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Tuesday, March 2, 2021

Executive Education

5 Tips for students to manage finances in Paris

Beautiful young woman in Paris, reading a book

Managing finances in France is not easy. This is, especially, the case when you are living in the capital. Paris is the evergreen touristic attraction for the world for reasons beyond the iconic Eiffel Tower. The local Parisian culture is imbued with history, glamour, and pride. It has attracted people from all over the world, especially students who wish to explore more than just educational opportunities over here. But, enjoying the richness of the said culture can be really intimidating to those who come with tight budgets. Even if your budget isn’t too tight and you have the liberty to spend generously, you mustn’t overdo things.

If you are a student in Paris, I understand that financial management may be one of the toughest tasks you would have taken upon arriving here. Being one of the most expensive cities in the world, it does come with its own drawbacks. However, the good news is that one can alleviate the financial stress and live as a student comfortably in Paris. All you need to do is to take note of a few tips.

Here, you shall find 5 tips that can help you manage finances in Paris.

  1. Save money on transportation
    No matter where you live transportation takes up significant space in our budget chart—and we are talking about Paris here. There is, however, a way to cut down on your travel expenses by a pass. The pass is called carte Imagine’R which is offered to students below the age of 26. The perk of this pass is that it lets the holders undertake unlimited travel through the city on select routes and all types of transport. There are exceptions; you cannot use this pass on tourist buses, for example.
  2. Recreational facilities for free
    You are in Paris, the heart of France. There is a lot to learn about it and its history and culture, and learning about them can be quite expensive. However, there are many museums and monuments in the country that offer public access for free so long as students are below 26. While this benefit is extended to students who are residents of the European Union, you can avail of this service so long as you are studying in any French university. Your status as a student actually comes in handy so you should use it as much as you possibly can.
  3. Ask for help
    One of the major concerns of students when moving abroad is finding accommodation. Renting accommodation can make you go bankrupt so you will need assistance to handle it. In Paris, there are support services available to those who need it. There is a housing assistance system offered in France called Aide Personnalisée au Logement. The said support is extended to those who have an annual lease and come from low-income backgrounds. Also, you will have to show that your residential visa has been approved. Your documents showing your financial health will have to be submitted, particularly the details of your financial conditions in the last two years.
  4. Save money on meals
    I would like to direct your attention to two ways (though there are many more) you can cut down on your expenses on food. Firstly, if you are renting a flat, make sure you get a flatmate to split your bills with. You will be saving money not only on food but also on electricity and rent. You should contact student forums or your batchmates who can offer you leads. Secondly, you should consider eating meals at CROUS restaurants. These restaurants are specific to French universities and are extended food subsidies. This means you will be able to eat food at cheap rates. Just create your account using your student ID and you are good to go.
  5. Work part-time
    Your visa conditions will determine how much you will be able to work part-time. In France, student visa holders are permitted to work part-time for 20 hours every week. It does not matter whether you are in the first year of your degree program. There is a minimum wage law in place so you are guaranteed adequate remuneration. Some amount may be deducted from your wage as social charges, but other than that, you will have enough to sustain yourself.

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Sophie Ireland
SVP for News and Editorial Director. As CEOWORLD magazine's senior vice president for news and editorial director, Sophie Ireland oversees CEOWORLD magazine's journalism and journalists around the world and across platforms. She leads an award-winning team of journalists and newsroom executives who are committed to excellence, innovation and the highest quality reporting and storytelling. Follow her on Twitter, Facebook, Instagram, or connect on LinkedIn. Email her at sophie@ceoworld.biz.
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