Consumer economics: Elin Reitan reveals her best tips.
Elin Reitan’s tips to a better student economy
Elin Reitan is a consumer economist and works in the bank Nordea. She gives you her best tips for a better student economy.
- Create your own budget. Not very sexy, but I recommend it. Check your online account and see what you spend money on.
- Live outside the city. There is a lot of money to save by living outside the city. Many are frightened by this, but at least take a trip to other neighbourhoods and check out the life there.
- Get a job. Get a part-time job, but don’t work so much that your studies suffer. Do not exceed the Lånekassen (Norwegian State Education Loan Fund) limit to how much you can earn before your stipend is reduced. The limit is NOK 162,000 in 2015.
- Tax-free small jobs. You can earn up to NOK 6000 for each employer per year, as long as the job is carried out within the home.
- Take up full student loan. This pays even if you don’t need the money. The loan is interest free while you study and you can earn a little on having money in the bank.
- Bring your own lunch. Small amounts spent at the canteen, buying coffee and snacks add up to large sums. Fill the thermos with coffee and fill your own water bottle.
- Plan your grocery shopping. Save several thousand a month by planning grocery shopping, and do it once a week. Remember price difference between brands and retail chains' own brands.
- Search for grants and scholarships. Funds from legates and foundations are a very good addition to a scrawny student economy. Few people apply for these grants. Check out Legathåndboken and UNIFOR to check which you can apply to.
- Buy used / get stuff for free. Search the web. On finn.no there are several that give away free furniture.
- Deductions for commuters. Summer jobs can be registered as commuting on your tax return. During one summer, you can save over NOK 8 000 tax in costly deductions.
