Participating in an Erasmus exchange is a unique experience but managing your budget while living abroad can be challenging, especially with the differences in cost of living across cities.
Here’s a guide on how to plan your monthly expenses and some useful tips for saving money.
Plan Your Erasmus Monthly Budget
There are fixed expenses that Erasmus students will need to account for every month, such as rent for shared accommodation or residence fees, utilities, groceries, transportation, etc. We recommend calculating how much each of these categories will cost and adding them up: this is your baseline budget, the minimum amount you will spend each month. You’ll need to have this covered either by the Erasmus+ grant, other types of income (family support, other scholarships, temporary jobs), or savings.
Keep Track of Personal Expenses
One of the easiest ways to go over budget is with personal expenses, which include shopping or entertainment (movies, restaurants, bars, concerts, etc.). It’s advisable to set a monthly allowance for these activities and stick to it.
Learn to Save During Your Erasmus
There are many ways to stretch a budget, one of which is managing household expenses. You can reduce electricity and heating costs by following energy-saving tips like turning off lights in empty rooms, keeping the heating at a moderate level, and turning it off when you’re out. Food is another area where you can save: buy groceries with your roommates, compare supermarket prices, take advantage of offers, and cook at home as much as possible.
Take Advantage of Student Discounts
Having a Youth or Student Card can give you access to products and services at discounted rates, or even for free, such as transportation, cultural activities, and educational resources. Make sure you check our blog post on How to Get Your ESN Card.
Save on Transportation
Depending on the size of your Erasmus city, you might be able to walk to university, but if not, public transportation is usually the most convenient option. Do a little research on semester passes or something similar, if available, they will save you a lot compared to daily fares. In some cases, it may even be cheaper to purchase a second-hand bicycle, and sell it before returning home.
Protect Your Budget with Travel Insurance
While planning your budget, don’t forget to think about unexpected expenses. Medical emergencies, lost luggage, or trip interruptions can drain your savings if you’re not prepared. By getting insured before your Erasmus journey, you can avoid significant out-of-pocket costs if the unexpected happens. With OnCampus Abroad Erasmus student insurance, you can focus on what truly matters: making the most of your time abroad.
Now is Your Turn to Work on Your Budget!
Planning is key. By doing a bit of research on the cost of living in your upcoming destination, you can create a budget to stick to. Whether you’re doing an Erasmus Plus, Erasmus Youth Exchange, or any other study abroad program, following these simple tips will help you enjoy your study-abroad adventure without breaking the bank.
