Studying abroad was an incredible experience for me and I think everyone should get the same chance. Being given the opportunity to explore new cultures, learn a language, and try some crazy exotic food you probably can’t pronounce is the chance of a lifetime and during undergrad is one of our first opportunities to do so. My study abroad experiences provided me with some of the best memories, friends, and adventures of my life ultimately helping me to discover my passions.
Not everyone’s experience will be the same but, in going
abroad, all of us will have to consider one thing…MONEY. Since you will be in
another country for an extended amount of time, understanding how to budget
your money is critical in making the most of your time there. Because there are
so many things to do, eat, and buy it can be tempting to spend like there’s no
tomorrow!
Sooooo in order to avoid this prepare yourself beforehand by
doing a few things, like looking up the exchange rate and keeping note of it,
because it could change daily. Also search around and find out where to get the
best exchange rate. There will be many different places to do so at local
banks, the airport, or the money man walking around with wads of cash on the
street (pro tip: more than likely, don’t choose him). Trust your teachers and
advisors, they usually know what’s best. And most importantly, before you hop
on that plane, notify your bank of where you will be and set up online banking
so you can see your money leave in real time.
Depending upon where you go, you could use anything from ATMS
to credit cards to straight cash. It’s best to be prepared for any situation!
And since chances are solid that we’re all on a fixed budget, it’s important to
consider where your money will be going. Calculating out how many activities,
meals are already included in your program fees is a good place to start. Going
from there, you should have a good sense of how many meals you will need to
purchase and how much fun you can have 😉.
Another crucial item to do would be to check your bank
account at least weekly and before going on adventures to set aside a certain
amount of money (pro tip: make sure you know how much your bank will charge for
using a foreign ATM). Take out the cash you need and do not spend any more than
that unless absolutely necessary. This is easy because we have the interwebs so
you should be able to make a good guesstimate.
After all is said in done, enjoy yourselves! Take advantage
of each and every day! And don’t forget that if you’re like me, you won’t be
bathing in money so be smart about your spending and start asking for Christmas
cash now!
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By: Anthony Eller, Peer Advisor; Costa Rica and Panama Study
Abroad Alum
If you need help getting started with study abroad, take a look at the first steps: http://studyabroad.uark.edu/getting-started/first-steps.php.
For more scholarships for study abroad, please check out http://studyabroad.uark.edu/funding.
