By Tim Brugger, Debt.com Financial Fitness Trainer
Just as you’ve finally come to terms with your son or daughter heading off to college in another state, they share the exciting news they’ve decided to study abroad! After the initial shock, and the family is on board with the idea of letting junior go abroad, there’s the not so small matter of handling living expenses.
The Essentials
When it comes to lodgings, most study abroad programs include dorm style living which include kitchen facilities. Agreeing that dining out should be kept to a maximum of once a day, with other meals prepared and eaten in the dorms, can potentially save thousands.
Taking this a step further, it’s possible to estimate costs by taking 2 meals a day, multiplied by the number of days “in country”. Now you can approximate what will be needed money-wise for sustenance. Another money saver is to have family style meal nights, when students take turns making a large, family style meal for the group (and don’t forget the leftovers!).
Discounts, Discounts Everywhere
Discounts for traveling students are everywhere it seems, and not taking advantage of them seems like an incredible waste. For example, when travel the local areas, consider a weekly or monthly student bus pass instead of cab rides. Also, there are meals, lodging, train fares and a number of other discounts for students in countries around the world hosting study abroad programs.
However, don’t expect shop owners and restaurant hostesses to alert students to discounts; they’ll need to ask. The best bet for traveling inexpensively is to plan ahead. Knowing which train or bus to catch, where to eat and stay over if the plan is for an overnight trip; this gives your student time to find discounts in advance.
Money
Where and how to access money is also a worthy topic of discussion with your soon-to-be wayward traveler. Travelers checks have gone the way of beta tapes and rotary phones. With ATM’s, PayPal and other money wiring options, there’s no need for a young man or woman visiting a foreign country to walk around with large sums of money.
Write down your son or daughter’s checking account number. If there is an emergency, or additional funds are needed, simply deposit funds into the account as needed. There are also pre-paid debit cards that provide a measure of security from theft, but still provide ready access to funds. And if you need to exchange currencies, banks generally give a little more bang for the buck, though ATMs are pretty much everywhere.
Bon Voyage
Implementing these steps will help ensure your international student spends more time enjoying the opportunity of a lifetime, and less time worrying about paying for it. Traveling comfortable with the financial side of the experience, knowing expenses are covered and how, should help parents sleep a bit easier as well.