How to Manage Your Money as an International Student Studying in Germany?
German colleges provide among the highest educational standards in the world among all countries, and Germany is also a secure country to live in. The fact that Germany is regarded as the second-most popular country in the world for education shouldn’t come as a surprise. We will discuss how can you manage your money in this article as an international student studying in Germany.
Take Benefits from the low tuition fees
- The generalization that the more populated a location is, the more expensive schooling appears to not apply to Germany. Many institutions in Germany do not charge tuition, however, this does not imply that all services are provided at no cost. Some colleges began charging tuition in 2017, mostly for students who wished to complete their bachelor’s degree in Germany.
- In certain instances, universities just charge a minor fee every semester to cover administrative, student union, and other expenditures rather than the actual tuition fees. This is about equivalent to $300.
- One of the reasons for this is that the majority of universities in Germany get government funding, and just like any other government institution, they offer top-notch education at deeply discounted rates. Therefore, if you want to study in Germany and manage your expenses, you should aim for one of these public institutions.
Search for loans and scholarships
The German government provides a variety of scholarships to international students, including merit-based, partial, and state-specific awards. All of these scholarships are funded by both the government and non-governmental groups.
Here are a few scholarships you might want to check out:
Private student loans have a low-interest rate whereas public loans have no interest at all. Explore the partnerships that exist between banks and universities since they may offer you even better offers.
To manage your finances, keep an estimate of your cost of living
- The cost of living in Germany will be considerably lower, but the tuition price will still be rather high. Your cost of living is influenced by where you reside as well as any other costs you might have. A foreign student typically spends 850 euros per month, however, this amount might vary between larger cities like Munich and smaller ones like Leipzig.
- The average cost of food and drink, unplanned emergencies, recreational costs, and any other unforeseen costs that a person may have are all included in the cost of living.
- In order to cover the average monthly living expense of 850 euros, it is now required that international students in Germany have a minimum of 10,236 euros in their bank accounts. In order to keep your expenditures within this range, be sure to budget carefully and plan ahead.
Take a look at your accommodation and the cost of food
- In Germany, rent might cost anything between 290 to 590 euros per month. In Germany, the location of the institutions has an impact on the rent as well. The rentals are often on the higher side of the average in places like Hamburg and Munich.
- International students typically take up residence in a student house or rent an apartment. Renting an apartment is too expensive, and you also have to provide the landlord with a deposit. However, living with other students may be quite cost-effective and beneficial for managing your money.
- In Germany, a two-person supper typically costs roughly 45 euros. Since eating out is expensive and you are an international student, you must learn to cook if you want to save money. In a leased flat in Germany, electricity costs around 215 euros per month.
Use public transportation
- Your university public bus fare will be covered by the semester contribution payment, as was previously specified. The ideal mode of transportation is a bicycle, especially during rush hour in congested cities. Always use public transportation as it is the least expensive choice.
- On the neighborhood’s public transportation, a one-way ticket costs 2 euros. If you often use the same route, you can get a monthly ticket for, on average, 70 euros. The usual cab fare in Germany is 3.50 euros. If you’re considering renting a vehicle, you should be aware that petrol prices might range from 1.25 to 1.49 euros.
Look for Part-Time Work
- The majority of the 60% of overseas students in Germany work part-time to pay for everyday expenses as well as their education. International students may work 120 days a year, according to the existing law. You must get approval from the local employment agency and the foreigners’ registration office in order to work longer than the specified term. However, you are allowed to work full-time over the typical academic holidays.
- Working in the subject of study is advantageous for overseas students since it helps them earn course credits in addition to helping them pay their living expenses. But keep in mind that you must pay taxes if your income exceeds EUR 450.
Get health insurance
Public health insurance should be available to all foreign students under 30 who are studying in Germany. The German student health insurance system is relatively reasonable and covers a variety of situations, including inpatient hospital treatment, outpatient care, fundamental dental care, and routine physicals.
In order to pursue your degree in Germany, you won’t need a lot of money, but you need to manage your expenses. There may be times when you have to use your savings or plan last-minute trips due to emergencies. So, our suggestion to all overseas students is to develop good money management skills. If at all feasible, try to save money before coming to Germany. This will allow you to get by for a while before you start working part-time jobs there.