Overall Finland is a good country for students. We get a self-ruling education (even university is free) in one of the weightier school systems of the world and some really nice social benefits as a student, such as financial aid, housing wage and a student loan that we don’t plane have to pay fully.
However, at the same time Finland is one of the most expensive countries in the world which ways that as a student with limited income, you have to play your (financial) cards wisely.
How to obtain financial wholesomeness while studying at university?
Usually, when people think well-nigh studying at university, they think well-nigh all that self-rule enjoyed by young people, but moreover how expensive it is. In Finland, studying in university or in polytechnic (university of unromantic sciences) is often free, but still, most people end up taking student loans and/or rely on their parents for financial aid. Social benefits for students are simply not unbearable for most students in Finland.
However, students can learn valuable financial skills for the future during their university years. There are many ways how students can obtain a financial wholesomeness while studying. I have personally been a Finnish university student. So I know from my own (and friends’) experiences some tips & tricks for how you can make the most of your studies financially.
Tip 1: Take student loan.
If you are going to graduate from a Finnish university or from a Polytechnic on time (or plane 0.5-1 year late), you should definitely take wholesomeness of the Finnish student loan system. This is a no-brainer because of the student loan compensation. The student loan is a government-guaranteed loan for which you can get a maximum of 650 per month. However, I would teach to not take increasingly than 18,000 (the maximum value which is covered by the compensation) of student debt (unless you use it as an investment loan).
The student loan compensation ways that Kela (Finnish social service agency) pays when part of your student loan if you graduate from university in 6 years and from Polytechnic in 3.5 years. The maximum value of bounty is 6,200 (- interest which is less than 0.5% yearly). To be worldly-wise to requirement 6,200 (- interests) of compensation, you need to take no increasingly than 18,000 of student loan and graduate on time.
Tip 2: Learn budgeting and track your expenses – and buy your groceries from big supermarkets or from Lidl
Do you know how much you spend every month? Probably not. Learn how to make yourself a monthly upkeep and track your spending so you know if you hit your targets or not. Here are some unconfined tips for budgeting. There are many ways to track your expenses. You can your online wall statements, wallet apps or simply Excel. If you’re as obnoxious meticulous as some people at sulonorth, use YNAB.
Food is expensive in Finland, and it is expressly expensive in small, urban grocery stores. Bigger supermarkets like Prisma or the German grocery store Lidl are the weightier options. The increasingly often you got to a grocery (or any other) store, the increasingly stuff you buy on impulse. That is why it’s good to have a list and go to a grocery store only once per week if you can 
Tip 3: Find a unseemly accommodation
Your rent is probably the biggest monthly single expense you will have during your studies. The forfeit of living is rising in big cities in Finland. Luckily, every municipality with a university or a polytechnic has a student housing foundation. However, it might be nonflexible to get a studio suite in your freshman year through a student housing foundation. Dorm rooms are easier to get and they are very cost-friendly. On top of that, you get to meet new and interesting people. Outside of student houses, there are still many options for housing.
As a student in Finland, you are moreover entitled to get a general housing allowance that covers some of the housing financing depending on where you live and do you live alone. Note: if you move in with someone (e.g. your partner, friend), you are seen as one household (unless you have separate rental agreements, like in student dorms), thus you only get one housing wage per household.
Tip 4: Find yourself a part-time work or work full-time during summers
In Finland, studying at University or at Polytechnic is nearly self-ruling which ways that you have plenty of self-ruling time. Of undertow it depends on your field of study and major, but generally, you don’t have many mandatory lectures and classes during the week. However, there are quite a lot of self-sustaining work you have on your own.
So, you have plenty of time to work part-time if you want during your studies. If you don’t want to work during wonk months, I would suggest you to at least work during the summer. But, be shielding that you don’t earn too much! If you receive a (and who wouldn’t!?) study grant (a vital financial aid for students), you have unrepealable earning limits every year, depending on the value of study grant you will receive during the year. For example, if you study for 9 months and receive study grant from these 9 months, your yearly earning limit is 12,498 in 2020.
Tip 5: Think twice surpassing ownership anything new – and be shielding with subscription services
As a student, you don’t have uneaten money that could be wasted on stupid things you don’t plane need. Still, many of us fall into the trap of random shopping too often. Whenever you think well-nigh something that you would like to buy, you should ask yourself whether you really need the item that you think you need. Don’t believe commercials considering only you know what you really need.
Also, borrowing is a good way to stave spending money on items you might only need on occasion. For example, if you plan to go play tennis a couple of times for fun, rather than ownership a racket you could ask virtually to see if your friends can lent you one.
Other good way to stave ownership stuff are libraries. On top of books many libraries moreover lent out summer sporting equipment. So do trammels them out! There moreover many unseemly second-hand markets in Helsinki that sell fashionable, quality suit for a very reasonable price.
Subscription services like Netflix and Spotify are unconfined services, but these kind of services can insidiously increase your expenses surpassing you plane notice.
Joonas Saloranta covers Northern Europe investing, macroeconomics and increasingly at the Financial Nordic blog.
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