Living in Spain: 5 tips for managing your monthly expenses

Living in Spain for a university student is not easy, as they are faced with a wide variety of monthly expenses. However, a person who plans and budgets their monthly expenses can make ends meet without any problems. For this reason, here are 5 tips to help you manage your monthly expenses and not die trying.

Average cost of living in Spain

The average cost of living in Spain varies from one city to another. For example, the cost of living in big cities is higher than in more distant cities or areas. It is therefore advisable to consider whether it is worth living closer or further away from the centre depending on where you are going to study.

It is estimated that the average monthly cost is around €800. However, to reduce these costs, you can establish fixed and compulsory expenses such as transport, studies and accommodation. Reduce variable expenses such as food, establish a market list with only the basics and avoid incidental expenses.

Accommodation

Student accommodation is one of the most expensive aspects of student life. The first thing to do, therefore, is to look for a good quality residence with acceptable amenities, close to the campus. If you opt for accommodation further away from campus, but cheaper, bear in mind that what you won’t spend extra on rent, you will have to spend on transport.

University studies

It is also vitally important that you set aside the monthly or semester tuition fees to avoid running out of money during the month. In this case, it is advisable to organise your monthly budget and set aside the university fees.

It is also advisable to set aside this fee and move it to an alternative account to avoid spending it. The advantage of this is that it is fixed, i.e. it will not fluctuate over the semesters, unless the faculty makes a public announcement to that effect, but this is not a common occurrence.

In this section you should also include a special section for incidental expenses, such as the purchase of a book or guide, copying costs or similar.

Define your budget: fixed and variable expenses

As explained above, the best way to organise your finances is with a budget. This should include fixed expenses, such as transport, food, residence and school fees. Variable expenses, such as clothing and leisure activities, should also be included.

However, if you want to save money, it is best to consider what leisure activities you want to invest in and only spend on what is absolutely necessary. In addition, you really need to stick to your monthly budget and avoid spending on incidental expenses.

Discounts and grants

There are a variety of discounts that can help you expand your budget. For example, you can choose to use student discount coupons or product discounts at the supermarket or online shops to help you stretch your budget and have money to allocate to other expenses.

There are also a number of financial aid or scholarships available annually for students with financial problems. These can help you earn extra income to add to your budget. If you are interested, just keep an eye out for the next call for applications on the websites of the scholarship or bursary you wish to apply for.

Some of these scholarships are derived from the university itself, while others are awarded by foundations or by the Ministry of Education itself.

As you will notice, there are a variety of techniques you can follow to save and have healthy finances to last you the whole month. However, you should keep in mind that it is up to you to stick to your budget and look for other ways to save or earn additional income.