Money Management for Studies in Germany

Money Management for Studies in Germany

Money management and saving money are important topics for all students. Yet, many don't know how to master them or don't even bother to think about the topic. We've done the work for you and present you with the best money management tips and tricks!

Track income vs. expenses

Saving money starts with spending. Therefore, you should track your expenses carefully to get a precise overview of where most of your money is going and where there's potential for savings. You can easily do this tracking with a money-tracking app. Or you can simply use pen and paper to meticulously jot down everything. At the end of the month, you'll have an overview of where your money has gone.

Check current subscriptions

Monthly subscriptions to streaming services, magazines, or even gyms are particularly expensive. Individually, these are usually relatively affordable, but add up to a significant expense. Therefore, consider whether you really need the individual subscription or whether you haven't used it (sensibly) in a while and could save the money. Haven't been to the gym in ages? Then consider bringing your workouts home and investing in a one-time purchase of dumbbells, a fitness mat, or running shoes. Is your Netflix subscription getting more and more expensive? Maybe some friends have a subscription you can share.

Avoid spontaneous purchases

Bist du auch schon mal Opfer von Impulskäufen geworden? Genau das sind die Käufe, die man meist im Nachhinein bereut. Dagegen hilft eine Wunschliste, die du dir z.B. als Notiz im Handy speichern kannst. Willst du etwas haben, schreib es auf die Liste. Wenn du nach einem Monat immer noch daran denkst und dein Objekt der Begierde für sinnvoll erachtest, dann kauf es. Nützlich sind außerdem Einkaufslisten. So vermeidest du im Supermarkt Spontankäufe. Durchstöbere außerdem vor dem Besuch des Supermarktes Prospekte nach Angeboten, bei denen du zuschlägst.

Second Hand shopping

Have you ever fallen victim to impulse purchases? These are the very purchases you usually regret later. A wish list can help with this. You can save it as a note on your phone, for example. If you want something, write it on the list. If you're still thinking about it a month later and think your desired item is worth it, then buy it. Shopping lists are also useful. This way, you can avoid impulse purchases in the supermarket. Also, before you visit the supermarket, browse flyers for special offers that you might want to take advantage of.

Savings account and ETFs

A savings account, ideally linked to your own account, that saves a certain amount each month is very helpful for keeping your money under control. Investing in ETFs is also worthwhile for those who aren't stock market experts. ETFs are funds; your investment is broadly diversified and not invested in individual companies or sectors. This significantly reduces the risk of your investment.

 

Want to supplement your savings with a monthly income? Here are some handy ways to do so:

Writing Copy

There are many online providers who are always looking for copywriters. The advantage is that you have relatively flexible scheduling and can decide for yourself how many texts you want to write. Another plus: you get to learn new topics and broaden your horizons. Make sure you research the different providers and their fees, as these can vary greatly.

Participate in Surveys

Many online sites offer a selection of vouchers as compensation for participating in surveys. Carefully consider whether the effort is worth it. Generally speaking, a voucher is a good way to save money.

Use Studydrive

Support your fellow students and earn easy-peasy money – without double the work! On our student platform Studydrive, you can upload summaries or solutions, publish lecture notes, past exams, study notes, and flashcards. Since you already have the materials, there's virtually no effort on your part. Another plus: we reward you with attractive rewards like vouchers or a sound box.

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