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MONEY

Cost of living: Seven tips to save money in Austria

Life in Austria can be full of delights but the country can be an expensive place to live, depending on where you are from or what you do. Here are seven simple money-saving tips from Tyrol-based writer Hayley Maguire.

Cost of living: Seven tips to save money in Austria
AFP

If you’re from the UK, buying alcohol and going to restaurants is significantly cheaper in Austria. Particularly when compared with London. Plus, rent is often lower in Austria than in the UK, making the cost of living cheaper overall.

But for people from countries like Spain and Italy, where the cost of living is much lower, Austria can be a very expensive country to live in. Especially for essential outgoings like rent, food and bills.

As a result, the cost of living is a regular topic of conversation amongst international residents.

So, how can you save money when living in Austria? Here’s seven simple money saving tips.

  • Buy second-hand

A good place to start for second-hand products in Austria is willhaben.at, an online marketplace. Visitors can search by location, and the website is especially useful for furniture and electronics.

For clothing, most cities have second-hand and vintage clothes stores. This is not as common in smaller towns and villages, but there are many flea markets to be found in Austria – even in rural places. Or try kleiderkreisel.de, which is a German-based platform for buying and selling used clothes.

In fact, a lot of German-based platforms can be used in Austria, including the German version of Amazon.

Then there is Facebook Marketplace. Not very Austrian but it’s still used by people all over the country to find second-hand goods.

  • Buy an annual vignette

To drive on the autobahn in Austria you need to pay a toll, which is called a vignette. This comes in the form of a sticker to be displayed in the windshield, or in a digital version that can be bought online.

ASFINAG network with route toll (green) and vignette (orange) sections and exceptions to the compulsory Vignette usage (blue). 

There are three options when buying a vignette – 10 days, two months or one year, which prices varying each year.

The 10-day rate sounds cheap, and in the short term it is. But if you end up buying a 10-day vignette more than 10 times in one year, it makes more sense to go for the annual pass instead.

  • Save money on food shopping

Want to save money on groceries? Then start growing fruit and vegetables. Food shopping can be expensive for a lot of people, so growing your own can help to save money. Plus, Austria gets a lot of sun in the summer months, which is perfect for growing produce in a garden or on a balcony.

This website can give you useful tips for when to plant seeds and what fruit and veg you can grow in Austria.

When it comes to supermarkets, Hofer is the best place to find bargains. Hofer is the Austrian version of Aldi and is cheaper than most other shops for food and household supplies.

Another tip is to shop at local farm shops, although they are not always the cheaper option.

  • Ski touring and cross-country skiing

Austria is a playground for winter sports, but it’s not cheap. And if the cost of living is already squeezing the budget then skiing might seem completely out of reach. 

This is where ski touring and cross-country skiing come in. 

Ski touring doesn’t involve using a lift and usually takes place in back country skiing areas. The times are changing though and some resorts now charge a small fee for on-piste ski touring. This is a much cheaper way to go skiing without forking out for a full lift pass. 

It’s a similar story with cross-country skiing. Again, you don’t need a lift pass. Just the right equipment and access to trails, making it an easy way to embrace winter sports without the expensive price tag.

  • Exercise outside

Like other countries around the world, there are plenty of gyms, sports centres and indoor exercise clubs to join in Austria. But for people trying to save money, paying the fees for these places will make the cost of living even higher.

To stick to a budget, here are the best ways to exercise outdoors for free (or cheap):

Some public parks even have sections with free-to-use outdoor gym equipment, which is perfect for the summer months.

READ ALSO: Austria’s most beautiful spots for lake and river swimming

Image: weinfranz.at

  • Cycle instead of driving

The financial benefits of cycling are well known and it can save a lot of money in the long term. In Austria, it’s even easier to embrace cycling with plenty of cycle lanes and bike parking spots available in towns and cities across the country.

The only downside is for people living in the mountains or rural areas. The weather conditions in the winter might not be suitable for cycling, and a car is often needed in the countryside. But this money saving tip could be a seasonal option for the summer months.

  • Speak to the locals

Finally, speaking to locals is a money saving tip worth remembering. 

It might sound obvious but word of mouth really does go a long way in Austria. Why? Because Austrians are proud of where they’re from and will be happy to point you in the right direction. Even when it comes to business.

For example, if you want to move house, someone in the community might know a landlord with a vacant property. This can help to save money on rental agent fees. Or if you want to buy a new car, ask around to find out if someone is selling a vehicle instead of going straight to a dealer.

Plus, speaking to local residents is a great way to get to know the country better and further integrate into Austrian life.

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For members

PROPERTY

Why are young people in Austria so pessimistic about homeownership?

Most young people in Austria do not believe they can afford to buy their own home with their income. Here is why.

Why are young people in Austria so pessimistic about homeownership?

Only 39 percent of young professionals think they can afford their own home with their income, according to a new GPA trade union survey

Around 1000 Austrians aged 16 to 29 participated in the survey, which shows that the expectation of being able to buy property without inheritance or help decreases with age.

Austrians aged 25 to 29 are the most pessimistic

The survey shows that as life and work experience increase, the expectation of being able to buy a home from one’s salary decreases.

Younger Austrians up to 24 years old are more likely to believe they can achieve this (44 percent) compared to Austrians between 25 and 29 years old (30 percent).

The difference becomes even more significant between those still in education (59 percent) and those who are working (33 percent).

Expectations are consistent across both low- and high-income groups.

READ MORE: How can I move into affordable cooperative housing in Vienna?

Young women least satisfied with salary

More than a third of young Austrians find that they have a salary that is too low.

In the survey, 43 percent of women expressed not being satisfied with their earnings, compared to 36 percent of men.

The survey also shows that the participants prioritise choosing educational fields where it is easy to find a job after graduation (86 percent) and where they can experience good earning prospects (84 ).

High prices, rates and strict lending criteria

One of the biggest barriers to owning a home in Austria is the sky-high property prices. Over the years, property prices have increased, making it more difficult for people with an average income to afford a place of their own. 

Another factor making owning a home challenging is the increase in interest rates in recent years. As a result, both existing variable-rate loans and newly obtained fixed-rate loans have become more expensive.

Analysts expect the European Central Bank to cut interest rates by around 0.5 percent in the near future, but according to durchblicker’s calculations, this would initially only create a little relief for loan takers, where instead of around 60 percent, 55 percent of monthly household net income would be needed for debt repayment.

Difficulties obtaining a mortgage

Another issue preventing many from realising their dream to buy a home is the difficulty obtaining a mortgage.

Since July 2022, stricter rules have applied in Austria for the granting of property loans. Loan applicants must have a deposit worth at least 20 percent of the value of their property to be granted a loan.

This means that young professionals need to work for many years and earn a high income to have a chance of being accepted.

READ ALSO: Why buying property in Austria remains unaffordable for most

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