Our Money-Saving Tips for Students

As a student, it’s not uncommon to be short on cash and have to watch every penny. Want to save money while you’re in school without cutting back too much? We’ve put together some practical money-saving tips for student life. You’ll see: even with just a few small changes, you’ll have more money left over for the things that really matter in life.

Budgeting for Students

Before we dive into our money-saving tips, here’s a quick primer on budgeting. As a student, you may be responsible for your own finances for the first time in your life. To stay on top of things, we recommend keeping a budget book. That might sound old-fashioned, but there are now smart apps available for this purpose. Basically, the idea is to record all your income and expenses from the past month and categorize them—for example, by subscriptions, groceries, clothing, etc. This way, you’ll see where your money goes each month, how much is left over, and where there’s potential to save.

How to reduce your fixed costs

One of the biggest ways to save money while in college is by managing your fixed costs. These are monthly expenses for rent, electricity, insurance, subscriptions, etc. All added up, they really add up. To help you avoid wasting money unnecessarily, we have a few useful tips for you:

Banks and Insurance Companies

Many banks offer students free account management and attractive discounts. You can also often get significantly lower rates on insurance.

ORF Household License Fee

Since January 2024, the new ORF household license fee has been in effect in Austria, replacing the previous GIS fee. Unfortunately, this means that a general exemption from the ORF household fee for students is no longer possible. However, there is one important exception: anyone living in a student residence, such as the Home4students residences, is automatically exempt from the ORF household fee. For many students, a spot in a residence hall can therefore mean not only affordable housing but also savings on ongoing living expenses.

Subscriptions

Whether it’s music and video streaming, newspaper subscriptions, or Amazon Prime—many providers offer particularly affordable rates for students. You can also save a lot of money with trial subscriptions or free trials. Also, make sure you’re not paying for subscriptions you don’t actually use.

Internet and Cell Phone Service

Looking for a good plan with plenty of data and fast speeds? Here, too, your student status works to your advantage. You can get special student plans for very little money. You can find the right offer for you on one of the many comparison websites.

Tip: When switching to another provider, you can keep your phone number for free.

Electricity and Heating Costs

Are you paying too much for electricity and heating? Comparison websites can help you here, too. You can save even more by unplugging unused energy-guzzling appliances or turning up the heat only when necessary.

Rent

If you no longer live with your parents, rent probably makes up the largest portion of your fixed costs. This brings us to what is arguably the best money-saving tip for students: If you opt for a room in a shared apartment or a student dorm, you can save quite a bit of money. Still looking for an affordable student dorm in Vienna, Klagenfurt, Innsbruck, Graz, or Salzburg? At Home4Students, you’ll find the perfect place to stay right near universities, universities of applied sciences, and other higher education institutions.

Tip: Heating, electricity, and utility costs are already included in the price. Free Wi-Fi is included as well. You don’t have to lug furniture around either—our rooms come fully furnished.

How to Save Money in Your Daily Life

Now that we’ve covered the big picture, it’s time to fine-tune your strategy. We’ve also got some great money-saving tips for your everyday life:

Whether it’s electronics, furniture, or clothing—you can find many items at lower prices on platforms like “Willhaben” or “Vinted.” For new purchases, you can use price comparison sites like “Geizhals” or “Idealo.”

If you want to save on groceries, discount stores offer significantly more value for your money. You can also use apps like “Too Good To Go” to get surplus food at a discounted price.

Top tip: To save even more, it’s a good idea to regularly look for student discounts. Whether it’s a museum, movie theater, or bouldering gym: If you have your student ID with you, you can often take advantage of attractive discounts.

We hope we’ve given you a few ideas on how to save money while in college. But don’t be too hard on yourself! There’s nothing wrong with treating yourself every now and then.

We’ve put together more useful tips for you on our blog: