Are you a student? Here are 7 smart saving tips for a better student economy
Consumer economist Derya Incedursun at NITO's banking partner Nordea gives you tips on how to improve your student finances.
A new semester means new student loan payments and new opportunities, but most students live on a limited economy. Anyone who has been a student knows that student support alone is often not enough to cover fixed expenses such as rent, electricity, telephone and food.
The new situation with an increased cost of living has understandably created further concern about the economic challenges.
Therefore, the saving tips in this article can be of great help if you notice your wallet is in a pinch.
A lot to save with NITO's member benefits
- Free eBooks and audiobooks
- Discount at Evo fitness center
- Discount at Fjellsport
- Discount at Sumo
- Tryg Medical care included
Derya's 7 tips for a better student economy:
1. Create a budget
Setting up a budget doesn't have to be difficult, and is essential if you want to get an overview of your finances. Start by writing down all the fixed expenses you have each month.
Derya's 7 tips for a better student economy:
1. Create a budget
Setting up a budget doesn't have to be difficult, and is essential if you want to get an overview of your finances. Start by writing down all the fixed expenses you have each month.
Typical items are:
- Mobile phone
- Power
- Internet and TV
- Streaming services
- Training bonnement
- Insurance
- Monthly pass
Check if there can be money to be saved on these items. For example, you may not really need all the streaming services you might have today. Also, use student discounts actively. For example, as a student, you have good discounts on training and the monthly pass.
If you are a NITO student, you can take advantage of smart membership benefits such as better prices and terms on banks and insurances. Don't miss the opportunity to make student life a little better financially.
Read more about the membership benefits here
Then check your variable expenses. These are expenses that fluctuate more from month to month. Food is a potentially large expense here, so it pays to know how you can save money on this item.
Some quick saving tips on food:
- Plan your food shopping. Shop for one week at a time. Don't go to the store on an empty stomach, and feel free to go shopping when you have peace and time.
- Take care of leftovers, and have a conscious relationship of using instead of throwing away what is left over.
- Go through the kitchen cabinets, refrigerator and freezer. Check how many dishes you can make from what you already have. Freeze food well before it goes bad. Substitute basic items such as rice, pasta, canned tomatoes and so on before you run out.
- Skip soda and energy drinks. Instead, drink water. There is a lot to save here. It is also healthier.
- Ready meals are both expensive and unhealthy. Avoid this. It is often designed to save you time, but usually costs much more. Buy fruit in bulk rather than pre-packaged.
- Decide on a sum you can spend on food and drinks and stick to your budget.
- "Best before" does not mean bad after. Take a separate check if the food has expired or if it has kept up. Smell food and taste before throwing away. Use apps for offers, such as Too Good To Go and Food Offers.
Avoid small purchases of coffee, snacks and impulse purchases - it quickly becomes expensive over time. For many, there are relatively simple steps that can have a good effect. And there are also steps that don't mean you have to give up eating healthy and varied.
2. You can request a payment deferral
Talk to your landlord if you have problems with your rent. Request a deferral of all or part of the rent. You can also propose a reduced rent price.
If you are unable to pay your bills on time, you should contact the creditors as early as possible. Explain the situation and ask for a payment deferral.
3. Live smart and share expenses
Most people save a lot by living in a shared apartment rather than alone. Then you can also share expenses for electricity, internet and subscriptions, and buy food together to reduce food waste and get a lower cost per meal. Feel free to change district or housing if you find cheaper alternatives.
4. Buy second-hand and sell what you don't need
Check sites like Tise.no and Finn.no to see if there might be money to save on something you need, or visit the local thrift stores. Also, go through your own drawers and cabinets. Maybe you have something you don't need anymore? Put this up for sale on the same marketplaces. The income may be greater than you think. By buying and selling second-hand, you also strike a blow for the environment.
Examples of things you can buy second-hand:
- Clothing
- TV
- Furniture
- Bicycle, car, scooter
- Sports equipment
- Jewelry
- Books (e.g. syllabus books)
- Tools
Many people give away free things online as well. Keep an eye on various marketplaces by subscribing to searches where possible. You can also ask your family and friends if they have things they don't use that you can get or borrow.
5. Earn a little extra – without losing the scholarship
Part-time work provides both experience and income. Remember the exemption card limit (NOK 100,000 in 2026), so that you do not receive unnecessary tax. Small jobs for private individuals or volunteers provide the opportunity to earn a few thousand tax-free. Also apply for relevant grants and endowments – there is money for everything from equipment to projects, and it is often tax-free.
If you have an ability or special knowledge others want to learn? Then you can give private lessons for a fee. PS! If you do it online, then you save time and costs.
Examples of things you can teach:
- Music - teach others to play guitar, piano and so on
- Mathematics
- Languages
- Design
- Software Programs
6. Save smart and check your insurance policies
Set savings goals – for example, buffer, holiday or housing. Feel free to save in BSU, funds or in a high-interest account. We touched on this a bit earlier, but emphasize again how much money there can be to save by reviewing the insurances. Maybe it turns out that you are double insured and maybe you can drop the home contents insurance.
If you have not changed your registered address, the belongings you bring with you to the student dormitory may be covered by your parents' home contents insurance, as long as you are a student and have a registered address with your parents. Check with your parents and check the terms and conditions.
As a NITO member, you often get extra good prices and terms on insurance and banking.
7. Seek support
The last tip on the list is to apply for grants. Millions of kroner are distributed every year, and you as a student may have the opportunity to apply for support for things you do not necessarily think about, such as:
- Art, Comics
- Music and dance
- Events (concerts, exhibitions, and so on)
In the Endowment Handbook and on UNIFOR, you will find a good overview of which endowments you can apply for.
Bonus Tip: Use Your Member Benefits
NITO students have excellent membership benefits such as free courses and cheaper insurance. Are you on an engineering and technology education, but are not a member of NITO?
All you have to do is click here to apply for membership.
Student life should be fun and educational – and it is entirely possible to maintain financial control at the same time!
Small, smart steps in everyday life can have a big effect on your finances – both now and later.
With a little planning, good habits, and using your membership benefits, you can get more out of every penny.
Feel free to share the tips with friends and help each other make good choices. Together, you can build a secure financial base and free up money for what you really want.
Happy study start and good luck with your finances!