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10 Savings Tips for Students

25. June 2021, INFO, TIPS

Money is the big issue for many students. After all, you have to finance your studies somehow. In addition, you want to treat yourself to something now and then without having a guilty conscience or having to turn over every penny. Worrying about finances during your studies affect many young people and can become a big burden. But with these money-saving tips, you can pad your coffers and really celebrate life as a student.

1. Keep your fixed costs as low as possible.

The word fixed costs should be a familiar one to you, and not just if you are studying business or economics. That is because your ongoing monthly costs are the basis of your bill. Housing costs are usually the largest item. If you are still looking for a suitable place to live during your studies, take a look at our modern apartments for students.

Other common fixed costs include water, electricity, and heating. But do not forget your cell phone contract, internet, television and streaming subscriptions! All in all, it adds up to quite a bit, and comparing different offers can really pay off in the end. Use comparison portals and find out about the different providers. Many of them have special offers for students.

2. Save costs in everyday life

If you pay attention, you will quickly notice that you can always save money here and there. This already starts in the household: For example, do not leave all devices running in standby mode. The use of LED lamps also saves a lot of electricity. And the savings continue in the kitchen: Contrary to popular belief, you do not have to spend minutes heating up the oven for many dishes. Remove unneeded trays and use the convection function. Instead of leaving the heating on all the time, turn it on only when needed. Also, avoid food waste: Pay attention to the expiration date, but always taste for yourself according to the motto: look, smell, taste. Often food has a longer shelf life than declared. In addition, leftover meals can be wonderfully frozen.

Apps like Too Good To Go help you find good and cheap food from restaurants and stores near you and keep it out of the trash can. Take advantage of money-saving deals at the supermarket, but only if they really make sense. And another big expense for many students: coffee to go. If you regularly get your coffee-to-go from the barista you trust, you are spending a ton of money. However, if you prepare your own coffee and only treat yourself to your favorite coffee occasionally, it will be easier on your wallet and also save a lot of waste. Here you can find more tips to avoid plastic.

3. Buy and share things together

Game consoles, kitchen appliances or other household helpers: these items are often only needed sporadically, but they involve investments. After all, a coffee maker, drill, and smoothie maker cost quite a bit of money. Instead of buying them all on your own, ask the others in your shared apartment or dorm if you can split the cost. Shared items also save valuable resources and room space. So, everyone gets something out of it! #sharingiscaring

4. Use second hand and buy used items

It does not always have to be new – this goes for clothing, furniture, and other everyday items. Even materials and books for university can be bought second hand and are as good as new. So why spend a lot of money when you can find inexpensive alternatives around every corner? And in the reverse case, you can also turn what you no longer need into money. Go on a discovery tour. You will find second-hand stores everywhere, and there are already plenty of portals on the Internet for buying and selling from private individuals. Other important tips for saving money: Repairing instead of throwing away and especially electronic items ie the smartphone maximum use until they no longer work, also contributes to environmental thinking, and lets your piggy bank laugh.

5. Don't miss out on student discounts

With your student card, you automatically have access to a variety of discounts and freebies. You should not miss out on these! With streaming services and other providers on the Internet, you can often sign up for free trial subscriptions or benefit from savings offers. No matter whether you are buying a new laptop or setting up a checking account: Check before each purchase to take advantage of student discounts. In addition to local student discounts at restaurants, bars, or stores, even movie theaters, hair salons and event organizers often have special rates for students. If you want to save even more, you should check out the International Student Identity Card offer, which even provides you with especially good rates abroad. After all, the small annual fee quickly pays for itself with all the student discounts.

6. Save on travel costs as a student

No matter how you slice it: Transportation costs money, even if your semester ticket for public transportation and the many money-saving offers for train travel will ease the burden on your wallet. If you have a bicycle, you can do many things by bike. This is especially environmentally friendly and gives you the opportunity to exercise in the fresh air. Plus, you can team up with other students if you are planning an outing. Carpooling is also an interesting option for trips home. After all, visiting parents is a regular occurrence for many students.

7. Keep a budget book

In addition to the fixed costs for housing and everyday life, there are of course other expenses for food, going out and leisure activities. But how much is left over for the latter depends on the balance of your bank account. If you do not know exactly how much you need to live on each month, get yourself a budget book or collect your expenses conscientiously in an Excel list. A budget book, whether digital or a small notebook, helps you keep track of your expenses and plan realistically for the future. If you are always short of money, you should create as much transparency as possible regarding your finances.

8. Find the right part-time job during your studies

You have now received a lot of ideas from us on how you can save money. But on the other hand, something must flow into your bank account. The best way to finance your student life is with a student job. That sounds like work, and it definitely is. But a part-time job also has advantages: You gain practical work experience during your studies, get to know yourself better in the working world and get an insight in the various aspects of career opportunities. Waiting tables is not your cup of tea? Don’t worry, there are many possibilities. Here you will find plenty of inspiration on the best student jobs for you.

9. Apply for financial aid and grants during your studies.

Before you start studying, you should find out about the possibilities for government support. There is a wide range of financial aid available for students, which will provide you with security in terms of your finances. In this regard, you should be fully. If you are additionally employed or earn too much money through self-employment, it is possible that your financial means will be cut off. So, pay attention to the limits that apply to you. In our article Study Financing in Austria, you will find everything you need to know at a glance.

10. Take care of your student tax return

At the latest when you start your studies, you can no longer escape this dry topic. But look on the bright side: by filing your tax return, you may receive larger sums as a refund of overpaid taxes and social security contributions. Collect receipts for the following expenses throughout the year:

– expenses for your studies such as tuition fees, books, scripts

– electronic equipment such as a new laptop for university and necessary accessories

– travel expenses

Need more tax tips? Then check out our article Student Tax Return.

Conclusion: Keep an eye on your finances

Taking care of your finances yourself is an important step and goes hand in hand with responsibility for your life choices. After all, who wants to sit on their parents’ pockets forever? Take the first step and implement the tips above. Perhaps you will soon realize that saving doesn’t necessarily have to mean doing without but can even be fun in the end. So what are you waiting for?



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