How to Save for Study Abroad

It’s super fun to talk about the glamorous parts of studying abroad.

Travel. Food. Language. Culture. Friends.

But at one point, you’re going to have to face the music and think about how you are paying for all those memories.

Finding the money to go abroad has been a bit of a struggle so far. My in-state tuition is pretty manageable, and even then I rely on a portion of federal loans to cover the costs. My study abroad tuition is almost $10,000 more. So yeah, I’ve been pretty obsessed with the idea of saving up as much money as I possibly can.

So, I decided to share what I’ve done so far and then I’ll do a follow-up towards the end of the summer (a.k.a right before I leave and PAY for my trip)

PAYCHECKS

I am lucky enough to have a paid internship this summer. And I am lucky that my paychecks are actually raking in a good amount of dough. However, that only increases the amount of temptation to spend that dough the moment it rolls into my bank account. To battle this, I set up my direct deposit to go straight into my long-term savings account. A little bit gets put into my short-term savings and checking accounts, but most of it gets locked in right where it should be.

BUDGETS & GOALS

I am NOT good at budgeting, but I sat myself down and did it anyway. The whole nine yards. How much are my paychecks, how much goes into my checking, how will I use that money, etc. There are things I need to buy for my study abroad this summer, and since some of it is kind of pricey (life proof phone case), I budgeted that out as well. A little money saved here, a little money there, and I won’t have to pull anything out of my savings.

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And for the sake of transparency, my goal is to save up $4,000 toward tuition this summer.

COIN JARS

This might seem like a silly suggestion but it really does work! For some extra cash, I have become a literal penny pincher. Like if I see a penny on the ground, I don’t care what kind of luck I’m going to get, I’m picking it up and putting it in my jar.

I had one at school and one at my parent’s house. We all would just plop coins or $1 bills in whenever they were weighing us down, and after only two weeks of doing this with my own personal jar, I had $40. I haven’t counted since but it’s getting pretty full.

Once it is full, I am going to buy coin sleeves and separate them myself. Then, I can bring them to my NFCU location and deposit them with no fees. Of course going to a Coin Star would be faster and easier, but they take a cut of the money. No thank you!

 

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This was taken awhile ago, it’s much more full now!

That’s what I got! I’ll follow up as the summer continues!

How do you like to save money?

Jemma

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