Erasmus+: how to manage your internship budget

This is it. The accommodation has been found, the suitcase has been packed and the experience can begin. But haven’t you forgotten something with all your enthusiasm? The recipe for managing your Erasmus+ budget, of course… A practical guide to making your European mobility as smooth as possible.

While certain administrative tasks may seem like a distant memory once you’ve arrived, managing your Erasmus+ budget is essential, whatever your chosen host country. Whether you’re a student, a member of the educational team or a job-seeker, there are a few things you need to keep in mind to ensure that European mobility goes hand in hand with peace of mind. On the one hand, allowances and other grants are generally not sufficient to cover all your expenses. On the other hand, these are not paid to you before your departure, and do not arrive in your bank account on a fixed date. Building your Erasmus internship project therefore requires you to define a savings envelope in advance… Especially when you know that the biggest expenses in your Erasmus+ budget come at the time of settling in the country.

The 50-30-20 rule: 50% for your needs, 30% for your desires, 20% for your savings

American politician and economist Elizabeth Warren has theorized the 50-30-20 method to avoid ending each month in the red. It’s aimed at those who find it hard to quantify their budget. Think of it this way: 50% of your internship salary or monthly cash inflow should be allocated to your fixed costs. By this we mean rent, transport, bills and food. The remaining 30% is for leisure activities, such as shopping, dining out or drinks with fellow Erasmus students… The remaining 20% is for savings or debts – if you’ve taken out a student loan, for example. And when you think of moving abroad, you think of potential unforeseen events: if you apply this method, you should know that the 20% earmarked for savings can also be used to deal with an unexpected situation, such as the purchase of school books or a trip.

Apps you true allies

As you can see, the key word here is planning! If Excel spreadsheets put you off, there are apps that can make your task more attractive by simplifying your day-to-day calculations. These include Money Manager Expense & Budget, Buddy – Budget and Expense, Wallet – Finance and Money…

We can’t stress this enough: the Erasmus+ App is a first-aid kit packed with useful tips! In the section dedicated to the Erasmus+ community, you can share tips and tricks with your fellow students. This space is also dedicated to administrative problems encountered during your stay. Now you can breathe easy: you’re not alone! That’s what the Erasmus Plus spirit is all about…

Finally, don’t hesitate to talk to your bank or telephone company. They may be able to deduct some of the costs associated with working abroad. Finally, don’t forget your online banking login so you can keep an eye on your accounts at all times. Now all you have to do is enjoy…

Here is some reading to help you perfect your European mobility and build your internship project: