Budgeting

Accessing money abroad

Students should rely on several sources of money (ATM/debit card, credit card, cash) to cover expenses while abroad. This will ensure that if one of your means for accessing funds fails, you will not be stranded without money. Also, the amount of money you can access through any one source may at times be subject to limitations, so you will want to have a second source should you need a large amount of money immediately. In Italy, ATMs are common in train stations, airports and metropolitan areas, less so in more remote areas. They are very easy to find in London. Be sure to have an internationally valid PIN and check with your home financial institution about foreign ATM fees and conversion rates. Students may also want to investigate fee-free ATM/credit cards as foreign ATM bank fees can be prohibitive. SAI does not recommend opening up a bank account in Italy because of the lengthy process and the high cost. We also recommend exchanging a small amount of money (approximately 200 euro) prior to your departure from the U.S. so that you don’t have to concern yourself with these matters immediately upon arrival.

Monthly Budgeting

Of course, a lot will depend on how often you eat out and how much traveling you do. Since all SAI student apartments are furnished with full kitchens, you always have the option of cooking at home, thus saving money while having the opportunity to experience Italian markets, whose produce is incredible and very inexpensive.

Following are budget approximations, since much will depend on your habits and interest in saving. The following are considered “moderate” budgets.

Milan Sample Budget

Sicily Sample Budget

Florence Sample Budget

Rome Sample Budget

London Sample Budget