Dealing with MONEY abroad and saving money before and during
This week’s cultural topic is MONEY!
We talked a bit about this at orientation, but there’s a lot more to talk about. You of course want to have enough money to last you the entire time you’re abroad so here are some tips:
-In Sweden, you will need to know your pin number for your debit AND credit card. Swedish banking is very secure, and having a pin number for your credit card is just one more way that they can keep their information and identities safe. Make sure to contact your credit card company at least two weeks in advance to you leaving the country to let them know that you need a pin number. Some credit card companies may let you create one over the phone. My credit card is based off of my credit union so I had to wait a bit for them to send my pin in the mail. Also let your credit card company know that you will be studying in Sweden (and provide them the dates) so they don’t cancel your cards when they notice international charges!
-Check, double check, triple check that your debit/credit cards won’t expire while you’re abroad. If they do, order new ones before you go abroad so you don’t encounter a problem!
-Talk with your Credit Card Company and bank about international charges. My bank (which was the same as my credit card company) only charged me a 1% international fee where as some places have fees up to 10%. The fee usually applies to both ATM transactions AND purchases, but double check that with your bank/credit card company.
-Always make sure you have multiple forms of money when you go abroad. Don’t go shopping with just one debit card. You won’t be able to purchase anything if that somehow doesn’t work!
-For sure sign up for online banking if you don’t already have it. For most banks, this is a free service. This way you can monitor your spending and make sure you have enough money. Also, if you do use a credit card, make sure for that you also can pay online since your statements will be sent back home.
-Leave your credit/debit card numbers at home with your family! In case your card is cancelled or lost, they can try to assist you. Also, this way they can also possibly transfer money to your account if you’re running low or you need help in an emergency.
-There is an ATM on campus behind the library that is available 24/7, which is nice because you will always have access to money. Just be aware that because it is frequently used (especially to pay for VIS trips) so it’s possible for it to run out of money. I personally never had this issue, but just be aware of this!
-Also, make sure when you do use ATMs, that you are in a well-lit area, preferably with a friend. Some people steal money from those using ATMs who aren’t paying attention to their surroundings.
-Will someone be doing your taxes while you’re abroad? This is something to think about and discuss with your family before you leave. My parents helped me out with the process so that was one less thing to worry about!
-How will you carry your money in Sweden? I brought a cross body purse so my money was always close to my body and it made it more difficult for anyone to try and steal from me. When going to the bars on campus, I would just simply take a bit of cash and my IDs and put them either in a pocket or safely elsewhere on my person. The CIE recommends having a money belt and while I personally did not use one it’s something to look into. As for the girls something I’ve used before is called a Belle Hop Personal Stash where it connects to your bra.http://wideworldtravelstore.com/?products=belle-hop-personal-bra-stash
How you can budget for your trip now:
-Make a piggy bank/money jar! I would always put my change and sometimes my dollar bills in a money jar. I also had some friends on my floor who were willing to give me their spare change on occasion. Actually, one of my friends would go around the dorm asking people for their spare change…Anyways, I ended up saving around $50 for my trip.
-Sell some stuff! If you’re really looking for some extra cash, put some old dvds, cds and things for sale on ebay or craigslist.
-Try to save money this semester. If you have a job, set aside a portion of each paycheck towards Sweden. Try to not eat out so much. Instead of buying a bunch of Christmas presents, make something for your family and close friends. For Christmas, ask for things that you need for Sweden. My parents got me a bunch of travel things like a converter set for my Mac and other things. Also, you can always just ask for cash. Also, if your birthday happens while abroad, you could ask for just cash. I did this and my birthday money paid for my weekend trip to Norway!
-If you’ve had friends that have studied abroad before, ask if you could borrow some of their stuff. I had friends use other people’s converter sets or traveling backpacks. I used my parent’s large suitcase and a rolling duffle I already had so I didn’t need to buy luggage.
How to budget and save while in Sweden:
-Instead of eating out, cook meals with friends! This is also a great way to get to know your corridor mates.
-If you drink coffee, you can purchase a small coffee maker at IKEA when you first get there because coffee can add up!
-You don’t need to decorate your room. I brought a mini photo album to look at as well as some maps to spice up my room. I also purchased a large candle so my room felt homey.
-Always ask for student discounts.
-If you do go out to eat, share meals with friends or take home some leftovers for later. Maestros on campus is this delicious pizza place. The pizzas are a bit large to eat by yourself, so it’s nice to split the cost with a friend. Do this especially with the Kebab Pizza. That thing fills you up quickly.
-If you decide to go out to a club on campus, you can save money by having drinks before you go out instead of buying drinks at Stallarna or Sivans. The drinks are fairly expensive ($5 to $10) and it starts to add up after a while.
Fun Fact: The Swedish musical group ABBA performed their hit song ‘Dancing Queen’ for the first time at the King and Queen’s wedding in 1976.
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