment or have access to a shared kitchen, cook with roommates and split costs to reduce waste and save money.
- Be strategic when traveling. Plan one “splurge” meal per trip. Pack snacks or lunches from local grocery stores while sightseeing. Choose hostels that include breakfast or have kitchens you can use.
- Local food festivals, like Christmas markets in Germany or Ferias in Spain, offer delicious and affordable meals while immersing you in the culture.
Toiletries and Essentials
- Bring your must-haves: U.S. brands can be more expensive abroad. If there are any products from home that you cannot live without, pack them ahead of time.
- Go local: Local brands are typically cheaper and often just as effective. Shopping locally also helps you get to know your new neighborhood—and practice the language!
Entertainment and Travel
- Many museums, historical sites, and events offer reduced or free entry with a student ID. Always carry it!
- Use free resources: Look up local event calendars (like timeout.com) to find low-cost or free entertainment.
- Take free tours: Many cities offer free walking tours, just remember to tip your guide. Or download a free walking tour app and explore on your own.
- Tap into local networks: Your host university, program staff, or homestay family can recommend low-cost activities, events, and student deals.
- Check out a new neighborhood or plan a walk with a friend to save on weekend travel and discover new local spots.
Be Intentional
- Think about what kinds of experiences matter most to you—whether it’s museums, nature, food, or festivals—and prioritize your spending accordingly.
Take Advantage of Program Inclusions
- Many Loyola affiliate programs include built-in cultural activities, site visits, and excursions. Some are optional, but if they are already included in your fees, be sure to opt in to save money.
Other Money Matters
Learn more about how other money matters may influence how you budget abroad.