Tag-arkiv: Budget

How to manage your budget during your internship

Savings Tipsmeals-budget

You’re in a foreign country for an internship, and no matter how long you plan to be there, you’re probably managing a specific budget that’s going to have to last until the end of your stay.

 

Meals

If you aren’t so fortunate as to find yourself in a homestay with 2-3 free meals per day, this could be something that adds up quickly in your budget. Especially in an internship atmosphere, you may feel pressured to eat out every day if eating lunch together is part of your host country or host company culture.

Prepare yourself to grocery shop and prepare your own meals the rest of the time if you’re looking to save money. Ask around at your internship and keep an eye out for what the locals do. Eat where they eat and you’ll probably save a fortune!

Learn to Cook

learn to cookIn order to save food money, you can learn how to cook. It’s usually cheaper to buy the products you need and put together a dish rather than to buy ready-to-eat processed food. It’s healthier too! If you’re living with other people, a solution is to share the food expenses and the meals together in order to reduce the costs even more.

When shopping in store, choose the value products and supermarket own brand, and buy in bulk whenever you can, especially for household products such as toilet paper and kitchen towels, as well as pasta, rice and other products that have a long shelf life.

If you follow at least part of these tips, you shouldn’t have to worry too much over money during your internship or study abroad period. And of course, feel free to question your colleagues and other interns if they have ideas and advice to help you enjoy your foreign experience without spending a fortune!

Fun Extras

runrunWhile the main focus of your internship abroad should be gaining professional experience, you are abroad and you should make the most of your new surroundings! However, if money is limited then your best bet is to set aside a certain amount for these fun extra activities

Living Costs in Denmark

living costs

We often get the question of what average costs to expect for life in Denmark.

The standard of living is high and the economy performs above the European average. Accommodation, food, transport and leisure are therefore relatively expensive in Denmark compared to many other countries. However, salaries are correspondingly high, and many services such as medical treatment and schools are paid for via taxes and the Danish welfare system, so that no user fees are charged.

Estimated cost of living depends on the city, and of course on the individual person. A rough estimate of your overall monthly living costs in Denmark would amount to 450 – 550 EUR monthly. The average price for accomodation (single or shared room) is around 200-250 euros.

For a more detailed impression of living costs in  Denmark we suggest you to check out this page from NUMBEO where people all over the world share costs of living in different countries.

 

 

How to financing your internship program fee?

budget

Interning abroad is a true investment.

There are many ways for a motivated applicant to earn a grant or scholarship towards the cost of a program. To raise funds independently or by “crowd funding”. To earn money by working part time or even to take out a loan.

 We have compiled some resources to assist you in earning or gathering funding for your internship.

Internship Stipend/Salary

Personal Savings

  • If you’ve saved enough of your own money, you can support yourself on the program.

Work

  • A part time job in the evenings, weekends, or summer can help you save a significant amount of money. If you earn (for example) 9 dollars per hour, then working just 10 hours per week could bring you almost $400 each month, or $4680 in a year. This can be an excellent resource for your international internship experience. Furthermore, future employers will be impressed by the independence & initiative you have shown, and by the additional experience you have gained.

Scholarships and Grants Available Online

Talk to your bank about a loan

  • Loans are another way to help pay for your internship abroad. However, keep in mind that loans must be repaid with interest. If this is an option for you, then contact your local bank to discuss your options for student loans and personal loans.

Parent Loans

  • You may already have some financial support from family or friends. Write emails or send postcards home, and share photos when you return to your home country to share your experience with those supportive friends and family. They may be more likely to support you financially if you express that you’ll update them on your adventures. If you do have people in your life willing to support you, you can show your appreciation by writing a thank-you note or bringing them a little something back from your trip.

Host a Fundraising Event

  • Invite friends and family to an event where they can learn about your proposed internship experience abroad and what you hope to gain from the experience. Not only is it a way for you to earn money to support your trip, it also gets your loved ones involved in your travel abroad plans.

Yard/Garage Sale or Online Sale

  • If you own items you no longer use or have never used, you could sell them online (via e-Bay and others), or host a garage sale where the funds would support your program abroad.

Talk to your university about credit

  • Does your school have a scholarship or financial aid office? Talk to your advisor about any scholarships or grants that may be available for you. Many universities have started programs to help fund students who want to pursue internships.

Your Government

  • Your country’s government may have available funds and scholarships for which you can apply. Do some research into opportunities for funding. This could be on a local, regional, or state level.

Private or Community Organizations

  • There may be private organizations in your home country that provide support for internships. Some examples include local businesses, chambers of commerce, foundations, and religious groups. Are you a member of any associations or clubs? Contact them and see if they might have funds available to contribute to your program.
  • If you are a member of a religious congregation or community organization, you could ask permission to make a presentation about your proposed program. Explain what you will be doing and describe your goals. Members may be willing to donate.

We hope you will consider these resources to help offset your costs. While international internships can be costly, the reward is long lasting.

 

Total cost of an internship

internship

 

Before you head out on exchange, you’ll need to think about what expenses you can expect. The following is a list of the basic categories that your expenses will fall into. Keep in mind that costs will change from country to country:

  • Internship fees
  • Miscellaneous costs (these may include sports fees, student fees, etc.)
  • Travel costs (return airfare, transportation within host country)
  • Room and board
  • Transport (e.g., airfare, public transit, purchasing a bicycle, etc.)
  • Clothing and other personal items
  • Phone calls
  • Field trips (if applicable)
  • Entertainment
  • Unforeseen expenses (e.g., medical care, disasters, legal or  etc.)

Your best friend.. ID card!

saving tipsSavings Tip: If you have a student ID card it can be your best friend! It can get you discounts on museum entries, travel passes, lodging, and so much more. Ask around or spend some time trawling the internet and you may also find some great sites or Facebook pages dedicated to free things to do and free special events and happenings in your host city. Make the most of it!

Budget Your Internship

Savings Tip:

Meals

ShoppingIf you aren’t so fortunate as to find yourself in a homestay with 2-3 free meals per day, this could be something that adds up quickly in your budget. Especially in an internship atmosphere, you may feel pressured to eat out every day if eating lunch together is part of your host country or host company culture.

Prepare yourself to grocery shop and prepare your own meals the rest of the time if you’re looking to save money. Ask around at your internship and keep an eye out for what the locals do. Eat where they eat and you’ll probably save a fortune!