For students, every euro is welcome. In most cases, students have to get by with a student loan or their BAföG . Unfortunately, neither option makes you rich. Students already have enough debts that they have to pay every month. That's why we've put together five savings tips to help students in financial difficulties make ends meet.
Savings tip 1: Manage finances
Whether you're a business student or not, every person should learn how to manage their finances. Unfortunately, you don't learn this essential quality in school, so you have to acquire it yourself. The easiest way to manage your finances is with spreadsheets in Excel, Numbers, Open Office, or another program. There are templates for a budget and financial plan for Excel on the Microsoft website . In principle, you can also create a financial plan yourself. It is important to record all income and expenses. This also includes future expenses for rent, new clothes, parties, books and much more. What's left at the bottom line is the monthly budget that the student has to work with.
Savings tip 2: The part-time job
Pecunia non olet, in English: Money doesn't stink. This Latin idiom will have flashed through every student's head at some point during their studies when they decided to take on an unusual part-time job. As a student you are often forced to work on a 400 euro basis. It is not uncommon for the part-time tasks to be anything but pleasant or do not correspond to your dream ideas of a perfect job. The poor pay makes the situation even more difficult. However, during your studies you have to survive this phase. There are enough jobs on a 400 euro basis. It is important to find one where the work is acceptable, somewhat fun, and not too stressful. The typical student job can be found in a supermarket, in retail as a temporary worker or in the evening as a waiter in a restaurant or bar.
A new trend is part-time jobs that you can do from home. For hard-working students who are fluent in the German language and like to structure words into wonderful sentences, creating texts is an interesting additional income opportunity. Other tasks require you to transcribe audio files or correct texts. Such part-time jobs can be found on portals such as machdudas.de and Co.
In addition to working, there are other ways to improve your household budget online. If gambling isn't your cup of tea, you can claim a no deposit bonus on this website . This is called a no deposit bonus and secures you cash without having wagered a penny.
Savings tip 3: Bank accounts and loans for students
Many people open their first account as a student. Anyone who hasn't done this will need one as a student at the latest. As a student, you can usually get a checking account free of charge. This is sufficient for practically all everyday applications. The account includes an EC card with which you can make cashless purchases in many stores. Some accounts also have a credit card: This is helpful for making purchases in foreign online shops. But the credit card can also encourage you to spend money uncontrollably that you don't even own. However, the credit card is practical for financial emergencies.
If there is not enough money to study and live and you have no opportunity to borrow money from a friend or family, then students cannot avoid taking out loans. Although banks generally want to protect themselves from people who are unable to pay, the other side also wants the same thing. Consumers do not want to take out a loan from an untrustworthy bank. So that consumers can protect themselves against these companies, the German Society for the Certification of Management Systems (DQS) issues a fairness certificate for trustworthy banks . This certificate can help students choose the right bank for the desired loan.
Savings tip 4: The right health insurance
Students with a job are generally not insured through their parents' family insurance, unless it is a part-time job on a €450 basis. In all other cases, you will need your own health insurance. The amount of insurance depends on your own earnings. It may make sense to use private health insurance while studying. According to Section 8 SGB V, the change is possible within the first three months of your studies. In some cases, private health insurance is cheaper than the statutory alternative and offers a better range of services. After completing their studies, students must decide whether they want to continue to have private health insurance or switch to statutory health insurance.
Savings tip 5: Save on food
For students, discount stores are the most popular source for shopping for groceries. In principle, there is nothing wrong with shopping at discount stores, but you should limit yourself to things like flour, sugar and spices, i.e. foods where there are no major differences in quality. If you save on these edibles, you can spend more money on supermarket treats that are higher quality and healthier. The right relationship between discounters and supermarkets saves money in the long term without sacrificing your costs and your health.
With these tips you can save money while studying!
