Study Abroad: Budgeting Tips!

Words and photos by Gianna Messia, who studied abroad with ASA in Florence during Fall semester 2024. 

Money, money, money!! One of the biggest questions study abroad students ask is about budgeting, spending, and saving. How can you have fun without a steady income? Can you save enough money to last four months? Is it even possible to “budget” abroad? The answer is… yes!

TRAVEL WEBSITES. Obviously, you’ll be traveling during this time. Here are some popular and affordable transportation websites to use: Skyscanner, KLM, Omio (for trains), and Vueling.

GROUP TRIPS. If you’re studying in Florence or Rome, one of the best things you can do is travel with SMARTTRIPS. This company organizes weekend getaways to different countries, complete with excursions and activities. You’ll travel by bus with other study abroad students, stay in hostels, and often enjoy perks like complimentary breakfast, walking tours, or add-on excursions with your trip leaders. Many times, trip leaders also have discount codes (like “PASTA” or “PISA”) you can use at checkout for additional savings. Don’t feel like staying overnight with a group? Look into wine tours, day trips, or guided excursions that start in the morning and return to Rome or Florence in the evening. And don’t forget: student discounts exist abroad too—always ask!

GROCERIES. Another tip: shop for groceries! Living abroad is so fun, and walking through the grocery store aisles to discover snacks and foods we don’t have in America can be part of the adventure. Even local markets offer fresh meats, cheeses, fruits, and vegetables at an affordable price. Grocery shopping in Europe can be extremely affordable, and cooking dinners with friends is a great way to save money while spending quality time together. For example, my friends and I cooked a homemade meal every Monday night abroad and split the cost. It usually came to about €9 per person, depending on how many people joined. It can be tempting to eat out every night, but try to take advantage of grocery shopping. A good goal is to eat out once or twice a week and cook at home the rest of the time—or save eating out for weekends when you’re traveling!

MONTHLY LIMIT. Another helpful budgeting tip is to set a monthly spending limit. I know it’s easier said than done, but it’s so important to know how much you can spend to make your money last. For myself, I aimed to spend between €400–500 per weekend trip. Weekend trips are fun, but it’s easy to fall into the habit of overspending when you’re in a new place. Sticking to this limit helped me enjoy myself during the week, too. Your numbers may look different than mine, but the idea is to create a plan that works for you.

EXCHANGE RATES. Also, stay aware of exchange rates to avoid surprises when transferring money. Before moving abroad, I went to my local bank to exchange U.S. dollars for euros. Most banks offer better rates than the pop-up shops you’ll find in Europe. And avoid exchanging money at the airport unless it’s an emergency—they tend to charge much higher rates.

These are just a few simple ways to make budgeting abroad easier. Think of them as a starting point to help you find your own rhythm with money while still making the most of your experience. With a little planning, you can enjoy your time abroad without stressing over every penny!

Thanks, Gianna!