Millennials get a lot of flack for their spending habits--constantly told by the media and their elders that as a generation they don’t know how to save money. Factor studying abroad into the equation and young twenty-somethings everywhere spend their money living by the yolo mantra. However, there is a smart way to go about studying abroad and making the most of your experience without breaking bank. Here are a few things that you should not do when trying to be financially responsible while abroad.
1. Go out to bars and clubs every night.
While going out and getting a taste of the local nightlife is a valuable part of the study abroad experience, drinks can be pretty pricey. Limit yourself to one or two nights to go out for drinks.
2. Eat out at restaurants for breakfast, lunch and dinner.
Trying the local cuisine is a necessary part of the study abroad experience, you’ll quickly eat into your savings if you go out to restaurants on a daily basis. Go out and try the cuisine but limit it maybe to once or twice a week, depending on the length of your stay. Otherwise, go to a grocery store or local market and buy groceries. Make breakfast and dinner. Pack a lunch. Your wallet will thank you.
3. Buy yourself all of the souvenirs in every color and variation.
Be honest with yourself, you’re probably not going to wear half of that stuff that you bought while abroad once you step foot out of the country. Try to stray from impulsive purchases, think long and hard before you decide to buy a souvenir.
4. Buy souvenirs even for the people you aren’t in close contact with.
Avoid purchasing expensive souvenirs for that person that you met at the coffee shop that one time. Limit souvenir purchases to immediate family and maybe the three to five friends that you’ve texted most recently. If you feel that you must get souvenirs for everyone, buy cheap ones; like key chains.
5. Take taxis to wherever you need to go.
If you have the option to take public transportation, take it.Or even, dare I say it, try walking. You’ll get to know the place where you are visiting that much better. Plus, you never know what you might stumble upon roaming the streets of a new city.
Going abroad doesn't mean that you have to go broke in the process. So, to all of you millennials out there, when in Rome, you don't necessarily have to do as the Romans do. Break the stigma that all millennials are bad with their personal finances. Be smart about your money and your future self will thank you in the long term.
