Ten savings tips from the Financial and Economic Affairs Committee of the University of Iceland

Fáðu þér stúdentakort

Translation : Victoria Bakshina

Get a student card

The student card provides, for example, a discount in World Class, the ice cream shop Ísbúð Huppu, Jömm, Prikið, and many more. Go to student.is to see more deals! In addition to different discounts, the student card provides you advanced access to buildings of the University of Iceland. Amazing for exam preps and also cool for night birds that learn best in the evenings. You can apply for a student card on the Ugla platform. You log in, select "My Ugla'' and then "Student Card". When the card is ready, you simply pick it up at the Student Desk in Háskólatorg.

Start partying at the Student Cellar!

Many poor students are, without a doubt, familiar with the feeling of opening your online bank in the morning after a good party, and the intense party guilt that follows. In the cellar you'll get the cheapest beer, and with the student card it's even cheaper! The last Friday of each month at the cellar is the "shit-broke Friday'', where Tuborg Green is just 500 kr. (along with more great offers!).

Apply for a diagnosis grant from the Student Fund

All students at the University of Iceland can apply for a grant if they have undergone a diagnostic procedure because of specific learning disabilities or attention-deficit disorder/hyperactivity disorder (ADHD), and got the results. We recommend you read the law of the fund well and make sure that you have all the necessary supporting documents. The Student Fund also offers more student grants, go to student.is for further information.

Show up at all the events that offer free refreshments

Many events offer free refreshments, especially to the first visitors. Keep your ears open and try to keep up with the Facebook events, e.g. art exhibitions, openings and promotional events, and don't be scared to attend early. Chances are that you won't go home thirsty and it’s not bad to get some cultural experience on the way. 

Invite yourself to a dinner at your friends’ or parents’

Invite yourself to dinner at your grandma's and grandpa's at the end of the month, or "pay a short visit" to your friends at mealtimes, so they are forced to offer you to eat with them. By paying regular visits, you will soon become their favorite grandchild, just remember to invite your friends for dinner as well after getting paid.

Find your school books online

School books can be extremely expensive, and therefore it is often painful to buy them all at once at the beginning of a semester. Your program most likely has a book exchange market on Facebook where you can find used books at a lower price, and it is not only a good bargain, but also better for the environment. It is also often possible to find free books online, on websites like libgen.is or planetebook.com.

Familiarize yourself with the subsidy rights from your union

If you are working while studying, like the majority of Icelandic students, you should familiarize yourself with your rights on your union’s website. For example, most unions offer subsidies for psychological services, fitness training, as well as education grants. The union is there to represent your interests, so you shouldn’t hesitate to contact them if you want to know what your rights are.

Bring the cans

It is a good idea to recycle the aluminium cans and get some money back. Recycle your cans diligently and do your neighbours a favor, grab some from them as well. Every bit helps.

Set limits

Sit down and map out where your salary goes. A clever idea is to set a limit in terms of consumption and savings. A variety of apps and programs are available to help you monitor your consumption, among them Meniga, where you get a perfect overview of your finances. It may be a good idea to put a portion of your monthly salary into savings and spend the rest. But don’t lose yourself in saving, you need something to live on too.

Buy secondhand or borrow

Clothing can be very expensive and sometimes extremely upsetting for the wallet. Try buying second-hand clothing, it is both cheaper and better for the environment. Take a look at shops like Extraloppan, Trendport and Wasteland, they have a huge selection. In addition, it is also a good idea to borrow some clothes from a friend if you are the same size, it costs nothing.