How Should I Do My Finances in Germany?

(As a working student)

Summary: Your highest cost item will be your rent, you’ll be (almost) breaking even with your income, your costs will be highly dependent on your city. 

This is for Munich (Germany’s most expensive city).

Income:1400

Per month: €1400

  • Let’s say your contract is €20/hour in your working student job. 
  • And you work all 20 hours per week, for four weeks. That’s about €1600 per month, and minus taxes that comes out to be around 1400. 

BTW:

In Munich, based on experience, you’ll be earning anywhere between €13/hour to €21/hour, on average. 

Costs:1100

Per month: €1100

  • Fixed costs: €820
  • Variable costs: €190
Fixed Costs: 
  • Rent (Studentenwerk Dorm): €330
  • Insurance: €135
  • Groceries:€280
  • Haircut: €20
  • Travel: €30
  • Radio Tax: €11
Variable Costs: 
  • Entertainment/Subscriptions: €40
  • Eating out: €80
  • Shopping: €70
 BTW: 
  • The rent is for a 6-WG apartment Studentenwerk apartment, and your rent might be higher. 
  • You can move items across the fixed and variable cost buckets according to your requirements.
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