It is important to be aware of the financial side of going on exchange. Making a realistic budget will give you an overview of what you can spend on a weekly basis and what you might need to e.g. save up before going or earn after returning. It also enhances your chances of getting funding from various grants to have a realistic budget.
A good starting point is taking the following expenses and incomes into account:
Expenses
- Tuition fee (not exchange seats at partner universities)
- Accommodation
- Travel expenses to and from the destination
- Local transportation
- Relevant social/cultural experiences
- Books
- Food
- Insurance
- Internet / phone
- Visa, if you need one
- Vaccinations
When applying for grant, it is okay to budget some money on leisure. If you are going to Australia, a trip to see Ayers Rock might be incorporated in your budget, which shows that you want to get a full experience. However, going pub-crawling with fellow students might best be left out of the budget.
When applying for grant, it is a good idea to show that you are willing to put money on the table, and your budget needs to be realistic, feasible and sensible.
You need to show that you are able to go through with the plan so that the grants administrators are not nervous about investing money in a lost project.