It’s important to plan your budget, both when saving your money to pay for your program, and also to plan for your spending money needs while abroad. L&F provides a sample savings chart to help you plan for saving in manageable weekly amounts. See chart below.
How much? A minimum of $40 per day (less during family stay) is recommended for lunches, dinners, beverages, and any public transportation not included in your program.
Website to check currency exchange rates: www.oanda.com
What Type? Cards are the best and safest way to carry money.
Debit/ATM card: Debit/ATM cards can be used for purchases as well as for cash withdrawals.
- Check with your bank to make sure it works for withdrawals abroad.
- The debit/ATM card must be from a checking account.
- Notify your bank that the card will be used abroad.
- Check with your bank about transaction/conversion fees.
- Know your PIN and know your card’s withdrawal limits.
- Cards with Visa or MasterCard logos are most widely accepted.
Credit cards: Follow the same guidelines as above, but note that cash advance rates are very high. Reserve credit cards for larger purchases only. Note: Gift cards will not work abroad.
Cash: We recommend carrying only a small amount of cash. If it is lost or stolen, you are simply out that amount of money.
- Plan to have a small amount of foreign currency for the first day abroad.
- Have a small amount of American currency for snacks at airports.
Note: Always carry your passport, cards and cash in a pouch hidden under your clothing. Never leave your money or passport in your hotel room or suitcase.
The following Savings Chart will help you budget for your program cost. The sooner you start saving for your program abroad, the better. Short-term Savings = Long-term Investment
|14 months $ per week||41||45||49||54||58||62||66|
|12 months $ per week||48||53||58||63||67||72||77|
|10 months $ per week||58||63||69||75||87||87||92|
|8 months $ per week||72||79||87||94||108||108||115|