Introduction
Studying in Germany as an international student is an exciting opportunity, but managing finances becomes a key part of the journey. The question of how much one can save while studying depends on several factors like income from part-time jobs, living expenses, and lifestyle choices. This post breaks down the various costs and earnings for international students in Germany to give a clear picture of potential savings.
Income from Part-Time Jobs
Most international students in Germany work part-time to manage their living expenses. Typically, students find jobs in restaurants, retail stores, or even as working students in companies. The average earnings from part-time jobs for students are around €1,200 per month. This figure is a general estimate and can vary depending on the type of job, the number of working hours, and the city where one is studying. The minimum wage in Germany as of now is €12 per hour, which means a student working 20 hours a week (the legal limit for non-EU students) can expect to earn close to this amount.
Blocked Account Income
Before arriving in Germany, most international students are required to open a blocked account to prove they have sufficient funds to cover their expenses for at least one year. This blocked account typically has around €11,000, which is released to the student in monthly installments (around €934 per month). This amount is intended to cover living costs, and many students try to minimize using this money for day-to-day expenses to save it for future use.
Understanding Expenses in Germany
The amount you can save depends heavily on how you manage your expenses. Let's break down the common expenses for students in Germany.
1. Rent and Accommodation
Rent is usually the largest monthly expense for students in Germany. There are two main types of accommodation: university dorms and private apartments.
University Dorms: These are often the most affordable option, with rents ranging from €300 to €350 per month. Dorms are all-inclusive, meaning students don’t have to worry about separate bills for utilities like electricity or internet. However, the waiting lists for university dorms are often long, and many students end up seeking private accommodation.
Private Apartments: Renting a private apartment can be more expensive. In smaller cities or shared flats, the rent might be around €500 per month, but in larger cities, it can go even higher. Additionally, private renters must often pay for utilities separately, which can include electricity, water, heating, and internet.
To provide a balanced estimate, the average rent for a student, whether in a dorm or private apartment, is around €500 per month.
2. Groceries and Food
Groceries are the next significant expense, but how much you spend largely depends on your food preferences and whether you cook at home or eat out. On average, a student in Germany can expect to spend around €200 per month on groceries. This cost can be reduced further if you share groceries with roommates or bring essential items like rice, lentils, or other long-lasting food items from home. Cooking at home is far more economical than eating out.
3. Transport Costs
Public transport is another important cost for students. Fortunately, students in Germany benefit from subsidized public transport, including access to Germany's regional and national rail networks. The Deutschland Ticket, which allows unlimited travel on local and regional trains across the country, costs around €30 for students. Additionally, there may be occasional expenses for taxis or airport transfers, adding another €20 to the monthly transport budget.
4. Gym and Leisure Activities
While some students may not include gym memberships in their monthly budget, for others, fitness is a priority. Many gyms offer student discounts, with memberships starting as low as €20 per month.
Additionally, students often socialize, go out with friends, or explore various leisure activities like visiting museums, cinemas, or cultural events. Depending on how often one engages in these activities, the monthly cost can range from €50 to €100.
5. Internet and Mobile Phone
If you live in a private apartment, internet costs are another necessary expense. Internet packages can cost anywhere between €40 to €50 per month. For mobile phone bills, students can opt for prepaid SIM cards or mobile contracts. Prepaid plans can start from €10 per month, while contracts, especially those bundled with smartphones, can go up to €50 per month. On average, let’s consider mobile expenses to be €20 per month.
6. Radio Tax
Every resident in Germany is required to pay a monthly radio tax, which amounts to around €18. This fee is mandatory and contributes to public broadcasting services in the country.
How Much Can You Save?
Given that the average monthly income for a student working part-time is around €1,200, and monthly expenses total about €878, a student can potentially save around €322 per month. However, these savings depend greatly on individual lifestyle choices, such as how often you go out, how much you spend on travel or entertainment, and whether you live in a more expensive city.
For instance, if you’re someone who enjoys traveling around Europe during holidays or weekends, this will naturally add to your monthly expenses. Similarly, dining out frequently or shopping for luxury items will reduce how much you can save.
Tips for Maximizing Savings
Opt for University Dorms: If possible, try to get accommodation in university dorms. These are much cheaper and include utilities, making it easier to manage your monthly expenses.
Cook at Home: Cooking at home can significantly reduce your food expenses. Additionally, buying groceries in bulk and sharing them with roommates is a smart way to cut costs.
Use Student Discounts: Germany offers a wide range of discounts for students, whether for public transport, gym memberships, or entry to museums and cultural events. Always look for student discounts before making purchases.
Avoid Luxuries: Try to limit spending on non-essential items, especially when living on a tight budget. This includes minimizing outings to restaurants or avoiding buying expensive gadgets and clothes.
Share Costs: Sharing accommodation, groceries, or even streaming subscriptions with roommates can help reduce monthly expenses.
Conclusion
In conclusion, while studying in Germany offers an excellent quality of life, managing finances as a student requires careful planning and budgeting. On average, an international student can save around €300 per month after covering all basic living expenses. The key to maximizing savings lies in making smart lifestyle choices, such as opting for university housing, cooking at home, and making use of student discounts. By doing so, students can enjoy their time in Germany while building up a small nest egg for future use or even for travel around Europe.