Your first student job: money-saving hacks

In a nutshell:  

• A student job is a great way to start building up savings.  
• With just €20 a month, you can save a significant amount in one year.  
• Saving money becomes much easier if you set yourself a clear savings goal.  
• By saving money from a young age, you develop good financial habits. 

Why you should save money as a student

Starting to save at the age of 16-18 is an excellent way to get a financial head start. At that age, you usually have few fixed expenses. Your parents often take care of your accommodation and food, which makes it much easier to set aside money compared with later in life, when your financial responsibilities may be greater. 

With the money you earn from your student job, you can treat yourself from time to time to a new smartphone, festival tickets, or other leisure activities. 

At the same time, you should prioritise saving by setting aside part of your income as soon as your salary is paid. This will help you manage larger expenses more easily and cope better with the current cost of living. Saving regularly is an effective way to prepare for your future, whether that means pursuing higher education, buying a car, or moving out of your parents’ home. 

How to start saving money with a student job: some tips and tricks

1. Set yourself a clear goal

With a clear savings goal, you will find it easier to set aside money. If you like music and going to festivals or concerts, or if you dream of going on holiday next summer using your savings, setting a specific goal will motivate you even more to save regularly. Having a clear idea of what you want helps you stay committed to your savings plan and makes it easier to manage your budget. 

 2. Consistency is everything: small savings add up

Set a fixed amount. Don’t worry if it’s only a small amount. Saving just €20 a month will allow you to accumulate €240 over a year, enough to buy yourself a festival ticket, for example.  

You can also apply the 50/30/20 rule: 50% for essentials (transportation, food, school supplies), 30% for leisure, and 20% for savings. On a salary of €300 per month, you can set aside €60 in savings each month, or €720 over a year. 

3. Tip: separate accounts 

Open a separate savings account that is different from your current account. By separating the two, you can keep a clear and accurate overview of your finances. That way, you never have to worry about unpleasant surprises at the end of the month, when you realise that you’ve spent the money you had planned to save on something else.

4. Buy second-hand to save money

These days, we are constantly exposed to advertising that encourages us to buy more and more. Buying second-hand is an interesting alternative, however. You can search online for that designer jumper you’ve been wanting, on sites like Vinted or other second-hand platforms. Or perhaps you prefer to browse local flea markets to find cool, good-quality items at great prices. Large cities also have lots of second-hand shops with a wide selection of good-quality clothing. You can even drop off clothes you no longer like or wear, helping to support a circular economy that benefits everyone. 

 5. Use budgeting apps 

There are several apps you can use to easily track your spending and monitor your savings goals. Thanks to solutions like your bank’s app, you can record each purchase you make and see where your money is going. Use categories to split your savings into different ‘pots’ and track your goals better. 

 6. Set up a standing order for your savings

Automatic savings are a great way to set aside money. With a standing order (an automatic transfer), you can transfer a fixed amount from your current account to your savings account, either each week or every month. Remember to schedule this transfer on the day your salary is paid. That way, you prioritise your savings before covering your other expenses. Adjust the amount according to your income: increase it in months when you work more and reduce it, or even temporarily suspend it, during quieter periods, such as exam time. 

7. Avoid impulse buys

Spoiling yourself and buying something you really like from time to time is perfectly normal. If you give in to temptation too often, however, this may undermine your efforts to save. To avoid this, give yourself at least 48 hours before making a major purchase. This cooling-off period is often sufficient to resist the urge to buy.

8. Start saving now

Don’t put off saving until you have ‘more money’. You’ll find that there’s always a reason to delay saving. After you graduate, you will have to pay rent and may need a car of your own, for example. The best time to start is now, even if you’re only setting aside small amounts. 

Why you should start saving when you get your first student job

Starting to save when you get your first student job is not just a good financial habit. You are also investing in your future. While it may not seem like much at first, developing financial discipline at a young age will give you a valuable head start later in life. 

You may find it more difficult to set money aside in certain months. Sometimes, you may even have to reduce the amount you want to save, but it is important to keep going. Even if you are only saving a small or symbolic amount, consistency is more important than the amount you set aside. 

Want to know more about working as a student?

Frequently asked questions on how to save as a student (FAQ’s)

Why should I start saving money when I get my first student job? 

Starting to save early on is an excellent way of developing good financial habits, building up capital in the long term and managing your future expenses, even on a small income. 

What is the minimum that I should save with a student job?

€20 a month is a good start. This may not seem like much, but it adds up quickly. You can use the money to finance a personal project or build up a cash reserve. 

How do I open a student savings account?

You can open a separate savings account with your bank that is specially developed for young people. Often, the terms are more favourable. This also makes it easier to keep track of your savings.

How can I automate my savings so I don’t forget to put money aside?

Set up a standing order or automatic transfer that you schedule for the date that your salary is paid. That way, a fixed amount is transferred into your savings account on a regular basis, and you don’t have to give it a thought. 

What are the advantages of buying second-hand for students who want to save money?

Buying second-hand allows you to save a lot of money on clothing, accessories or equipment, while contributing to more sustainable and responsible consumption.  

How can I manage my budget and save?

Track all your expenses and income, use budgeting apps, and apply the 50/30/20 rule to divide your income between essentials, leisure activities and savings. 

What should I do if my student income is irregular?

Adapt the amounts you set aside in line with your monthly income: increase payments during more lucrative months and reduce them, or even temporarily suspend them, during quiet periods. 

How can I overcome impulse buys to save more?

Impulse buys can eat into your savings budget. Waiting at least 48 hours can help you assess whether you really need to buy an item. 

Which tools can I use to keep track of my savings? 

There are several apps, including the apps of BNP Paribas Fortis, that you can use to track your spending, manage your budget and visualise your savings goals in real time.