18 Mar How To Intern Abroad on A Budget
An internship is one of the most anticipated parts of your college life. Many students are excited about this journey as it will provide you with experiences that will help you prepare for the real world. Most students would want to take it to the next level and embark an internship abroad. However, this decision entails higher costs to budget for. Can you intern abroad on a budget? Yes.
There are plenty of tips and tricks that will prevent you from struggling when you’re living on a foreign country during your internship. You may even end up your international experience with savings apart from an outstanding resume! Read on.
Prepare Before Your Internship
Substantial financial freedom starts before you even leave. Preparing well enough for the new road you’ll take will help you avoid unnecessary setbacks.
You can start saving money by keeping an eye on your monthly income (if any) and track your expenses on needs, leisure, and other bills. You should also identify your priorities, stay on a budget, and cut back on unnecessary expenses.
You may want to take part-time jobs while studying such as babysitting, tutorials, events host or working for a local shop. We’ve all done that once in our lives, and it’s completely legitimate! You’ll earn an extra income to save up and add to your budget. Once you accumulated some savings, make a travel savings account. It will help you manage your finances better.
Start a financial tracker – everything from rent, food, health and transportation. However, check in advance if the internship program you’re looking into covers any of these aspects, such as accommodation and transportation cards.
Ask your family how much do they spend – it will give you a rough idea of your future expenses, keeping in mind that the cost of living is never the same abroad.
Don’t forget to scout for scholarships! Your university may be providing funds for international students or internship programs, or you may be eligible to apply to scholarships in your area.
Getting a student loan to fund your internship is an option that will give you an extra allowance, but we encourage you to consider crowfunding alternatives such as FundMyTravel. Be creative, start your own campaign and raise funds for your travel costs!
Absolute intern in the workplace
Keep an Eye on Your Finance During the Internship
Being financially prepared does not end when you take the plane and travel to your destination. There are still ways to stay on a budget during your internship abroad.
Again, tracking your expenses will give you an insight into how much you have left and prioritize. Avoid tourist areas and live like a local. Ask your new work colleagues for bar and restaurants recommendations, what areas to avoid in your new city.
Cooking and going for street food will save you tons of money! One of the best things about living abroad is embracing the local cuisine.
You can never go wrong with researching for any tips when taking a new and unfamiliar journey. Preparing yourself will impact positively on your experience, especially when you’re out from your comfort zone!
Karla Lopez is an aspiring financial planner, travel enthusiast, and freelance writer. She traveled for the last 5 years over 30 countries and 4 continents, gaining experiences and learning how to make travels financially sustainable.