Planning a Budget for Study in Israel

Transcription

1 Planning a Budget for Study in Israel To begin the process of determining your study abroad budget, you should cross-reference this guide with Preparing to Study Abroad, Money Matters and the program costs listed on our website, The information in this guide was compiled by our IFSA-Butler resident office based on personal experience. Despite years of experience, however, we have yet to create a perfect budget. If you re honest with yourself about your expectations and lifestyle, this guide will give you a good idea of how much money you will need while abroad. Costs are in U.S. dollars unless otherwise stated. Tips for Determining Your Budget When figuring your budget, enter the minimum amounts on which you think you could manage. Estimate a second set of figures that are more generous. Include items such as restaurant meals, personal expenses, entertainment and vacation travel. You might be able to afford the more generous projection. If your resources are limited, make adjustments based on close questioning of what you really need, what would be nice to have and what you can do without. Your final budget should fall somewhere in the middle. The budget worksheet (see last page) itemizes costs you will incur in Jerusalem. It is in three parts: fixed expenses, which are expenses prepaid in the United States in U.S. dollars; variable expenses, which are mainly incurred in Sharjah and include start-up and term-time costs; and vacation expenses, which are expenses for any weekend travel you might do while studying in Sharjah and at the end of the program. We have also added a line where you should enter your personal resources, from which you will subtract your estimated expenses to determine a working budget. Exchange Rates Currency in Israel is the New Israel Shekel (NIS). The latest exchange rate is available at any bank, in most major newspapers and on the web at Fixed Expenses All students have the fixed expenses of the program fee and their transportation to and from Jerusalem. Other expenses could include the Sallie Mae TuitionPay enrollment fee, and travel and personal property insurance. Program fee: Use the Services Included in the Program Fee information in Money Matters to determine what is included in our program fee. Remember that your $500 program deposit is credited to the fee. Transportation costs: Enter the cost of travel from your home city to Jerusalem. If you choose to travel after the program, make sure you include the fare to return to the city from which your flight to the United States will depart. Sallie Mae TuitionPay (not applicable to all students): If you use the monthly payment plan through Sallie Mae TuitionPay, enter the enrollment fee, which is $55 for the year or $35 for the semester. Cost of medical, travel and personal property insurance: While in Israel, you will have medical coverage through an IFSA-Butler group medical plan, the cost of which is included in your IFSA-Butler program fee. However, we strongly recommend that you obtain additional insurance before going abroad if you have pre-existing or mental

2 health conditions, neither of which is fully covered by the IFSA-Butler group plan. See Preparing to Study Abroad for more information. You might also wish to secure personal property or travel insurance. IFSA-Butler is not responsible for your personal property. It is your responsibility to make sure you are properly insured to travel and study abroad. Passports: The fee for obtaining a U.S. passport is $165 or $140 to renew an expired one. If you already have a passport, check the expiration date to ensure that it is valid for six months past the time you will be in Israel. Information about obtaining passports is available at Visa: Instructions for obtaining your A-2 Student Visa will be sent to you once you have returned your signed IFSA- Butler program contract. Students will work with Perry International to obtain their A-2 Student Visa prior to departure. While the processing charges for Perry International are included in your program fee, students should budget US$140 for the A-2 visa and the mailing costs. Variable Expenses The costs and estimates in this section are in New Israel Shekel (NIS) unless otherwise noted. Personal items: Estimate what you will spend on clothing, a new backpack or travel items. You will want comfortable, color-coordinated clothes and shoes suitable for walking, but you should also plan on buying some items in Jerusalem. Remember, you will need to dress conservatively. See the packing section in Preparing to Study Abroad. Orientation: During your four-day orientation, housing, meals and group activities are provided. However, budget about NIS200 for entertainment. Textbooks: Students should estimate approximately US$500 for textbooks for a semester. Emergency reserve: Whether it s a credit card, a cash reserve or traveler s checks, set aside money for emergencies. You might want to consider NIS1900 (US$500). However, remember that credit cards are not as widely accepted in Jerusalem and you should have some cash reserved for an emergency. Meals: All student accommodation is self-catered, so students cook for themselves or purchase their own meals. We recommend budgeting US $100 per week for groceries. We recommend budgeting $20- $30 per week for snacks and meals on the run. Students that plan to eat out more often should budget more. An evening restaurant meal in Israel may cost $20, but you can find a cheap meal for about $5-$10. Local transportation: Egged and Dan are the largest bus companies in Israel and provide service within Jerusalem and between Jerusalem and other parts of the country. A one-way bus ticket within city limits costs US$1.65 and is valid for transfers to other bus lines and light rail for up to 90 minutes. Public transportation does not run on Saturday. Students traveling from the university to the city center should plan to go by taxi. The average student should budget US$12-$20 per week for local transportation. Personal expenses: It is estimated that students will spend US$25 weekly for items such as laundry, postage, school supplies, haircuts, etc. We recommend stocking up on certain toiletries and prescriptions before leaving the United States, if there is room in your luggage. Be sure to set aside money in case you need to visit a doctor or fill a prescription; we recommend $100. Mobile phones are available for purchase and are the cheapest, most reliable form of communication. You can purchase an open source mobile phone for as little as US$40 and then purchase prepaid airtime. Generally speaking, it s cheaper to use a U.S.-based calling card or to have someone from home call you. Texting is cheaper than phoning. See your Student Handbook for more information about telephones.

3 Entertainment: While Jerusalem boasts of numerous free events, concerts or a special evening at the theatre may cost from US$7-$25. Movies are between US$8-$15. The staff in Jerusalem will give you suggestions for entertainment that won t wreck your budget. Carry your student ID card everywhere; it provides special rates on entrance fees to museums and local transportation. You will receive additional information on this subject during orientation. Vacation Expenses We highly recommend that you invest in a good guidebook Let s Go, Lonely Planet and Rough Guide are some of the best. A guidebook can help you find good deals on travel, lodging, dining and entertainment, as well as help you create a realistic vacation budget. Travel: Check with the IFSA-Butler Israel staff for advice on the cheapest and safest ways to travel and take your student ID with you. No matter where you re going be sure to check out U.S. State Department warnings; they re available at most travel agencies and on the web at Accommodation: Your program fee includes housing from your arrival in Jerusalem to the program end date. Housing is covered during short university breaks. However, students staying past the program end date must find alternate accommodation and/or luggage storage. IFSA-Butler staff in Israel cannot store luggage due to space and liability concerns. Meals: While traveling, most of your meals will be consumed in restaurants, so you might want to estimate US$30- $40 a day, not including beverages. Remember that you will need to purchase bottled water with your meals, so budget accordingly. Personal expenses: The telephone call component of your budget will be higher during vacation periods than during term time, but other expenses should be about the same. Entertainment and recreational expenses will vary. You will obviously need less if you re backpacking and hostelling instead of staying in city hotels. It s difficult to gauge how much you ll spend on clothing and gifts, but keep in mind you must carry (or ship) all those purchases home at the end of your program.

4 Approximate Costs of Commonly Purchased Items in Jerusalem Now you re ready to begin your budget planning. The cost estimates in this guide are in shekel (NIS). Check for the exchange rate by consulting the business section of any major newspaper or on the web at Keep in mind that 1000 g = 1kg = 2.2 lbs. Grocery Items Milk 8/ L Whole chicken 30/kg Cheese slices 20/200 g Chicken burgers (frozen) 42/12 patties Eggs 20/dz Shrimp, peeled (frozen) 40/500 g Orange juice 6/L Tuna, canned 7 Apples 10/kg Bottled water 20/6-pack Oranges 6/kg Olive oil 25/750 ml Grapes 15/kg Popcorn 14/6 bags Bananas 9/kg Ice cream 25 Potatoes 6/kg Yogurt 4/150 g Beef burgers (frozen) 35/12 patties Pasta sauce 16/100 g Butter 4/100 g Pasta 8/500 g Pizza (frozen) 25 Rice 10/kg Soda 6/ L Corn Flakes 20/500 g Coffee (instant) 10/100 g Potato chips 14/200 g Tea bags 18/25 bags Sugar 5/kg Personal Items Laundry detergent 25/ kg Toilet paper 14/12 rolls Tampons 35 Shampoo 20 Hand soap 15 Toothpaste 16/100 ml Deodorant 30 Sunscreen 60 Hair dryer 300 Bath towel 25 Entertainment Cell phone Movies 35-50

5 Budget Worksheet Israel Egypt program Current exchange rate: Fixed Expenses Program fee (see your program fee sheet) U.S. domestic and round-trip transportation Housing deposit TuitionPay monthly payment plan enrollment fee* Visa *may not apply to all students Total fixed expenses U.S.$ $ 300_ A Variable Expenses P$ Passport Fee Personal items (clothing, luggage) Personal expenses $ Orientation spending money Family visit Local transportation Textbooks (see your program fee sheet) Meals Entertainment Emergency reserve fund Total variable expenses (convert to U.S.$) B Vacation expenses (Check with travel professionals and/or guidebooks) Travel costs (train, airfare, etc.) Accommodation Meals Personal expenses, including entertainment Total vacation expenses (convert to U.S.$) C Total estimated expenses (add lines A, B and C) D List personal resources available such as savings, family contribution, financial aid, summer earnings, etc. Subtract your estimated expenses and you can anticipate your study abroad budget. Total estimated resources Less total estimated expenses (line D) Your study abroad budget