Broke college student life, abroad edition
By far, one of the most important things I did before coming to Liverpool was make a budget for my money and start a plan on how I was going to stick to my final total. After working three summer internships and picking up some miscellaneous dog walking/house work to save for abroad I knew I had a finite of money to spend abroad. If you’re trying to decide how to manage a budget, here’s some insight as to how I made my plan before going abroad.
My first step was to calculate how much money I had saved to take with me, this included money I saved as well as income I expected (a paycheck that hadn’t come in yet from my boss and my blogger salary) and some gifted money from family. I then converted my total into pounds since I’d be in England and began to allocate the money.
The first thing after that was put some money aside for emergencies. This way if I was stranded in a foreign country while traveling I could buy a ticket home or if I overspent (my greatest fear) I would still have some money at the end for groceries. Next, I had to calculate my expected expenses, this included groceries (I have a meal plan but that only covers select breakfasts/lunches while I’m on campus), transportation, and entertainment. I broke each of these into separate categories to put together how much I expected to spend on each.
Next, I alloted for groceries and basics I’d have to buy once there. Looking at the calendar, I had 12 weeks of groceries to budget for. After looking at websites (such as this) which budgeted for the average Brit, I put aside £40 for groceries every week. Additionally, as I was entering a bare flat I put aside money for dorm supplies. I was supplied with a pillow and comforter but realized I might want a blanket and other items to personalize my dorm, and I had a kitchen I knew I’d have to stock with kitchenware. I was able to fall under my expected total due to residual equipment the school had, partnering with my flatmates on certain items, and I managed to thrift a lot of my silverware, plates, and cups at nearby shops which saved money!
Then I looked at transportation, this included public transportation, Uber rides, and traveling to foreign countries and to London. I calculated these costs by pulling up uber to look at costs in Britain and looked into the public transportation system in Liverpool, projecting roughly how many times a week I’d expect to go out. Additionally, I researched flights out of Liverpool to look at what prices flights to countries I was interested in visiting cost and checked on trains to London. I also set aside some money for emergencies in case a trip I really wanted was a bit more than I expected or something went wrong.
Finally, I calculated my entertainment costs. This felt like the most uncertain portion of my budget as it’s hard to account for everything. However, I kept in mind things like going out for food, coffee and alcohol expenses, tickets/door fees/museum costs, clothes shopping, gifts, and miscellaneous costs. This category was the most expensive as it encompassed a lot more.
All of these categories could be different for an individual. I only planned to travel 3 or so times out of the country and expected to travel to places with cheaper flights, many people travel to major cities and find they have to spend close to £200 on a flight while many of my flights cost as low as £15. I tried to budget for only around £20 a week on alcohol after seeing cider ran for around £3, but I rounded up my 12 week cost from £240 to £300 because I knew rather than cheap cider I’d most likely splurge on fruity cocktails (I have no regrets). It’s good to try to anticipate weaknesses you have in spending and be realistic with how you spend your money.
In order to keep track of my expenses I created my budgeting page in my passion planner that I use as a bullet journal, that broke down my expenses and allowed me a visual way to check in on things. I make sure to save all my receipts and try to take a note on my phone of costs that I don’t have receipts for. However, be sure to check in on your bank online as well so you have a real time idea of how much money you’re spending! After major trips I also tend to fill in just a bit more than I calculate because of things I assume I forget (that extra stroopwaffle that I wish I could forget?).
Money’s a touchy subject for a lot of people, but this part of planning your trip is extremely important so be sure to be honest with your family and yourself so you have both eyes open. Additionally, though you may feel awkward, reach out to others that traveled abroad if you have questions they understand what it’s like to have those questions!