How much spending money will you need?

Although this really depends on your personal spending habits, you will probably spend more studying abroad than you would during the same period at home.  Common expenses include restaurants, cafés and bars, museum entry fees, souvenirs and gifts, and – the biggest category – optional travel.  The best advice is to talk to other students who have been on your program, and ask them what they tended to spend money on. Remember that the US dollar is very weak right now compared to many other currencies.

Other advice regarding money and finances:

Take an emergency fund in cash (at least $100) when you are traveling; keep it securely stored in a neck pouch or money belt. It is better to take small bills (10s or 20s).

When traveling, debit cards are very convenient: ATMs are generally accessible 24/7, they make it unnecessary to carry large amounts of cash, and the money your receive from an ATM will be in the local currency. Check with the bank that issues your card, however, to learn how much they charge for “foreign transaction fees” – this can vary greatly from bank to bank. Let the issuing bank know that you will be traveling so that they do not assume your card was stolen once unexpected foreign charges start showing up on the account; if they believe the card has been compromised, they could freeze your account.

Taking a credit card can be a good idea in case you have to make a purchase that exceeds the daily limit of your debit card. Call the issuing bank before you leave and let them know that you will traveling so that they do not assume your card was stolen once unexpected foreign charges start showing up on the account; if they believe the card has been compromised, they could freeze your account.

Make sure to have a list of customer service numbers to call in case any of your credit cards are stolen – you will want to cancel them immediately.  It is a good idea to leave this list with your parents as well, since it may be easier for them to make the calls from the US than for you to do so from abroad.

If you will be responsible for paying bills in the US while you are abroad, set up automatic debit or online payment options (through your bank, an online service, or the institutions you have to pay) before you leave.