Learn to Budget Effectively for your Year Abroad, with Sainsbury’s Bank
Planning to spend time away from your UK university to study, work or teach abroad? Spending a year overseas can be a truly life-changing experience that promises many ups and downs along with memories that will never leave you.
Despite the amount of challenges that lay ahead, being able to plan your finances accordingly is arguably the most important factor to consider. Learning how to budget effectively will help to keep your finances on the straight and narrow, thereby allowing you to make the most of your trip without having to stress over bills. Below are some handy tips for our SPCE readers from the Money Matters team at Sainsbury’s Bank.
- When estimating the costs of your year abroad, check out your host university’s website for any additional useful information. Some institutions offer a complete breakdown on the living costs of each city to help you plan your budget accurately.
- Make sure that you are fully aware of the legislation and documents required to apply for your visa or right to work. Unfortunately, in some countries the bureaucratic wheels turn very slowly making many application processes tedious and expensive.
- Integrating yourself with the locals and establishing a network of friends from your area will only enhance your experience abroad. Learning valuable tips and tricks on where to eat and drink, along with general information on the neighbourhood and culture, will help you save money in the long run.
For more information, check out the guide below on how to effectively budget for your year abroad.