Surviving on a Budget

Believe it or not, obtaining scholarships and financial aid is the easy part of the study abroad process.  Budgeting available funds while overseas is a completely different story.  You may feel the urge to try every Michelin 5-star restaurant or buy large quantities of knick-knacks.   However, giving in to every temptation may mean the difference between having an enjoyable out of the country journey and starving the last few days.

Perhaps the starvation analogy is a hyperbole (but trust me, it is not entirely farfetched). Here are a few tips to keep you on track:

1) Find the Local Markets and Haggle

In my opinion, wandering through marketplaces is one of the best ways of experiencing a culture.  This provides the opportunity to observe the people and their mannerisms.  Some markets may offer free samples of their wares (so be sure to shop around).  Relatively inexpensive fresh produce and meats can be bought to create hearty meals, or, if cooking is not your forte, marketplaces are often sites where you can buy a cooked meal or snack.  Markets are also great places to test your language skills and places to ask the locals what their favorite foods and activities are.

You may also like to try your hand at haggling – the art of bargaining down the price of a good.  Of course, it is of utmost importance to observe the local customs.  If haggling is perceived as impolite within the culture, it would not be wise to do so.  Additionally, maintaining proper etiquette is equally important – don’t overstep your welcome.

2) Spend Sparingly on Souvenirs (SSS)

Purchasing a few well-selected pieces to bring home with you will help keep you on target budget wise.  Decide upon a reasonable souvenir budget before shopping, and don’t exceed the limit you set.  (Besides, what were you planning to do after buying a gazillion paperweights anyway?)

Also, be on the lookout for free souvenir opportunities.  Why not bring home a few seashells from your day-trip to the beach, as opposed to lugging home that 38 pound ceramic vase?  When souvenir shopping, it may also be helpful to ask yourself whether you will need or want the souvenir in question in a few years’ time.

3) Comparison Shopping

Always hunt down the local supermarkets near your living quarters and compare the deals.  For supermarkets to attract and retain customers, it is not uncommon to see rotating weekly deals on circulars.  Compare the prices at different stores to get the most for your money.  Also, don’t be coerced into buying only the most expensive ‘name brand’ goods – nine times out of ten, the ‘store brand’ is of a comparable quality.  Some supermarkets may even have member reward systems to get even more discounts on food.  Don’t be shy to ask store employees about the weekly deals and their personal product preferences – they may very well provide you with invaluable information and you get to practice your language skills too.

Sometimes, it may help to stock up on the necessities.  In Venice, the bottled water was always more inexpensive if it was bought in bulk.  I would bring a bottle of water with me so that I would not have to buy it at a restaurant, which could charge as much as seven times more for the same quality water.

4) Research Online Deals

The Internet can be an invaluable resource to help you locate the best deals, whether it is for train tickets, events, food, or any other thing you may need to buy while overseas.  If the site is in a language you are not fluent in, plug the URL into a translation service (I personally like Google Translate) to get the gist of the webpage.

5) But Don’t Forget to Live a Little!

Hopefully, reading this article hasn’t overwhelmed you.  Long story short, budgeting involves a bit of careful planning and restraint.

That said, it never hurts to indulge a bit while abroad.  If you stayed on budget, and were able to cut a few corners here and there, go for it.  Your entire study abroad experience should not be based solely on calculated planning – if you have enough assets remaining, try that nice restaurant everyone’s been raving about or treat yourself to that pricier item you have been eyeing.  You only live once, so why not?

Please tune in next time, where I will be sharing more photos from my study abroad experience in Venice.

A presto!

Looking for a prior article in this series?  Look no further:

Part I: La Mia Estate a Venezia
Part II: Financing Your Experience
Part III: The Big Five
Part IV: Safety