Quick answer: a five-month exchange can require roughly €4,300–€8,500 before confirmed grants in the planning examples below. Calculate it as monthly living costs × months, plus deposit, travel, insurance, visa if needed and arrival purchases. Do not treat the Erasmus+ grant as a full budget or assume its payment date.
In this guide
Exchange semester cost formula
(Monthly budget × number of months) + one-off costs − confirmed funding = savings needed.
Use the same formula for Erasmus+, a bilateral exchange or a fee-paying semester. What changes is the tuition and funding line. Keep a minimum scenario and a realistic scenario; if the destination only works in the minimum version, the plan has no room for housing surprises.
| Cost | Include | Common mistake |
|---|---|---|
| Housing | Rent, utilities, internet and deposit | Comparing rooms without checking what is included |
| Daily life | Food, transport, phone, laundry and ordinary social life | Making the plan work by setting social spending to zero |
| Travel | Return journey, luggage and local airport transfer | Using a headline fare without baggage |
| Admin | Visa, residence registration, insurance and document fees | Assuming EU and non-EU routes cost the same |
| Arrival | Bedding, kitchen basics, transport card and temporary stay | Hiding these costs inside the first normal month |
Three five-month planning examples
These are Odisea planning ranges reviewed in September 2026, not guaranteed market prices. Check available rooms for your dates before choosing a city.
| Example destination | Monthly planning range | One-off planning range | Five months before grants |
|---|---|---|---|
| Budapest | €650–€950 | €800–€1,500 | €4,050–€6,250 |
| Lisbon | €750–€1,100 | €800–€1,500 | €4,550–€7,000 |
| Madrid | €900–€1,400 | €800–€1,500 | €5,300–€8,500 |
Method: monthly range × five months + one-off range. Tuition is excluded because exchange and fee-paying routes differ.
Why the first month costs more
Your cash-flow problem arrives before your average monthly budget. A landlord may request the deposit and first rent before travel, while flights, luggage and temporary accommodation are also due. Keep these payments separate from your “normal month” figure.
- Deposit: verify the amount, return conditions and payment recipient in the contract.
- Temporary stay: add a fallback if the lease starts after arrival.
- Setup: decide what the room supplies before budgeting bedding and kitchen items.
- Emergency buffer: keep money for a changed flight, urgent accommodation or medical excess.
How much does Erasmus+ cover?
There is no single Europe-wide percentage. The European Commission describes Erasmus+ funding as a contribution to travel and subsistence. The amount depends on the mobility route, sending country or National Agency, destination group and possible top-ups. Your grant agreement is the source for the amount and payment schedule.
For a safe budget, subtract only funding confirmed in writing. Keep enough liquidity for the deposit, travel and first weeks even if your institution expects an early payment.
Exchange, Erasmus+ and fee-paying costs
| Route | Host tuition | Funding assumption | Budget action |
|---|---|---|---|
| Erasmus+ study mobility | Waived at the receiving institution under programme rules | Use the signed grant amount | Calculate the remaining living-cost gap |
| Bilateral exchange | Normally waived under the agreement | Assume zero until a scholarship is confirmed | Fund the whole living-cost plan |
| Fee-paying study abroad | May be charged | Scholarship rules vary | Add the complete programme and host fee schedule |
See Erasmus vs exchange vs study abroad before comparing totals across routes.
Can part-time work close the gap?
Treat work as a possible bonus, not arrival funding. Rights vary by citizenship, residence status, visa, destination and study load. Even when work is permitted, it may take weeks to find a job. Check the official immigration rules for your exact destination before including income.
Build your own budget in six steps
- Choose two or three destinations allowed by your institution.
- Find three realistic rooms for the same dates in each city.
- Add food, transport, phone, insurance and sustainable social spending.
- Add deposit, travel, visa if relevant and arrival purchases.
- Add a 10% contingency to the realistic scenario.
- Subtract only signed grants or scholarships.
Use the Odisea cost calculator to organise the figures, then compare the monthly budget by destination. This article answers the total-semester question; the budget guide compares recurring monthly costs in more cities.
Frequently asked questions
How much should I save before a five-month exchange?
Calculate five monthly budgets plus one-off costs, then subtract confirmed funding. In the examples above, the pre-grant total ranges from about €4,050 to €8,500. Your room and deposit are the largest variables.
Is the Erasmus+ grant enough to live on?
Do not assume so. It is a contribution whose amount varies. Compare the signed total with your destination budget and keep enough cash for costs due before or near arrival.
Does an exchange include free tuition?
Erasmus+ study mobility exempts students from specified receiving-institution fees. Bilateral exchanges normally waive host tuition under their agreement. Fee-paying study-abroad programmes may charge tuition, so read the programme terms.
What is the biggest cost?
Housing usually creates the largest difference between students and cities. Compare the complete price, utilities, deposit, contract length and commute rather than the advertised rent alone.
Sources and methodology
- European Commission — Erasmus+ study mobility costs and support
- Erasmus+ Programme Guide — higher-education mobility funding framework
- Eurostat — comparative price levels
Reviewed 16 September 2026. City figures are Odisea planning ranges and should be checked against available housing for the exact dates.