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You can’t put a price on love, right? In a sense. But those engaged in a long-distance relationship will tell you that there certainly is a cost.
According to reports from StatisticBrain, 14 million people are in long-distance relationships. The average distance between the couples is 125 miles. Thirty-two percent of college students are involved in long-distance relationship. And even if you are not dating someone from a distance, you are probably open to it.
For those who have been a part of a long-distance relationship, you are familiar with the challenges. Of course, there are relational challenges. But there are also financial challenges. Dinner and a movie is not a cheap event when plane ticket costs are involved. Long-distance relationships can wreak havoc on your finances if you are not careful.
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Don’t act like finances are a non-issue. Sweeping the financial implications of the relationship under the rug will only leave you broke and bitter. You don’t want to put your girlfriend or boyfriend in a bad financial spot. And, hopefully, they don’t want that for you. You don’t have to do a deep dive into your financial situation, but you need to have the freedom to say, “I can’t afford that.”
A budget is your plan to align your giving, saving and spending with your income. If you are in a long-distance relationship, your budget should look different than someone who is not dating from a distance. The amount you spend on the relationship may require the reduction of other expenditures. You may have to lessen the number of time you eat out with friends to afford the next time you visit your girlfriend or boyfriend. Plan these costs so that they do not create financial turmoil later. Use a budgeting app like brightpeak’s Illuminate to make this step effortless
Reducing the costs of a long-distance relationship requires planning. Spur-of-the-moment trips can cause you to overpay. Watch for deals on flights, one of the biggest costs of a long-distance relationship. When you spot a really good deal, you may have found the dates for your next visit. Consider looking for deals during certain windows of time. If you agree to see each other once per quarter, be flexible as to when the trip takes place within the three-month window. Allow deals to become dates.
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One of the relational challenges with long-distance relationships is that you don’t get to connect as often and don’t have the same number of shared experiences that other couples have. To combat this, consider having a “distance date.” Agree to go see the same movie at the same time or some other similar activity. You could take this a step further and go to the same chain restaurant beforehand. When you get back home, have a video chat about it. Share your thoughts about the activity. Get creative and have fun. “Distance dates” can be a cost effective way to connect with your girlfriend or boyfriend.
Eventually, a long-distance relationship needs to become just a relationship. If there is no trajectory for this, you may be wasting a lot of time and money. At some point, you will need to talk about what the future looks like. Are you going to move there, or is your significant other going to move here? If neither is considering a move, you may need to question the long-term viability of the relationship. I know, it’s a tough thought. But it is also necessary.
Long-distance relationships are not always easy. They have their own unique relational and financial challenges. Pursue God’s design for both areas of your life. Regarding your money, don’t let your long-distance relationship ruin your finances. Make cost-effective choices. Whether you marry this one or somebody else, your future spouse will be thankful that you didn’t wreck your finances during this time.There's a first time for everything, right? Studying abroad was a bucket list item that I had always wanted to cross off — but I figured it would take me years to get there. As a college student on a budget, it can be tough to save up money while in school. And as a student who didn’t receive very much financial aid already, I thought that my dream might just be impossible.
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But to my surprise, funding my expenses was a lot more accessible than I thought. By showing up and putting in the effort just to begin the process, I ended up learning that managing my finances for my study abroad experience was not only possible but a lot less stressful than I thought.
The art of balancing your budget and spending responsibly is a challenge. But saving ahead of time will become more manageable if you know the costs and ways to prepare for them.
Some countries, like ones in Latin America, Eastern Europe, and Southeast Asia, have a much lower cost of living than others. The cost of living will immediately affect your budget, regardless of program price. Conversely, a study abroad program in London, for instance, will come with a hefty living cost and unfavorable exchange rate to the American dollar. The program will likely be excellent. Still, it should be considered with more conservative budgeting in mind if finances are a concern.
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Whatever you do, accurately evaluate any program and cost of living fees and create a list of experiences you'd like to have while there to find a realistic cost analysis of studying abroad. Then, with those numbers in mind and these tips handy, you'll have a great semester abroad!
Expert Tip: Studying abroad during touristy off-seasons, like winter in Paris, for example, is less expensive than peak seasons like summer when everyone is visiting for vacation!
While studying abroad as a full-time student, you may be eligible to work a certain amount of part-time hours a week. If you're qualified for this in your host country, it can be an excellent opportunity to help fund your weekend excursions! Be sure to check with your host country's visa guidelines and your study abroad, as you don't want to go against any of your student visa rules.
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You can also look into getting an internship while you study abroad. In France, for example, it's common for students to take a whole semester to dedicate to an internship partnered through the school. A paid internship can be an excellent way to get resume-building experience while supplementing your budget while studying abroad!
Many prospective study abroad students don't realize they can apply for financial aid for their upcoming program overseas. While each experience varies, planning ahead can get you in on scholarships and grants that may help you live a little easier abroad.
Consult with your financial aid or guidance counselor at school to inquire about need and merit-based aid, or contact the study abroad program advisor to learn about active sponsored partnerships. Go Overseas partners with programs to offer gap year and study abroad scholarships to travelers, undergrads, and masters candidates worldwide.
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Don’t forget to check out your university’s available stipends. While more minor, they can still help cover some of your program’s costs.
When I visited my university’s financial aid office in preparation for study abroad, the head of the department sat down with me to listen to my needs. To my surprise, he had studied abroad in Germany, and he helped me find as many stipends as he could to allow me to have my own international educational experience.
There are a number of costs for studying abroad, such as program prices and hidden fees. Understand what you'll pay when planning your school term or year overseas. However, don’t let costs deter you from enjoying the experience. There are many ways to study abroad on a budget without sacrificing fun.
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While it would be impossible for us to give a specified general cost of studying abroad, there are some common monthly and essential costs to factor into your budget.
To help estimate income and expenses during your time abroad, you can fill out our study abroad budget template using the research and comparison tool Numbeo to determine the costs of living in your host country.
Below is an example of common study abroad expenses you would need to budget for if you studied abroad in Paris, France.
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Homestays are a great way to immerse yourself even more into the culture of your host country. Not only are you finding accommodations that are less expensive than typical apartments, but you're also getting delicious home-cooked meals, a fast track to learning the language, and have a great second-home-base of support.
If housing is not included in your study abroad program, check with a program advisor on available student housing in your host city. Most programs will already have an affiliate student apartment they partner with, but there are often accommodations specifically price reduced for students. In Paris, for example, CAF-funded student housing is a major plus because this type of accommodation’s purpose is to be affordable for students, and housing in the city center is hard to find outside of being qualified as a student.
Whether you like to write out every detail of your
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