By Kristyn Laviola
Studying abroad in a whole different country is one of the most exciting experiences you will ever have. For those still in college, we are on pretty tight budgets and money can fly out of our pockets if we’re not careful. Specifically in Florence, there are so many new things to discover such as the extraordinary cuisine, beautiful architecture, the multitude of museums, world-famous and niche fashion brands, and many more. So how can you fully enjoy the experience without breaking the bank?
Here are some helpful tips that I have made and followed throughout my semester abroad:
1. Understand the currency exchange rates. It is helpful to know how much your country’s currency is worth compared to the European Euro. Exchange rates can always be changing so it’s important to keep a look out.
2. Talk to your bank. Don’t forget to let your bank know that you are studying abroad. Most banks will shut down your debit/credit card if they notice that you are spending money in a different country. Also, speak to them about international fees when withdrawing money and if they recommend certain ATMs that correspond to yours at home.
3. Create a general budget. Take a look at your bank account and decide how much money you are willing to spend total during your term(s) abroad. This number can range from high to low, it all depends on how comfortable you feel about spending while abroad.
4. Segment your budget into categories. Once you’ve calculated your general budget, decide how you want to spend your money in regards to eating, activities, shopping/gifts, travel, etc. The allotted figures will vary depending on your personal interests and how they evolve during your time abroad. I personally decided to spend more money on food and activities rather than souvenirs. It’s up to you but it’s important to take the time to reflect prior!
5. Stick to your budget. Don’t just buy something because it’s there. Spend your money on the most important items/activities you want. It may seem challenging, but it will be worth it in the end so you don’t break your bank!