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Budgeting

It is important to keep in mind that Iceland is expensive. If you are planning to study in Reykjavík you must carefully consider your budget for living expenses.

The minimum support criteria for an individual living in Reykjavík is ISK 224,333 per month (approx. EUR 1,480.00) according to the Department of Welfare at the City of Reykjavík.

However, this sum does not necessarily reflect actual living costs, which can vary greatly depending on your lifestyle and spending habits.

  • Rough estimates of living costs for a single person
  • Housing, including utilities: typically ISK 100,000/month and up
  • Food and daily expenses: ISK 56,000/month and up
  • Books and other study materials: ISK 40,000/semester and up
  • Local public transportation: ISK 6,000/month and up
  • Leisure activities: ISK 22,000/month and up

Here you can find a currency converter 

 Shops

Iceland has several supermarket chains as well as many smaller local convenience stores.

These are the main supermarkets

  • Bónus: Recognisable by its pink piggy bank
  • Krónan: Recognisable by its yellow coin
  • Nettó: Recognisable by its blue apple in the logo
  • Prís: Recognisable by its green happy price tag 

Your clothing might not be suitable for the weather in Iceland. Buying second-hand winter clothing there is easy and often more affordable than paying for an extra suitcase. There are several second-hand stores in Iceland, and students sometimes hold markets at the university where you can find second-hand clothing.

Shops you might want to look at: 

  • Ríteil: Located at Smáratorg in Kópavogur, this store offers a selection of second-hand goods.
  • Red Cross Stores: At Laugavegur 12, Mjódd, and in the Kringlan shopping mall.
  • Kolaportið: A flea market where you can find various items.
  • Barnaloppan: Located beside Bónus in Skeifan, Reykjavík, this store specialises in children's and small-sized adult clothing.

 

Góði hirðinn, which translates to "the good shepherd," offers a wide variety of furniture and other household items, entertainment, and more.

In Efnisveitan you find items of furniture and additional items.

Several charities shops also sell household equipment and furniture.

 
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