Erasmus: Tips on How to Save Money on Your Exchange

Going on Erasmus is the college experience all students dream of but many hesitate to do for financial issues. But Erasmus does not necessarily mean spending a lot. In addition to the scholarship that you can receive from the European Community, there are other ways to save money on your exchange. It is enough to just plan the trip following some of these guidelines.

The first thing you need to consider is the destination. You should find out about the cost of living in the countries you are considering as your exchange options. The Nordic countries like Norway or Denmark, for example, have a very high cost of living compared to Spain or other countries in Southern Europe. Once you have a list of countries where you want to travel, you should compare the cost of living in the various cities. Life in a capital like London is clearly more expensive than living in a smaller town in England such as Leeds.

It is also important to know how much is the exchange rate of the country you want to go on exchange. Find out about the best rates and ask your bank how much you would be charged to withdraw money abroad. If this amount is too high, you might consider opening an account in the city where you are going to move.

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You can also find scholarships to help finance your exchange. There are several institutions that offer help for students going abroad. You can easily find lists of scholarships available online.

Another way to save money is taking time and carefully consider your housing options. Most students choose to stay on campus because it requires little effort and is usually close to classrooms. However, these properties are often expensive. Look for alternatives in the city such as living with a family or share a flat with other students. Look for students who are considering this option on websites like Erasmusu or Easy Roommate.

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We also recommend to look for deals online. There are several pages devoted to gathering information about discounts in supermarkets, restaurants and local events. You can even find discounts on train tickets.

If you want to be sure to have enough money before going on your trip, you can take advantage of the summer and find a job to save some money before your trip. Another simple way to make some money is participating to online paid surveys. It requires little time and it is a simple way to earn some extra money in addition to a summer job.