Budgeting

The overall cost of living in your study away location can sometimes be higher than at home due to a number of factors. Major cities in the U.S. and abroad may be more expensive than Durham or your hometown. Depending on your program site, you may be confronted with an almost endless array of entertainment possibilities and attractions. If you are studying abroad in an unfamiliar environment making transactions with unfamiliar currency, it is easy to overspend. . Create a budget before you leave and try your best to adhere to it. Learn more about making a budget here.

When creating a budget, also consider:  

• Before leaving for your program, research the cost of living in your city and country of destination by consulting cost of living databases and indexes: numbeo.com/cost-of-living or www.expatistan.com/cost-of-living/index.
• Budget around US $250 for an emergency fund.
• Join local organizations that may offer subsidized travel opportunities.
• Learn the exchange rate of the money (i.e. in relation to the currency of the US dollar) wherever you are and as quickly as possible.
• Be consistently alert to special student rates and discounts wherever you go, and know what is available through the use of your International Student Identity Card (if you choose to purchase one).
• Take advantage of less expensive alternatives whenever possible. Cook for yourself or use student cafeteria rather than restaurants. Reserve dining out for special occasions. Many students eat their main meal at lunchtime, taking advantage of the lower cost student cafeterias.
• Plan your entertainment and recreation around the availability of free, inexpensive, or discounted events on campus or in the surrounding community.
• Whenever possible, shop at street markets or major chain supermarkets, and avoid specialty shops and convenience stores. Put off making major purchases until you have learned the range of available selections and prices, or learned that you do not really need that expensive item after all.
• Take care of your belongings and safeguard your credit/debit card and cash. Loss of personal possessions is upsetting at any time, but even more troubling and inconvenient away from home. Keep in mind that pick pocketing is common.
• Sales taxes, as Americans know them, generally do not exist in other countries. However, many impose a Value-Added Tax (VAT) on certain goods and services, especially more expensive ones. As a visitor, you may be able to reclaim the amount you have spent on the VAT at the international airport when you leave the country, but you will need to show all your receipts and purchases and be able to prove that you did not use the item in the country where it was purchased in order to claim this refund.