The opportunity to spend a year abroad as part of your studies is an exciting, potentially life-changing, prospect. Understanding the expected costs before you immerse yourself in another culture can help you really make the most of your time without unnecessary money worries.
Many people who spend a year abroad do so as part of an exchange programme from their uni or as part of Erasmus+. If you’re no longer a student, you can work or teach abroad – a great way to make sure you can earn while experiencing life in a new country.
While you’ll be no stranger to effective budgeting from student life in the UK, the amount you’ll need will vary depending on your destination. Regions like South East Asia, South America, and Eastern Europe offer relatively low living costs, while countries like Sweden and Denmark can be quite expensive. Expenses you’ll need to budget for include rent, tuition fees (if you’re going to be studying abroad), visas (if applicable), groceries, transport and flights.
Luckily, the helpful folk at Sainsbury’s Bank have created a handy visual guide to help you plan your year abroad. From options for financial support to tips for saving money, their guide covers the factors to consider when pricing up a year abroad. Read on to find out about your available choices and likely day-to-day costs – and get ready for adventure!