Strategies for a penny-pinching student life: 11 Frugal Finance Tips
In Austria, students can adopt a variety of effective strategies to save money and live frugally during their studies. Here are some practical tips to help students manage their finances better.
**1. Affordable Accommodation**
Finding the right student accommodation is crucial. Sign a clear rental contract that includes all additional living costs like internet, electricity, and heating to avoid unexpected expenses. Look for student accommodation through trusted platforms that offer price comparisons and secure contracts. Monthly rent can range between €400 and €1300 depending on the city and type of housing, so plan finances accordingly.
**2. Discounted Food Options**
Shop at discount supermarkets widely available in Austria to save on groceries. Eating at university Mensas (student cafeterias) offers meals at significantly reduced prices compared to regular restaurants. Cooking at home rather than eating out can reduce food costs substantially.
**3. Student Discounts and Cards**
Always carry your student ID to access discounts on transportation, museums, cinemas, theaters, and other cultural events. Consider city tourist cards like the Salzburg Card if visiting multiple sights and using public transport—these reduce combined costs and save time.
**4. Public Transportation**
Use monthly transport passes available at discounted rates for students (~€48/month) instead of paying per trip. Walking or biking where possible also cuts costs and promotes health.
**5. Smart Traveling**
When traveling or visiting other cities, book flights or trains early to get better prices. Staying longer in one place reduces accommodation and travel costs—renting monthly is cheaper than short stays.
**6. Budget Living Habits**
Cook your own meals, consider occasional camping or couchsurfing for very low-cost accommodation during travel, and look for last-minute or student-priced tickets for cultural events and shows.
**7. Financial Planning**
Make a financial plan estimating monthly expenses for rent, food, study materials, and leisure to avoid overspending. Divide your income into three categories: 50% for fixed costs, 30% for leisure, and 20% for savings.
In addition, students can take advantage of free accident insurance policies offered by Raiffeisenbank until the age of 27 and a free credit card until their 27th birthday from ERSTE. Scholarships are available for students, found on websites like stipendium.at, and networking events, career fairs, and workshops can help students meet potential employers.
Austrian students can apply for study grants based on income and parents' financial situation, and health insurance coverage is available through parents until the age of 27 at no cost. For students who need additional financial assistance, the Austrian Students' Union (ÖH) offers support through its Social Fund.
Second-hand shops like Humana offer budget-friendly and sustainable clothing, and platforms like Vinted are great for buying or selling pre-loved clothing, accessories, or party outfits. Saving can be fun—whether it's for the next big trip, a special goal, or simply more financial freedom in everyday life.
[1] https://www.studyinaustria.at/costs-scholarships/living-costs [2] https://www.studyinaustria.at/costs-scholarships/travel-costs [3] https://www.wien.info/en/articles/city-tourist-cards [4] https://www.studyinaustria.at/costs-scholarships/travel-costs-tips-and-tricks
- To create a balanced budget, Austrian students can explore scholarships from websites like stipendium.at or network at career fairs and workshops to find potential employers, which can supplement their income.
- For education and self-development, students can take advantage of the free accident insurance policies offered by Raiffeisenbank until the age of 27 and a free credit card until their 27th birthday from ERSTE, as well as second-hand shops like Humana for affordable and sustainable clothing.
