Budgeting
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.
Spending Money
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.
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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
| SAVINGS CHART | |||||||
| $2500 | $2750 | $3000 | $3250 | $3500 | $3750 | $4000 | |
| 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 |