Nibud helps students get a grip on their finances with a new tool

Work more, borrow extra or start saving? With a new tool from Nibud, students can map out their expenses and income. But covering all the costs isn’t easy.

How much do you spend on textbooks? And what do you pay for your phone bill? How much goes to clothes? Do you want to set aside a little each month to cover unexpected expenses?

Students can now use the online tool WatKostStuderen to gain more insight. The tool was created by the independent information institute Nibud for students in vocational, professional and academic education.

To help them make estimates, Nibud shares what others typically spend. For example, students pay 217 euros a month in tuition fees and spend an average of 53 euros on books. Those living away from home spend around 500 euros a month on rent.

Covering the costs

Roughly 70 percent of students have a part-time job. According to the tool, they earn an average of 560 euros per month – far from enough to cover all their expenses. Parents often chip in, for instance by paying for textbooks or sending a monthly amount – on average 240 euros.

Many students are also entitled to healthcare allowance, and some to housing allowance – though the latter only applies to self-contained housing, not room rentals. The basic grant is also counted as income: 126 euros for those living at home and 314 euros for those living away. Some may also qualify for a supplementary grant.

Shortfall

At the end, students receive a full overview of their income and expenses. Anyone entering only average figures ends up with a monthly shortfall of around 400 euros (excluding supplementary grant or housing allowance). That means borrowing from DUO, asking parents for help – or taking on more work.