Saving tips for student life
Some useful saving tips
Many students depend on BAföG benefits, a student loan, or their parents’ payments, month after month. This group of students is mostly chronically broke and always looking for ways to save money. In principle, saving money is a commendable approach. However, it can be seen very often that students save at the wrong ends and eventually end up harming themselves.
Saving Tip 1: Never renounce the necessary things
Do you eat noodles with tomato sauce every day and save € 100 a month? Great. You will eventually pay this money saved to doctors and health insurances, as the consequences of your malnutrition must be treated. There is hardly a more unwise way than to save on nutrition. A healthy and balanced diet is necessary and those who save here ruin their health in the long run. Surprisingly, many students find it amusing to eat inferiorly to save money. You are literally saying that you only consume bad food, but you should immediately stop such behaviors. Your performance will be lost, you will feel tired and generally unwell, and in the long run, your health will also be damaged.
One point that can be argued about is the car. If you do not want to give up one, you should use it as sparingly as possible, in order not to have to constantly refuel.
Savings Tip 2: Set up a financial plan
At the beginning of the month, note which issues you are planning. These include unavoidable expenses (rent and utilities) as well as probably expenditures – for example for food. Such a calculation will give you a first overview of your financial situation. Most students live “into the day” without knowing how much money you spend on average. These people notice month after month that their money is not enough. What the money was spent for is beyond their knowledge. Thus, there is no other way than to acknowledge the miserable financial situation with a shrug.
You can act differently by listing your expected and planned expenses at the beginning of the month. In addition, you should list every actual issue in a “household book”. At the end of the month, these two lists can be easily reconciled. Thus, you will notice unexpectedly high cost factors. Probably these will be points that you never blamed yourself for your misery. You buy every three days at the university a sandwich for two euros? This “small change” does not matter? In fact, such small sums add up to a hefty sum that could easily be saved.
Spartip 3: Avoid unnecessary expenses
Do you have a booze with friends twice a week in the bar? Alcohol does not only harm your health, but also your wallet. No one will require you to renounce the highly praised student life altogether. Nevertheless, it is not necessary to indulge in alcohol consumption several times a week. For students, this “tradition” is extremely popular – it starts on Thursday at the latest. Reduce your alcohol consumption to a moderate level and you will notice that your purse will be happy too. The same applies to cigarettes. Here you should completely do without. They burn a lot of money – in addition to countless carcinogenic substances that you will inhale. Several times a day. An average smoker spends at least € 40 a month on cigarettes. Apart from the fact that it will probably fill you with some pride to throw off the unpleasant vice, you should think about the financial consequences – without smoking, significantly more money remains.
Saving Tip 4: Stay away from financings
A new TV would be great and in the next electric market, the new high-end device is offered for only 15 € a month? Do everything, but do not go into such offers. In the vast majority of cases, you are required to pay a certain amount monthly for several years. You can not tell if you will actually be able to pay the installment in a year. To make matters worse, the fact that financing is usually a higher price paid than the direct purchase of the device. Apart from that, it is unnecessary to constantly buy new technology as long as the old devices work flawlessly. The new device does not bring any real benefit to you.
Savings Tip 5: Student discount
Very popular and actually useful are student discounts. Above all, cinemas and other leisure facilities can be visited much cheaper as a student. Such discounts should be used in any case. Be sure to carry your student ID in your purse so as not to miss a discount. Completely omitting the leisure activities, however, is not a good idea. Nobody wants to spend all day just studying. To keep your life worth living, you should treat yourself to recreational activities on a regular basis – thanks to the student status, this is possible for a small price.
Saving tip 6: omit overpriced offers
The coffee-to-go is a real “money-eater”. It is a conventional coffee served in a paper cup. Are you aware of this fact? If so, you should doubt your reason to pay exorbitant sums for such a product. The situation is similar with the already mentioned sandwiches. These are perfectly normal products that are offered at significantly inflated prices simply because they are easy to carry. Renounce the purchase of such products. It can usually save a considerable amount. The already mentioned “budget book” reveals these unimaginably high expenses.
Saving Tip 7: Lower mobile costs
Maybe you have a mobile phone contract – a serious mistake. Spending on texting and texting can skyrocket without you noticing. Change to a prepaid card. This is – as the name implies – paid in advance. You only have as much credit available as you charge money on the card. Thus, you yourself are master of your expenses.
Savings 8: Save money on the current account
Almost every student has their own checking account and this is necessary if you want to be financially on your own two feet. Compare the different offers. This does not necessarily mean that you are leaving your house bank and switching to an online provider. It is often sufficient to switch to the student account at the house bank. Such accounts are usually free and monthly can save a few euros account maintenance fees.