Budget Friendly Ways to Explore the World as a College Student (2024)

FAQs

What is the best way to budget as a college student? ›

A good college budget prioritizes needs and savings over wants. A good template to follow when budgeting is the 50-30-20 ratio—50% of your income covers needs, 30% goes toward wants and 20% is for savings. This format can guide you in creating your next spending plan.

Free Meals: Some colleges offer free meals or snacks through campus events, student organizations, or dining programs. Look for free food events or food pantries on campus. Libraries and Study Rooms: Use campus libraries and study rooms for a quiet place to study or access free internet and resources.

With proper preparation, including scheduling and vaccinations, backpacking can be a fulfilling way to explore the world post-graduation. Your health is paramount when backpacking through foreign countries. Preparing with vaccinations against diseases like malaria and yellow fever is crucial.

ALWAYS TRAVEL OVER THE WEEKEND!

Essentially, you'll have 2 extra vacation days that you'd otherwise be using if you traveled throughout the week. i.e. Instead of traveling Monday through Friday and using 5 vacation days, you can travel Thursday through Tuesday and use only 3 vacation days.

You make new connections and unforgettable memories.

Traveling abroad can help you improve your bonds with your current friends and also allow you to meet new people. While studying in a foreign country, you can also interact with students from other schools and connect with people from the local community.

What's a good travel budget? ›

Average Vacation Costs in 2024: Transportation, Entertainment, and Budgeting Tips. Quick Answer: In the U.S., a one-week vacation for a solo traveler costs about $1,984, while a family of four can cost around $7,936.

Avoid tourist-heavy locations, as they tend to be overpriced. Instead, visit local shops and attractions. This can help you save money as well as see a different side of your destination. Bring your own food.

Estimated transportation costs: The truth is that there is no limit on how much a luxury traveler can spend during a trip around the world. We've estimated that the luxury traveler would spend around $15,000 to $20,000 on travel during their journey, but they could go well beyond that if they wanted to.

So, How Much Does it Cost? In general, you should expect it to cost between $25,000 to $35,000 per person to travel around the world for a year. This rough estimate comes from reading travel budgets of other bloggers, various travel planning resources, and our own experience.

The 50-30-20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should dedicate 20% to savings, leaving 30% to be spent on things you want but don't necessarily need.

Average College Monthly Allowance

That amount may cover clothing, laundry, toiletries, entertainment, etc. Considering that semesters are usually four months in length and students complete two semesters per year, we find that the average monthly spending for college students is approximately $260.

Breakdown of Monthly Grocery Expenses

According to a survey conducted by the College Board, college students spend an average of $150 to $300 a month on groceries. However, it's important to note that the amount spent can vary depending on several factors, including the student's location. or dietary preferences.

Sticking to a budget and opening a savings account can help you stay financially secure. If you've lost your job, consider temporary alternatives like part-time work and unemployment benefits. Campus and government resources can help students get back on their feet and maintain stability.