I’ll start this blog off by readily admitting that I’m not the best with money. I’d have loved to written about how to live frugally while abroad…but in reality, that’s the furthest thing from my lifestyle. The first time I told my parents I wanted to work in public sector, I received a vehement “No!” from both of them. You see, my parents never thought that I could survive on an NGO or non-profit salary with my “past track record of spending”. But so what if I bought that $42.00 S’well water bottle instead of groceries that one time? I told them, it practically had my name on it.
But in all seriousness, this reaction from my parents only made me want to prove to them that I could indeed provide for myself. And four years later, I have! Somehow, I’ve survived a collective 2 years abroad without going bankrupt— all while being known as the most financially irresponsible member of my family. How did I do it? No, it’s not because I finally took that “personal finance” class my father has been hounding me about since high school. In reality, I focused on two things: making as much money as I could before going abroad, and saving in small areas once there.
Protip #1: Apply to every scholarship known to (wo)man
I always knew that my lifestyle was not sustainable if I didn’t have a steady source of income. And depending on your major, I’d say it’s pretty difficult to find a co-op that pays enough to cover 100% of your finances abroad. Instead, you have to look elsewhere.
NUin Australia was the only time I went abroad and didn’t apply for a scholarship. But because Australia ended up being so darn expensive, for both Dublin and Cape Town I applied for and received the Presidential Global Scholarship. You can read more about that here. Attending the events put on by GEO is also very helpful, as they will let you know of any opportunities where you can get financial aid or potential scholarships. That’s where I learned about the GEO blogging scholarship, that I received for both my Dialogue and current study abroad program! There’s also a wealth of resources online that you can use to look for third-party scholarships, and it never hurts to apply. I have an entire folder full of scholarship essays whose topics have gradually become weirder and more unconventional over the years. Hey, I can only write an essay on “what sets me apart from other applicants” so many times.
Protip #2: Get a part-time job
This applies both to before and during your time abroad. Since I came back from Australia my freshman year (and the Cheesecake Factory at the Prudential rejected me), I’ve worked weekends on Newbury Street as a sales associate. Every single tourist who goes through Boston stops on Newbury Street, so over the past few years I’ve met some amazing people and swapped some even cooler stories. You may not think a minimum-wage, part-time job makes a difference, but it really helps offset the smaller things on your budget like transportation or utilities.
And now in Paris, I also have a part-time job teaching English and shaping the young minds of the Parisienne suburbs. If you’re on international co-op and have a volunteer visa, you won’t be able to (legally) work and be paid. But in many countries, you’re allowed to work up to 20 hours a week on a student visa. Even if your visa somehow doesn’t let you work, there’s still other ways to make quick cash. I have some family friends here whom I dog-walk for, which has really helped me learn some basic French I can use with my local friends, such as “SIT!” and “FETCH [me a drink]”.
Protip #3: Open up a local bank account
Don’t let the bureaucratic nature of whatever country you’re in dissuade you! I could write a whole separate blog post on the fiasco of opening up a bank account here in France. Long story short, I had to meet with my banker five separate times because they provided me the wrong paperwork each time I visited. And because my apartment here is under my mom’s name and not my own (what study abroad student legally owns a flat in Paris?), I had to submit official copies of both of our birth certificates. Do you even know where your own birth certificate is?
But the real reason why I went through hell and back again with this bank, was because they offered 160 euros to any student opening an account with them. Not only was I given free money, but I figured out that you can in fact save a lot of money here and there by using a French bank card. You’re allowed to get cash back without paying an ATM fee, and it’s a lot more secure to a card that requires a PIN, as supposed to the signature for American cards.
And finally…save money on the small things!
When you arrive wherever you are, focus on cutting corners and saving in little ways. It’s totally possible to eat out, get drinks with friends, and go shopping every week without spending all of your money. You just need to focus on where you can shave off a euro or dollar here and there.
For instance, I’m a (self-proclaimed) champion at saving money at the grocery store. It sometimes takes me more than an hour to pick up only a few things for dinner, but that’s because I’m poring over the different prices and options available. The food in Paris is undeniably amazing, but I save my splurging for the weekends. During the week, I cook my own meals which saves me both a lot of time and money. And if you do go out, try going out during happy hour times, or drinking/eating beforehand so you don’t have to pay expensive pub prices.
And at the end of the day…just remind yourself that you’re only abroad for 6 months at most. In a few years, the memories you made on that weekend trip to Oktoberfest, or at that J.Cole concert next month (!!!) will end up being worth any minor financial stress you’re facing right now. So you might as well enjoy it while you can!
