How to Save Money as a Student: Money Saving Tips

Written by: Christina Pichler, 10.09.2026

During your studies, time to earn money is often limited, and many jobs are only modestly paid. Temporary jobs can help, but the budget remains tight. Being “short on cash” is just part of student life.

That’s why it pays off to follow some smart ideas and easy-to-implement tips that will help you to save money as a student. It gives you financial independence and allows you to save up for bigger investments or important future endeavours. Remember to take time for moments of enjoyment. After all, it’s important to prioritise spending on what truly matters to you. With our numerous tips, we’ll show you how you can save in everyday life without having to make big sacrifices.

Table of Contents:

How to Save Money as a Student in Everyday Life

Saving money in everyday life is often easier than it seems at first glance, especially as a student. This phase of life offers many opportunities to cut costs without constantly having to make sacrifices. Whether it’s rent, groceries, or leisure activities, a few simple tricks can help you cut costs while still making the most of your student life.

Affordable Housing

Housing costs are often one of the biggest financial burdens for students. However, there are ways to reduce these expenses significantly:

  • Shared apartments: Living in a shared flat allows you to split rent and utility costs with roommates, considerably reducing your monthly expenses.
  • Student dormitories: STUWO student dorms are an excellent option. Their all-inclusive rents cover utilities such as electricity, heating, water, operating costs, and internet. Dormitories often include furnished rooms and extras like

Save on Electricity, Water and Heating Costs

There are many ways to reduce your electricity and gas bills and save water at home. Even small changes in your habits can make a difference:

  • Save energy: Use LED bulbs, switch off devices completely and use eco programmes.
  • Save water: Take shorter showers, use water-saving showerheads and only heat as much water as you need in the kettle.
  • Cook efficiently: Use lids when cooking and only preheat the oven when necessary.
  • Heat efficiently: Air your home by opening the windows fully, keep radiators clear and only heat rooms you use.
  • Make the most of the heat: Bleed radiators when necessary and keep doors to less frequently used rooms closed. Carpets can also help retain heat.

It is also worth comparing electricity and gas providers regularly. Platforms such as durchblicker.at can help you find cheaper tariffs. You can find more electricity-saving tips here.

Make smart choices - it’s good for your finances and great for our environment! ©Adobe Stock
Make smart choices - it’s good for your finances and great for our environment! ©Adobe Stock

Stay Mobile on a Budget

Transport can be expensive, but there are numerous budget-friendly options that help you saving money as a student:

  • Discounted public transport tickets: Many transit operators offer cheaper tickets for students under 26, which are often supported by grants from the cities or municipalities.
  • Climate ticket: If you frequently travel between federal states, the Climate Ticket might be the perfect option for you. It allows unlimited use of public transport across all of Austria.
  • Bicycle instead of car: Especially in cities, bicycles save money, avoid traffic, and keep you fit.
  • Car sharing: Instead of getting your own car, use car-sharing services like Free2move.
  • Carpooling: Use carpooling to reach your destination affordably and conveniently. Whether through university acquaintances or platforms like Blablacar, you can often travel at very low costs while also making new connections. This way, you not only save money but also travel in a more environmentally friendly way.

Avoid or Reclaim High Rental Costs

Rent is often the biggest financial burden for students. However, there are several types of support and strategies to reduce your housing expenses or even receive refunds.

  • Apply for Housing Assistance: Depending on the federal state, you may be eligible for housing assistance under certain conditions. Find out more about the regulations in your federal state.
  • Use Rental Rights Advice: Use platforms such as Mietheld or Miete Runter to check whether your rent is too high. If you have a valid claim, you may be able to get overpaid rent refunded.
  • Sublet your Accommodation: If you are away for a longer period, for example during an internship or semester break, subletting can help reduce costs. Make sure to check whether your rental agreement allows subletting beforehand.
University libraries also have a truly unique vibe! ©Adobe Stock

Minimise Study Material Expenses

Study materials can be expensive, but with a few money saving tips for students, you don’t have to sacrifice what’s important.

Second-hand over New

You often only need textbooks and notes for one or two semesters, so why buy them new? Check out platforms like the ÖH book exchange of your university for affordable study materials. Many students also use university groups or online forums to resell their materials at low prices.

Another option: ask your classmates if they can lend or sell you their materials at a lower price.

Take Advantage of Libraries

City and university libraries are real treasure troves for students. As a student, you can borrow books for free and access academic journals as well as digital resources.

Free Digital Alternatives

Many online databases offer free access to study materials, including:

  • Zeno.org: Access to a wide range of classical texts and works.
  • OpenStax: Free textbooks across various disciplines.
  • ResearchGate: A platform where researchers share their work, perfect for finding academic articles and studies.
University libraries also have a truly unique vibe! ©Adobe Stock

Make the Most of Student Discounts and Perks

Luckily, there are plenty of discounts and student benefits that let you save money without giving up on the things you love. From tech to culture, here’s how to make the most of your student status:

Tech and Software Discounts

Students enjoy exclusive deals from major tech companies:

  • Apple: Discounts on laptops, tablets, and accessories for students.
  • Microsoft: Free or heavily discounted Office packages through Microsoft Education.
  • Adobe: Creative minds can access tools like Photoshop and Premiere at special student rates with the Creative Cloud subscription.

Sport and Exercise

You don’t need to spend a fortune to stay active as a student! Many universities and fitness providers offer special student rates. Ideal for staying fit even on a tight budget.

  • USI Courses: Universities often provide affordable sports courses – whether you’re into Pilates, climbing, or even archery, there’s something for everyone.
  • Gyms and Swimming pools: Many offer special student rates – always worth asking!

Online Shopping and Deals

  • ISIC: A Platforms that offer exclusive discounts on brand-name products, clothing, and electronics.

Important: Keep an eye on age limits!
In Austria, many student discounts are only available to those under 27 and require a valid student ID. Make sure to check the conditions beforehand to see which benefits you can take advantage of.

Save on Food and Leisure Activities

Amid the occasional university stress, don’t forget to fully enjoy your student life. Here are some tips to stay well-fed and make the most of your free time, even on a tight budget.

  • Shop smart: Take advantage of farmers’ markets, discounts and store brands. Make use of leftovers and plan your meals.
  • Free activities: Visit free open-air cinemas, music events and museums with free admission. Cooking or game nights with friends are also affordable alternatives.
  • Shop affordably: Look for inexpensive clothing and other items at flea markets, second-hand stores (e.g. Humana) or on Vinted. You can find an overview of the best flea markets in Vienna here.

Affordable restaurants:

  • Check out university cafeterias, which usually offer different affordable meals every day.
  • The “pay what you can” concept at Vienna’s Deewan is especially popular with students!
You won’t believe the treasures you can often find in secondhand shops – give it a try! ©Adobe Stock
You won’t believe the treasures you can often find in secondhand shops – give it a try! ©Adobe Stock

Financial Support for Students: Grants & Benefits

There are many opportunities provided by universities and the state:

  • Study Grants: Austrian students can apply for study grants. The amount you’re eligible for depends on your income and your parents’ financial situation. Even if you’re unsure about your eligibility, it’s worth submitting an application!
  • Scholarships: In addition to study grants, there are numerous scholarships that can make your academic journey easier. Websites like stipendium.at can help you find the right scholarship for your needs – be it a merit-based scholarship, mobility scholarship, or graduation scholarship.
  • Social Fund of the ÖH: If you face financial difficulties, the Austrian Students’ Union (ÖH) offers support through its Social Fund. These one-off payments can help cover unexpected costs, such as rent hikes, medical bills, or other financial challenges during your studies.

For more details on all the funding options available to you, check here.

Getting Money Back Through Your Tax Return

Did you know that as a student with a part-time job, you can get money back through a tax return? The Employee Tax Assessment (ANV) allows you to recover part of the taxes you’ve paid, or even receive what is called the Negative Tax.

If you work alongside your studies, you can claim various expenses on your taxes, such as:

  • Study Costs: Fees, textbooks, and scripts.
  • Work Equipment: Computers, accessories, and more.
  • Travel Costs: To your workplace or university.

In 2026, the first income tax bracket applies a 0% tax rate to income up to €13,539. If you are entitled to the commuter tax credit, you can also get back 55% of your social security contributions in 2026 – up to a maximum of €496 per year. If you are entitled to a commuter allowance , the maximum amount increases to €805 in 2026.

For more detailed information, check out our blog post on tax tips!

Budget Planning for Students

As a student, the key to saving money is proper budget planning. One common method is to divide your income into three categories:

  • 50% for fixed costs: Rent, heating, electricity, mobile phone contract.
  • 30% for leisure: Dining out, cinema, hobbies.
  • 20% for savings: Reserve funds for emergencies or large purchases.

Additionally, you should keep a household book or use apps to track all your expenses. This helps you stay on top of where your money is going. Good apps like Splitwise or Tricount automatically show you where your money is spent and where you can cut back.

Choosing the Right Student Bank Account

For managing your finances, you’ll need a bank account. Many banks offer free solutions for students, including online banking, account management, and a debit card. For instance, Raiffeisenbank offers a free accident insurance policy for students up to the age of 24.

Other banks, like ERSTE, offer a free credit card until your 27th birthday. Check out a comparison of various providers to find the best fit for you here!

Another tip: Many banks offer referral bonuses, so talk to your fellow students if you’re considering switching banks.

Smart Saving: Make the Most of Your Student Life

Saving during your studies doesn’t mean sacrificing things, but rather making conscious decisions. With a solid budget plan, you can avoid unnecessary last-minute expenses and save in the long run. At the same time, you should also invest in your student life: Whether it’s for travel, cultural events, or further education.

A long-term mindset is key: Every small amount you save is part of a bigger picture. Use simple savings tips like compare prices, take advantage of student discounts, and live energy-efficiently.

Saving can be fun: whether it’s for the next big trip, a special goal, or simply more financial freedom in everyday life.

FAQs: Frequently asked Questions About Saving Money as a Student

Create a budget, compare prices and make use of student discounts and affordable alternatives. You can also save money on housing, transport, food and leisure by choosing cost-effective options.

Many student discounts require you to have a valid student ID or proof of enrolment. Depending on the provider, discounts are available for areas such as technology, software, culture, leisure and shopping. Some offers have age limits.

The 50/30/20 rule divides your income into 50% for fixed costs, 30% for leisure and 20% for savings or financial reserves.

A student bank account with free account management is usually best. When comparing accounts, look at fees, included cards, additional benefits and the age limit. In Austria, several banks currently offer free student accounts, but conditions vary.

Questions?

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