Financially well positioned through training and studies

 

The start of training or study is the transition into a new phase of life. This not only brings with it personal challenges, but also financial hurdles. If you start the new phase of your life well-planned and well-prepared right from the start, you can experience a great and memorable time in which the focus is not on money worries, but on exciting learning content, people and encounters as well as many wonderful experiences. Here are important tips and advice for a solid financial foundation:
Know financing options

During a dual course of study and training, the salary is often not high enough to cover all the expenses of daily life. If you no longer live rent-free with your parents during your training, your training salary will quickly reach its limits - and anyone who completes a university degree will not earn a cent during their training anyway. Parents often cover at least part of the training costs. You are required to provide maintenance during your first training and also receive child benefit for your adult child as long as it is in its first vocational training or first degree course and has not reached the age of 25. If the available funds are limited, it is particularly important to know about other financing options for training and studies, including:

    BAföG:

BAföG is state funding for students, trainees and pupils, which is based on the financial possibilities of the parents and their own income. Part of the BAföG is granted as a grant, the other part as an interest-free loan.

    BAB (vocational training allowance):

Anyone who completes initial dual training or school-based training in the field of nursing is entitled to vocational training allowance from the Federal Employment Agency under certain conditions.

    Scholarships:

A scholarship program is primarily of interest to students. Scholarships are awarded by government institutions, private foundations, companies and foreign organizations. The award can depend on achievements, need, origin or other criteria.

    Study and training loans:

Banks and (state) credit institutions offer special loans at preferential terms and flexible conditions for trainees and students. These usually only have to be repaid after completing your studies.

A notice:

Trainees and students can also apply for social benefits such as housing benefit.

Find a flexible job

During training and studies there is often little time for a part-time job. In any case, a job for students and trainees requires a lot of flexibility. Jobs in bars and restaurants are therefore primarily popular with young people in training, as they can work in the evenings and on weekends. Mini-jobs and tutoring jobs are also a good idea. In terms of pay, positions for working students and jobs at the university are particularly attractive. These positions are also good preparation for professional life for students, as they enable them to gain practical experience in their field during their studies.
Create a budget

Many students and trainees have never had to deal with the financial pressure of independent living before. It is therefore important to first get an overview of the financial scope. If you create a detailed budget, you can literally see how much money is coming in and how much money is going out - and, most importantly, what the money is being spent on. Once everything is listed, go through your expenses and see where you can save. If it turns out that a lot of money is being spent on food purchases, meal plans and meal preps can be used to ensure that purchases are more targeted and therefore cheaper.
 

Distinguish between wants and needs, set priorities

There is almost always a way to reduce everyday expenses. To do this, it is important to make clear distinctions between desire and need. The expenses for cars and gasoline arise from a need when the distance to the training center is long. However, the costs can be reduced if necessary by switching to public transport. Teaching materials and books for studies or training are also a need. You can save here by buying used textbooks or by using the library. Eating out with friends, going to the cinema or eating fast food during your lunch break all come from a desire. This is where the most savings potential lies, because these things are dispensable. However, that doesn't mean that you shouldn't occasionally fulfill one or two wishes and enjoy life.

Special discounts for students and trainees are particularly helpful when it comes to expenses that are based on wishes. Many public institutions offer reduced prices for young people.
Don't shy away from comparison

If you want to save in everyday life, you should also check your current contracts carefully. Savings can be made through targeted provider comparisons and, if necessary, switching providers. A prime example is the cell phone contract. By comparing different cell phone contracts, students and trainees can often find cheaper offers that better suit their budget, as many providers have reduced prices for young people. Furthermore, the services of these offers go beyond the cost factor and are tailored to the requirements of studies and training and are designed to be particularly flexible.

Anyone who lives in their own apartment or in a shared apartment should also regularly compare the offers from gas and electricity providers and check whether there are cheaper options for energy supply. There is also potential for savings in the area of ​​insurance by comparing offers.