Tips to Manage Your Finances as an International Student Studying in Germany

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Apr 17, 2023 07:15 AM

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Tips to Manage your Finances

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Shailendra

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Pavitthira

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Tips to Manage your Finances, International Student, Studying in Germany

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Jun 7, 2024

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Pavitthira - Remarks

Germany, a European country with over 300 recognized universities and around 17,00 study programs, is the most preferred place by international students when it comes to technical education in specific. As an international student studying in Germany, managing your finances effectively is crucial to making the most of your experience abroad. With the cost of living, tuition fees, and other expenses, it's easy to feel overwhelmed. However, with some smart planning and practical tips to manage your finances, you can ensure financial stability and peace of mind. This guide will provide you with essential strategies to budget wisely, take advantage of student discounts, and find part-time work opportunities, helping you to thrive both academically and socially during your time in Germany.

1. Create a Well-Planned Budget

The first step in managing your finances is to create a detailed budget. A comprehensive budget helps you understand your financial situation and plan accordingly. This budget should include all your potential expenses and sources of income.

By tracking your income and expenses, you can identify areas where you can cut costs and save money. Use apps like Mint or YNAB (You Need A Budget) to help you stay on track. Consider categorizing your spending into fixed and variable costs. Fixed costs include rent, health insurance, and transportation, while variable costs cover groceries, entertainment, and dining out. Regularly review and adjust your budget as needed to accommodate unexpected expenses or changes in income.

2. Look for Scholarships and Grants

Germany offers a variety of scholarships and grants to international students. Applying for these can significantly ease your financial burden. Here are some key options:

DAAD Scholarships

The German Academic Exchange Service (DAAD) provides numerous scholarships for international students. These scholarships cover various levels of study and disciplines. The application process is competitive, so it’s essential to start early and ensure you meet all the eligibility criteria. Visit the DAAD website for detailed information on eligibility and application procedures. DAAD scholarships often include monthly stipends, travel allowances, and health insurance coverage.

Deutschlandstipendium

The Deutschlandstipendium is another valuable scholarship that provides €300 per month to talented students. This scholarship is awarded based on merit and is available to both German and international students. It aims to support high-achieving students and foster academic excellence. More information can be found on the Deutschlandstipendium website. In addition to financial support, recipients often benefit from networking opportunities with sponsors and other scholars.

Erasmus+

The Erasmus+ scholarship is funded by the European Union and is awarded to students studying in Germany. This program covers travel costs, living expenses, and provides a monthly stipend. Erasmus+ is designed to promote student mobility and cultural exchange within Europe. Check the Erasmus+ website for more details. Participation in the Erasmus+ program can also enhance your academic and professional profile by providing international experience and exposure.

3. Search for Part-time Jobs or Internships

Part-time jobs are a great way to supplement your income while studying. German student visas typically allow you to work up to 140 full days or 280 half days per year.

On-Campus Jobs

Many universities offer on-campus jobs for students, such as research assistants, library staff, or administrative roles. These jobs are convenient as they are located within the campus and often have flexible hours. On-campus jobs can also provide valuable experience related to your field of study. Contact your university’s career services or check the campus job boards for available positions.

Table 1: List of on-campus part time jobs for students

Jobs	Remuneration
Research Assistant	€10 and €15 per hour
Library Assistant	€10 to €12 per hour.
Tutor	€15 to €25 per hour
Campus Tour Guide	€10 and €12 per hour
Administrative IT Support Assistant	€20 and €30 per hour (depending upon level of expertise)

Off-Campus Jobs

You can also find part-time work off-campus in various sectors, such as in retail, hospitality, and Call Centre. Websites like Indeed Germany and StudentJob can help you find suitable positions. Off-campus jobs often pay more than on-campus ones but may require more time and effort to commute. It’s important to balance your work hours with your academic commitments to avoid burnout.

Table 2: List of off-campus part time jobs for students

Jobs	Remuneration
Retail and Hospitality	€9 to €12 per hour
Goods Delivery Services	€10 to €12 per hour
Language Teaching (English or French)	€15 to €25 per hour
Call Centre Representative	€10 to €14 per hour.
Warehouse Worker	€10 to €13 per hour

Internships

Internships not only provide financial benefits but also offer valuable work experience. Many German companies offer paid internships to students. These opportunities can be found through university career centers or job portals like LinkedIn and StepStone. Internships can enhance your resume and improve your chances of securing a job after graduation. While the tuition fee will be significantly reduced, the cost of living in Germany is decently high otherwise.

4. Utilize Student Discounts

Being a student in Germany comes with numerous perks, including discounts on transportation, cultural events, and more.

Public Transportation

Most universities offer semester tickets that provide unlimited travel on public transportation within a certain area. This can save you a significant amount of money compared to buying individual tickets. The cost of the semester ticket is usually included in your semester fees, making it a convenient and affordable option. Make sure to always carry your student ID and semester ticket when using public transportation.

Museums and Theaters

Many cultural institutions, such as museums, theaters, and cinemas, offer reduced admission prices for students. Always carry your student ID and inquire about student discounts wherever you go. Additionally, some cities offer cultural passes that grant students free or discounted access to various cultural events and venues. Take advantage of these opportunities to explore Germany’s rich cultural heritage without breaking the bank.

Shopping and Dining

Look for student discounts at local shops, restaurants, and cafes. Some businesses offer special deals for students, which can help you save on everyday expenses. Apps like Unidays and websites like Student Beans list various student discounts available in your area. Additionally, many grocery stores and restaurants offer loyalty programs that can provide further savings.

5. Save on Housing

Housing is one of the biggest expenses for students. Here are some tips to save on accommodation:

University Dormitories

University dormitories are often the most affordable housing option. They are conveniently located and provide a community atmosphere. Contact your university’s housing office for availability and application procedures. Dormitories usually come furnished and include utilities, which can save you money on additional expenses. However, they may have limited availability, so apply early to secure a spot.

Shared Apartments (Wohngemeinschaft or WG)

Sharing an apartment with other students is a popular and cost-effective housing option. Websites like WG-Gesucht can help you find shared apartments. Living in a WG not only reduces your rent but also allows you to share utility costs and household responsibilities. It’s also a great way to meet new people and immerse yourself in the local culture.

Private Rentals

If you prefer living alone, consider renting a studio or one-bedroom apartment. Although more expensive, you can save by living further from the city center and using public transportation. Look for apartments with inclusive rent, which covers utilities like electricity, heating, and internet. Websites like ImmobilienScout24 and ImmoWelt can help you find rental listings.

6. Make Sure to Get Health Insurance

Health insurance is mandatory for all students in Germany. There are two types of health insurance: public and private.

Public Health Insurance

Most students opt for public health insurance, which costs around €80-€100 per month. This insurance covers most medical services and is widely accepted. Public health insurance providers, such as AOK, TK, and Barmer, offer comprehensive coverage, including doctor visits, hospital stays, and prescription medications. Students under the age of 30 and enrolled in a degree program are usually eligible for public health insurance at reduced rates.

Private Health Insurance

Private health insurance may be cheaper but often has more limitations. It’s important to compare different plans and choose the one that best fits your needs. Websites like Check24 can help you compare insurance options. Private health insurance is typically suitable for students who are over 30, enrolled in language courses, or on preparatory programs. Make sure to carefully read the terms and conditions to understand the coverage and exclusions.

Conclusion

Managing your finances as an international student in Germany may seem challenging, but with careful planning and the right strategies, you can stay on top of your finances. Create a detailed budget, explore scholarships and part-time job opportunities, utilize student discounts, and save on housing and health insurance. By taking these steps, you can focus on your studies and enjoy your time in Germany without financial worries. Remember, financial management is a skill that will benefit you throughout your life, and developing good habits now will set you up for future success.

FAQs

Is studying in Germany expensive for international students?

Compared to other countries, studying in Germany is relatively affordable for international students. Many universities do not charge tuition fees, and there are numerous scholarship opportunities available.

What is the cost of living for international students in Germany?

The cost of living in Germany can vary depending on the location and lifestyle of the student. On average, international students spend around 850 euros per month on expenses such as rent, food, and transportation.

Can international students work while studying in Germany?

International students in Germany are allowed to work part-time for up to 140 days per year without requiring additional permission. It is recommended to work in a field related to their studies to gain experience and earn extra income.

What kind of scholarships are available for international students in Germany?

International students in Germany are eligible for a variety of scholarships, including merit-based scholarships, partial scholarships, and state-specific scholarships. Some examples of scholarships include the Deutschlandstipendium, DAAD Scholarships, and the Heinrich Boll Foundation Scholarships.

Do international students need health insurance while studying in Germany?

All international students under the age of 30 studying in Germany are required to have public health insurance. The student health insurance system in Germany is affordable and covers a wide range of medical scenarios.

Tips to Manage your Finances as an International Student Studying in Germany