If you’re about to go on a trip abroad through the Erasmus+ scheme, then apart from choosing from the multitude of exceptional destinations, you’ll also have to consider your budget. There’s the Erasmus+ grant, which covers a huge amount of your expenses, but you will need some extra cash in your pocket!
The Erasmus+ grant depends on where you travel to and countries are split into different groups, depending on the cost of living. The most expensive countries are generally Western European countries, such as Sweden, Ireland, Denmark and the UK. The lower-cost countries tend to be Eastern European countries, such as Poland, the Czech Republic and Hungary. Some students look for more “exotic” locations, and it’s good to know that there are some really affordable places to study – such as Malta, for example, which is an extremely popular place to visit on an Erasmus+ and now offers a winter semester.
Before we move onto discussing budget for an Erasmus+, it’s a good idea to learn how to budget before you set off. Your grant will only go so far, so don’t make the mistake of blowing the rest of your payment in one go! You’ll have a long wait before you get your second payments (most Erasmus+ grants are split into two or three payments). One of the benefits of Erasmus+ are the life skills it teaches, for example, how to budget effectively! Do some research on your destination first to learn about the cost of living, transport, food prices, going out etc, so you’re armed with an overview of what you’ll spend. It’s also wise to over-inflate your monthly costs, that way you may even have some left over at the end of each month!
It’s a good idea to setup a bank account when you get to your destination, to save on international charges, if you can (and if you’re studying for a prolonged amount of time, e.g., six months or a year). Get a mobile phone in your new destination too, it will be cheaper to setup a contract in your destination country than continue with your own or speak to your phone provider in your home country to see what they suggest. Another must-do is to bring your student ID with you and get a student travel card to save you money. Take one credit card with you for emergency use only – don’t use it unless you absolutely have to, if you do end up using it for other things, you could find yourself paying hefty interest. Remember – lock it away, it’s there to give you peace of mind that if something untoward happens (such as your money being stolen or other), you still have access to money.
Here’s a quick breakdown to help you. Bear in mind that countries are split into Groups:1, 2 and 3. Group 1 is for the most expensive countries, 2, the mid-price countries and 3, the cheapest:
Denmark, Finland, Iceland, Norway, Liechtenstein, Luxemburg, the UK and Sweden fall into Group 1, and you’ll get approximately EUROS 350 per month.
Austria, Cyprus, Germany, France, Greece, Italy, Malta, the Netherlands, Portugal and Spain fall into Group 2, and you’ll get approximately EUROS 300 per month.
Bulgaria, Croatia, the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Macedonia, Poland, Romania, Slovakia, Slovenia and Turkey fall into Group 3, and you’ll get approximately EUROS 270 per month.
Bear in mind, these budgets relate to studying abroad on an Erasmus+ and not working abroad, the additional amount for working abroad is approximately an extra EUROS 50 per month. Furthermore, these amounts are approximate and may vary, depending on your home country.
While your grant will help toward the cost of accommodation, it won’t cover everything – and you need to think about what you’d do in case of emergency (apart from having a credit card!). Insurance is a must, especially in case of illness, you need to have sufficient insurance in place. The grant also won’t cover travel costs and if you need to get home quickly, you won’t have time to shop around for cheap flights, so you need extra money. Expect your grant to cover approximately 65% of your costs. That’s why our best advice to you is to save money, be covered in case of emergency and create a budget based on what you spend at home (and what you spend in your first week abroad).