Mastering Budgeting as a Master’s Student in Sweden

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As an international student pursuing a master’s degree in Sweden, I was well aware of the high cost of living in the country. I knew that I needed to be smart about my finances to make the most of my time here without falling into debt. However, I also wanted to enjoy my time in Sweden and make the most of the opportunities available. In this blog post, I will share experiences that helped me save money without compromising on the quality of my life.

Before arriving, I asked my friends studying in Sweden for advice on how much they typically spent on expenses per month. Using their feedback, I set a budget of 5000 kr per month, with 3200 kr allocated for rent and 1800 kr for food and other expenses. Additionally, I set aside 1000 kr as buffer money for any emergency expenses.

Upon my arrival, I took it upon myself to become a master of grocery store espionage to identify supermarkets where I could purchase groceries for a lower price. After some searching, I found out that vegetables were less expensive at Orienta, a supermarket located closer to my student accommodation, while other groceries were available at affordable prices at Willys. I also made sure to keep an eye out for discounts to maximize my savings on essential items.

Willys poster on their website. Products with yellow price tag are on discount only for limited period. source : Willys

I categorized my expenses into fixed and variable. Mandatory expenses such as rent, bank account maintenance charges, and mobile top-ups were allocated a fixed amount, while the remaining expenses were variable based on consumption. To maximize my savings, I kept an eye on the Mecenat app(It is a mobile application in Sweden that provides verified students with discounts and deals on various products and services.) for student discounts, which led me to switch to a new sim card from Hallon, providing me with 8GB data for only 49kr/month, saving me 45kr compared to my previous plan. I also signed up for a Willys membership to receive occasional discounts on food products and made sure to take advantage of these deals by stocking up on items when they were on offer.

I made sure to stay on track with my budget without completely sacrificing my social life. Allocating 200-250 kr per month for outings with friends was my way of balancing my expenses. I also took advantage of the free events organized by Student Dalarna and Tunabyggen to have fun without worrying about spending too much. I must say, some of my fondest memories of my time in Sweden were from attending these events. Not only did they offer a chance to socialize and connect with new people, but also to discover and experience the local culture and city. And the best part was, I could enjoy it all without having to worry about exceeding my budget.

	Planned Monthly Budget (in Kr)	Actual Monthly Budget (in Kr)
Rent	3200	3174
Mobile Recharge	100	50
Groceries	1500	1500
Entertainment	200	250
Bank Charges		40
Total	5000	5014

The budget that I planned before coming to Sweden and the actual money that I spent monthly

I found it helpful to keep a record of my expenses by manually writing them down in a diary. While some prefer tracking expenses through mobile applications, I found that physically recording each expense helped me better monitor my spending and know how much money I had left for the month. At the end of each month, I reviewed my expenses and analyzed any unnecessary purchases like food products that I didn’t use to avoid them in the future.

During my first 6 months, I managed to maintain my expenses within the 5000kr budget and aim to continue doing so. Despite the occasional temptation to overspend, I stayed committed to my budgeting plan, and the peace of mind it provided was invaluable. As a result of careful planning and budgeting, I could enjoy my time as a master’s student in Sweden without the added stress of financial concerns. I realized that with a little discipline and commitment, it is possible to live within one’s means and still have a fulfilling experience as a student.

For more budgeting and finance tips as a student, check out these two helpful posts from Student Blogs DU. One offers insights on budgeting for studying in Sweden, while the other gives tips on living within a student budget and prolonging savings. Check them out for useful information and advice!