Keep your finances
under Control

There are various options for financial support for students. For many, the first port of call is probably their parents. It’s best to sit down together and think about it before you start your studies. The first thing you should do is draw up a list of your monthly expenses — what costs will you incur and where could you perhaps save money? But even if your parents don’t have the financial means to support you, there are other options you should consider.

Working alongside your studies

A part-time job can help you to supplement your budget. You can earn up to 520 euros a month. But beware: If you consistently exceed this limit, you must take out your own student health insurance and will therefore no longer be insured through your parents.

Working students can earn more. You can work up to 20 hours per week during the semester and up to 40 hours per week during the semester break.

BAföG — help from the state

You have probably already heard of BAföG, the Federal Training Assistance Act. If you are entitled to this support, you will receive a fixed amount of money each month. This works in a similar way to a loan. However, you only have to pay back part of it after your studies. You can apply for BAföG at the Office for Education Funding. Your Student Services can tell you exactly how this works. They can also provide you with all the information about the requirements and whether you are eligible for funding at all. There are a few things to consider, such as the type of university you attend or your parents’ income.

Tip

See if you can find a part-time job that fits in with the subject you're studying. This will allow you to gain experience right away that can be useful even after your studies. You can find current job offers at the Federal Employment Agency.

Support from scholarships

If you thought a scholarship was only for people with an outstanding academic record, think again. For example there are also some foundations in Saxony that take social background or social commitment into account. It’s definitely worth finding out about your chances. The “Begabungslotse” (talent guide) offers you an initial overview. Scholarships can provide more than just financial support. In some cases, there is also non-financial support such as advice from experts in your field of study.

Student loans

You can apply for a student loan from your bank, for example. But beware: It’s important to find out more about this option and weigh up the pros and cons. Ultimately, this is a loan with high interest rates that you will have to pay back in full after your studies.

Good financial planning

Once you have found the right way to finance your studies, it is best to keep an eye on your monthly expenses and record them in a budget book. This may sound old-fashioned at first, but it can help you to keep track. You should also make a note of any irregular expenses you will incur during the year — this might be for the semester fee, a summer festival, or textbooks. This will give you a rough idea of what you need per month and what your budget is.

Savings tips

Take advantage of student discounts on mobile phone contracts, visits to museums or swimming pools, etc.
Save on the broadcast license fee with BAföG grants
Switch to a current account with a student tariff
Use uni sport facilities instead of a gym
Use carpooling for long distances
Compare cheap internet and electricity rates
Use energy-saving mode for electrical appliances and avoid standby mode
When shopping, look for the lower shelves where products are usually cheaper