How to afford to live a year abroad on a student’s budget
One of the main questions asked when choosing to take a year abroad, is: how will I afford the year itself? Whether you are going abroad to study, work or even volunteer. The cost of living is still something that has to be factored into your decision. Furthermore, while you are still a student so your budget is something to think about.
The Grants is the first thing to check to afford to live a year abroad
For any student in higher education throughout Europe, the European Commission runs a scheme called Erasmus+. Erasmus+ is a bigger and superior funded version of the Erasmus scheme that the European Commission is running since 1987. The program aims to provide financial contributions to students in higher education when taking part in a study, work or volunteer placement abroad within the European Union.
The commission will grant funding that ranges from around 2,500 Euros to nearly 4000 Euros. The funding varies based on the country the student is moving to. If, the cost of living is more expensive, the grant increases in line with this. In the case of a work placement abroad, the grant will vary depending on the contribution of the student’s employer.
Managing your student’s budget while living abroad
It is very important to be conscious of how you will manage your money on your year abroad. Moving to a different country for a whole year is a hugely independent step.
Making a budget is one of the first things you should think about for your time abroad. In most cases, the money that you will receive from loans and grants will be paid to you in small lump sums or maybe even in one lump sum.
The temptation to go out and spend his money on shopping or drinking is very tempting. Meanwhile, when you will arrive in the country, find the local supermarket as food and drink will be your main cost each week. Once you have worked out the average cost of a weekly shop, try and find some information on your commuting costs if there are any. Some cities have great metro and bus links, some are very cheap for taxis and some have great systems in place for renting bicycles.
After you have factored these costs into your budget you will more or less have your expendable income. This money will be welcome to cover your different expenses link to socializing etc!
Knowing the city you are moving too is significant for saving money on your year abroad. Each of the different country on Europe-internship.com has a country guide. It may provide a detailed look at some important aspects of life expenses. The guide itself is extremely informative and is a great introduction to the city itself, hotspots in the city, restaurants and much more.
The accommodation one of the main point
Something you will be looking to set up before you move to your chosen country will be your accommodation. Finding the right accommodation for a reasonable price can be difficult. When you can not view a property in person and are relying solely on the company you are dealing with and the pictures that are posted online, it is a small leap of faith. In some cases on a work placement, the company may offer you accommodation as a contribution towards your time abroad and as a way of paying you for working for them.This can be a very helpful contribution to your time abroad and can save you a great deal of money, however, you should always remember that you do have the choice to move and should not feel obligated to stay if you are not comfortable for any reason.
Useful resources to plan’s study year abroad
Try to remember your year abroad is a great chance to meet new people. You will have new experiences and make new memories. Financially organizing and planning your year abroad will make it far easier to enjoy yourself and relax once you are there. That’s why we had like to conclude by giving you some useful resources. These resources may help you to plan your year of study abroad:
find the website which gives the cost of living