Budgeting
Plan ahead for your finances abroad and establish a budget for your expenses by following these steps.
1) Identify costs
List out anticipated costs based on the program cost info (ex: tuition, program fee, personal expenses, airfare). Costs will depend on your program, and the specific costs will be listed on each program's page on the Spartans Abroad Portal. If you have questions about what the expenses are be sure to ask an SAA staff member.
In order to budget for your meals and personal expenses, compare the cost of living between San Jose, California and your program destination. Check out this cost of living comparison website - Numbeo (SJSU has no affiliation with this website).
It is also important that you account for any bills or responsibilities you will still have while you are away. Will you still need to pay for your cell phone? Make a car payment? These kinds of responsibilities do not go away when you go abroad, so be sure to factor them in as well!
2) Identify available funds
Once you have listed out all your anticipated costs, you should identify all of the areas where you can get funds to help you pay for them. This could include financial aid, scholarships, income from work, savings, etc.
3) Calculate amount needed
Subtract the amount of available funds from the amount of anticipated costs to determine the remaining amount needed for your program budget.
Make a simple budget like the examples below to see what you will need to make your
trip a reality!
Sample Budgets
Semester Program
| Cost of Program | |
|---|---|
| SJSU Tuition & Fees | $3,900.00 |
| Admin Fees/Deposits | $0.00 |
| Program Fees | $0.00 |
| Housing & Meals | $4,500.00 |
| Books & Supplies | $150.00 |
| Insurance | $350.00 |
| Personal Expenses | $2,000.00 |
| Airfare Costs | $1200.00 |
| Other Expenses | $750.00 |
| Total Est. Costs | $12,850.00 |
| Available Funds | |
|---|---|
| Financial Aid | $6,371.00 |
| Scholarships | $750.00 |
| Savings | $3,000.00 |
| Work Funds | $600.00 |
| Other Funds | $1,200.00 |
| Total Available | $11,921.00 |
| Amount Needed/Surplus | |
|---|---|
| Total Est. Costs | $12,850.00 |
| Total Available | $11,921.00 |
| Surplus/Needs | $929.00 |
Faculty-Led Program
| Cost of Program | |
|---|---|
| SJSU Tuition & Fees (3 units) | $1,050.00 |
| Admin Fees/Deposits | $300.00 |
| Program Fees | $2225.00 |
| Housing & Meals | $200.00 |
| Books & Supplies | $0.00 |
| Insurance | $0.00 |
| Personal Expenses | $60.00 |
| Airfare Costs | $1000.00 |
| Other Expenses (Souvenirs) | $250.00 |
| Total Est. Costs | $5,085.00 |
| Available Funds |
|
|---|---|
| Financial Aid | $0.00 |
| Scholarships | $750.00 |
| Savings | $1200.00 |
| Work Funds | $1800.00 |
| Other Funds | $935.00 |
| Total Available | $4,685.00 |
| Amount Needed/Surplus | |
|---|---|
| Total Est. Costs | $5,085.00 |
| Total Available | $4,685.00 |
| Surplus/Needs | $400.00 |
Using this method to plan your budget will prepare you for your time abroad so that you spend your time enjoying your international experience and not worrying about money!
Another free resource that can be helpful in planning for travel is Intuit MintLife's Travel Budget Calculator (not affiliated with SJSU).
Other Important Budget Factors
Credit Cards & Banking
If you plan to use your credit card while abroad, make sure to check if it has any foreign transaction fees. These can be costly and can add as much as 3% per transaction! Check for any ATM withdrawal fees as well, so you know what to expect when withdrawing cash while abroad. Be sure you notify your bank of your plans so your credit and/or debit cards are not deactivated while abroad.
Foreign Currency
Make sure to research what your money is worth in the country you plan to visit and account for the conversion in your budget. Sites like the XE Currency Converter or Oanda can help give you an idea of current exchange rates. Remember that these rates are constantly fluctuating; allocate additional funds in your budget for this just in case.
Airfare
Airfare prices are always changing, and can be costly. For Faculty-Led Programs and Alternative Break Programs, you have to wait for the cohort to pay their fees in full before booking your airfare, which can add to the cost as well. Some airlines may allow you to lock in your airfare up to a week ahead of time for a small fee. As always, be sure to read all the fine print. If you do buy your ticket early through an airline – just remember, if the program is canceled, you will be responsible for the loss you incur, so read the cancellation and refund policies carefully before you make this decision.
Contact Us
Study Abroad and Away
College of Professional and Global Education (CPGE)
One Washington Square San Jose, CA 95192-0135
Email: spartansabroad@sjsu.edu
Phone: (408) 924 2670