Creating a Budget

Budgets matter!

Creating a budget for a summer, semester-long, or post-graduate experience will take time and research. By incorporating some of the tips below and utilizing the resources listed, you will feel confident in having created a reasonable budget for your proposed experience.

You should spend the same amount of time and effort composing your budget as you will putting together your proposal essays. We WILL review your budget and determine whether it is reasonable in the application evaluation process.

Note: If applying for multiple fellowships with the same project in the Student Grants Database, make sure to submit the same budget for all applications even if some have a cap on funding. Otherwise, you may appear to be over/under funded.

• Tip 1: Try not to drastically over or under-estimate when creating a budget, as it will leave you in a difficult position later on, either in the application process or if/when you embark on your experience.
• Tip 2: Budgets will vary depending on length of activity, location, time of year, and more! There is NO standard budget for fellowships because your proposal should be unique and individual to you and your proposed experience.

Air Travel

• Search the Web for airfares and strike a likely average.
• Take into account factors that might impact ticket prices, such as seasonal or holiday rates.
• Try to book as soon as early as possible for cheaper options. 
• Include costs for travel to and from airports and food costs inside airports. Consider public transport options to and from airports. 
• Websites like Expedia, Kayak.com, Google Flights, and CheapFlights.com compile various airlines and can help in finding good rates.   

Housing

• Google "Cost of living in....." and see what comes up! Really! 
• Ask other Yale students who have been to your proposed location where they have lived and what to expect.
• Ask your contacts in your proposed location (e.g., your contact at the NGO which you will affiliate, your internship coordinator) for their insight.
• Check out the Summer Housing Resources on the OCS website. Please note that most of these resources are specifically geared towards summer experiences and not year-long experiences. 
• Get in touch with alumni groups in the area.
• Sites like Sublet.com might be helpful in getting an idea for how much a furnished sublet would cost in your area. 

Tip: Sites like Facebook Marketplace and CraigsList may be helpful, especially for domestic housing options, but be cautious of scams.

Sites like AirBnB will typically be very overpriced and are better avoided.

Local Transport

• Google "local transport in....." and see what public transportation is available.
• Ask other Yale students and contacts who have been to your proposed location.
• Investigate frequent travel cards/student or commuter or student discounts. It's often cheaper to buy a monthly plan than pay for each trip.
• Research what local transport routes you might take regularly, such as to and from your work site, to get an estimate for transportation costs for the duration of your trip. 

Food

• Take a realistic measure of the amount of food (including snacks and beverages) you consume on a weekly basis.
• Use internet resources (see "Other Things to Consider") to estimate how much that would cost if purchased in your proposed location. For example, if using expatistan.com you can use the “combo meal” estimate and multiply by three for a reasonable idea of the average daily cost of food (groceries plus a meal out once in a while).
• Base your estimate on using local stores and markets for most of your meals.
• As above, seek out others who have been to your proposed destination to give you an idea about basic costs.

Note: You should not expect to eat at a restaurant or get takeout for every, or even most, meals. 

Research where local peers are eating for budget-friendly options and a more immersive experience.

Health

• Plan ahead for immunizations and call early to schedule an appointment.
• Please not the difference between health insurance and travel insurance; Yale recommends having both for your travels.
• For country immunization requirements consult the ISOS Member Center.
• Visit the Travel Clinic website at Yale Health.

Note: If you take medication or have allergies, ensure you have the proper access to medication in the host country and that your medication is legal in the country of travel. Plan for associated costs.

Year-Long Projects versus Summer Projects

• Consider fluctuations in flight prices depending on the season or holiday
• Housing may be cheaper if acquired at certain points of the year than others
• Research what foods are available seasonally in the place you will be. Some foods may be cheaper or more expensive depending on the time of year
• Make sure that your insurance plan will cover you for the entirety of the time you will be abroad

Note: Some housing agreements may require a deposit that is a larger sum of your housing costs at the beginning of the experience. Read your housing agreement carefully and be sure to budget accordingly.

Other Things to Consider

• Prepare a budget for a modest lifestyle—neither lavish nor unsafe.
• Keep the local currency and exchange rates in mind. Oanda currency converter may be a helpful resource.
• Be aware that some credit and debit cards (ATM Cards) have international transaction fees that may require you to pay the credit card company or bank a certain percentage for using the card or withdrawing money abroad. Consider banks or credit cards with no international transaction or withdrawal fees or open a bank account in the country of travel
• Forbes.com, Numbeo.com, and Expatistan.com all have cost of living calculators that may be helpful for estimating costs of housing, transportation, and food. 
• You should not plan for extensive hotel stays, frequenting restaurants, etc., but you should plan to stay in a secure location and to eat more than dry toast.
• While fellowships will cover some supplies required by your project, most awards will not cover the purchase of equipment (e.g., cameras and accessories, laptops) that will become the student’s personal property.
• If you are going abroad, Yale offers emergency evacuation assistance through International SOS (ISOS), but you are responsible for your health care and prescription drug coverage.
• Fellowships are not intended to cover lost wages from summer employment.
• If you are concerned about the loss of summer earnings needed for term-time expenses, you may seek advice at the Office of Student Financial Services even if you are not currently on financial aid.
•  All fellowship applicants must report pending or received funding from other sources for the same or a similar project. If multiple awards are received, an equitable arrangement will be made among the funding agents.

Point: Fellowship funding may support low/unpaid internships; however, to be eligible for Yale funding, your total compensation amount cannot exceed $250 per week (USD).