1. Consider your location.

The cost of studying abroad will largely depend on where you go.  Places with a lower cost of living and spots that are less popular tourist destinations are obviously going to be cheaper.  Sites in some regions of Central and South America, Africa, Eastern Europe, and Western Asia often have lower living costs, whereas many regions of Western Europe, Australia, and East Asia are usually more expensive.  Even within notoriously expensive countries, however, you can often find more obscure locations where the cost of living is more affordable.

2. Learn the conversion rates.

Since your money is not worth the same in every country, learning conversion rates is important in setting your budget.  For example, the dollar is currently worth less than the Euro.  A good conversion website is this.

3.  Come up with a rough budget schedule ahead of time.

Once you've decided how much money you have to work with, decide what you can use it for.

4. Under-estimate your budget.

It's better to shoot lower rather than higher when you're drafting your budget. Make sure that you keep a spare amount of money around just in case you get into a bind and accidentally go over your budget.

1. Know about your credit or debit card fees.

Most credit and debit cards providers charge an “international” or “foreign transaction” fee when you make a transaction abroad - a currency conversion fee of between 2 and 3% is often applied - and if you withdraw cash from an ATM you can incur an additional fee.  Not all cards charge foreign usage fees, however.  Speak with your credit card company or bank about this before you leave for your off-campus study.  Note that smaller card issuers may offer more favorable foreign transaction fees.

2. When using an ATM, withdraw larger sums of money.

Bank fees for withdrawing money from an international ATM can be high. If you take out large sums of cash at one time, rather than small amounts of money very often, you will save yourself from some bank fees.

3. Avoid exchanging your money at airports.

If you want to have some local currency before you arrive at your new country, buy it ahead of time in the States. If you wait until you arrive at your destination airport to buy foreign currency, you will not get the best rate of exchange; it could cost you up to 11% more than buying it in advance. You can order foreign currency through some local banks and credit unions, but not all so prepare ahead.  You can also order foreign currency online at Travelex, or if you are a AAA member, you can order it online or over the phone.  See AAA for details.

1. Buy your plane tickets wisely and check for extra fees.

Consider the following questions: are there additional airport taxes to pay?  Will you have to pay more if you check-in at the airport, not online?  What about luggage - is there an extra charge if you want to check a bag, and is there a weight limit?

2. Hostels

When doing extra traveling abroad, whether it is a few hours away, or a trip to another country for a long weekend, consider staying in a hostel.  Hostels are not only a great last minute option for travelers, but a cheap, reliable option.  Some hostels have kitchens for guests to use.

A good website to compare hostel pricing and customer reviews is HostelWorld, but if you plan to book your hostel there, be aware of the extra 10% booking fee that the website charges.  You can always use HostelWorld.com to find the different hostels available, and then contact a specific hostel directly to avoid the website’s extra booking fee.

1. Cook your meals when possible, and try to limit how often you eat out.

1. Don't pay the price for calls home.

Using Skype you can talk, instant message, or make video calls for no cost at all. Skype also allows you to make calls to phones and mobiles at home and abroad at great rates too.

1. Take Advantage of Being a Student.

An International Student ID Card (ISIC) is a useful investment, as it identifies you as a student and is the key to receiving discounts on transportation, museums, and so forth.  See STA Travel's website or visit Alma College’s Center for Student Opportunity Office for more details on obtaining an ISIC card.

Never hesitate to ask for a student rate for housing, entertainment, or transportation

2. Take advantage of what’s free!

Some of the best places to visit abroad are free.  Parks, downtown hubs, and cultural/historical museums are some of the most interesting and unique places to see, and offer a great deal of cultural experiences and lessons

3. Make friends with locals.