Duke’s Global Education Office (GEO) would like to provide you with ways to help maximize your study away experience.  One of the most important ways to do this is to help you navigate your personal finances so you can reduce your stress and figure out how to spend and budget wisely for study away.

The following tips and suggestions are to serve as a general guide. We strongly encourage all students to do their own research about the program and area where they will be studying away to understand tuition, fees, and cost of living.

This is very important: research the cost of living in the city you will be studying away. Cost of living in many cities across the world are much higher than that of Durham.

Please take the time to learn about the area where you will be living so you can budget accordingly for daily living expenses like groceries, transportation, restaurants, entertainment, etc. Don’t forget to factor in exchange rates!

Establish a plan for how you will use your money for cost-of-living expenses outlined above.  Provided below are some useful tips for managing your funds in a responsible manner:

 

  1. Divide you funds into 3 categories: Needs (50%), Wants (30%) and In-Case-of-Emergency (20%)
  1. Before you spend, ask yourself if you need it or want it.
  1. Limit your unnecessary purchases when possible.
  1. Plan ahead for meals, movies, special events, etc. 
  1. Be frugal! Many cities have free activities (e.g. museums, parks, university events) and discounted student rates of entertainment costs.
  1. Learn how to cook things you enjoy.  Home-made meals are often healthier and cheaper than restaurants and fast food (plus, you get the benefit of leftovers). Share the costs with your roommates and program cohorts.
  1. Pack your meals and eat at home as much as possible.
  1. Take public transportation instead of taxis or ride shares. 

Discounts are often available in many locations where our programs operate. For example, museums, public transit, theaters, bookstores, etc. are often places where rates are cheaper for students. Don’t be afraid to ask and keep your student ID on you. Some locations also offer student cards offering discounts on museums, public transportation, and hostels. Be sure to research the options in the area where you will be studying.

If you plan on taking a debit or credit card and withdrawing funds while away, be sure to contact your bank and let them know. Check to see about ATM withdrawal fees or any international fees associated with debit or credit card charges.

Use GEO’s Global Education Student Committee, past participants, and ambassadors lists to talk with students that have studied on the program(s) that you are considering. Ask for advice and recommendations for how to budget wisely for the area you will be studying in.