In the midst of parties, hobbies and studies, poor students often lose track of their financial situation. Yet a proper budget is especially important for students, as there is not much time to earn money besides studying, so the monthly budget is tight.

 

Here are some tips on how to save money as a student.

Plan in advance

 

Find out whether you can get Bafög, preferably before you leave home.

 

Lay out an accurate cash balance for each month. How much money comes in, what are the fixed costs of living and how much is left over. Write down all income, whether pocket money from parents or student loans.

Fixed living costs are, for example, rent, electricity, telephone, books and food.

 

Stick to your plan.

 

Unfortunately, unexpected costs can always arise, so try to put a little aside each month for emergencies.

 

Saving money on food

 

Food is one of the necessary expenses you can save on. Avoid eating out in restaurants, bars or possibly even in the canteen if you can, as these expenses contribute to blowing your budget. Make your own packed lunch. Shop at discount supermarkets.

 

Despite saving, make sure you eat a diet rich in vitamins. Only buy fruit and vegetables that are currently on sale.

 

Make a shopping list before you go to the supermarket and set yourself a limit.

 

Take advantage of the student discounts

 

Whenever possible, show your student card when discounts are available. Find out where there are discounts for students and choose these establishments over others.

 

Better to pay in cash

 

It's easier to keep track of your finances if you only spend cash. Credit cards tempt you to spend more than you can afford. Even with debit cards, it's not always easy to keep track of spending.

 

Keep your EC or credit card for emergencies.

 

Keep yourself busy

 

Fill your time wisely with study or sport so that you have less opportunity to spend money.

Enrol in as many free activities as possible at uni.

 

Boredom is the number one danger factor for your budget.

 

Buy second-hand game consoles instead of new ones. When buying any equipment, consider whether it is a luxury item or a good investment.