Circles.LifeUni Life on a Budget: Money Saving Tricks for Students
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6 min read
Studying in Australia is expensive and managing your finances can be difficult. However, by following our helpful tips, advice, and resources you can maximise your budget and fully enjoy your student experience while saving money!
In this article we’ll outline a few ways you can save money throughout your time as a student in Australia, such as; keeping your eyes peeled for student mobile plans, where to shop for food and textbooks, hopping on public transport with a student discount, and even finding opportunities to land a part-time job and gain an extra income.
10 ways to save money as a student in Australia
1. Tracking your expenses
The first one is pretty obvious... You may not be an aspiring accountant and logging your finances may not be your idea of a good time — but keeping track of your outgoings and income is the most important money-saving tip you could probably learn as a student.
You can get as granular and as detailed as you like but even the simplest monthly cost vs income document can help you plan and save money.
Tracking your expenses helps you visualise areas where you could make potential cut backs like cutting back on that 4-coffees-a-day habit, or perhaps taking a day off from the student bar?
2. Student Mobile Phone Plans
Your phone is your life. We get that. We’re the same too! We’ve all experienced that feeling of dread as you realise that you’ve maxed out your data limit — right before that loooong bus ride home from campus… No podcast to while away the tedium, or chatting with friends on social media. Just you and fifty strangers stuck on a bus in heavy, inner-city traffic.
Avoid this nightmarish scenario with phone plans that are designed for on-the-go students with high data demands at prices that won’t break the budget! We understand it’s not just about data, that’s why our student mobile plans all include unlimited talk and text to standard Australian numbers. It’s even super simple to bring your current mobile phone number over.
Explore our student mobile plans on our undeniably fast and reliable Optus 4G network with plan options for 30, 50, and 100GB of mobile data.
Now that you’re saving money by switching to a student mobile plan, it’s time to save money in another important area.
3. Food and grocery shopping
Find yourself tucking into ‘just a quick bite to eat’ at a cafe en route to campus every day?
Frequent that lunch spot with the great student discount that’s just around the corner from your afternoon lecture?
Food expenses can add up, and can quickly leave your student budget with only enough money for plain rice and noodles (sans flavouring sachets) for breakfast, lunch and dinner.
One of the easiest ways to save money as a student is to start making your own food and doing your own groceries. Not only is cooking your own food healthier, it’ll also help you save on expensive cafe and restaurant food.
Check out websites like OzBargain for deals on groceries across Australia’s biggest brands.
Other discount grocery stores are available and many are conveniently located near university campuses. These stores will also sell budget-friendly household products and drinks!
Another tip would be to keep your eyes open for bulk discounts and special offers on supermarket receipts.
Don’t fancy yourself as the next Master Chef? Plenty of student-friendly recipes like “50 budget-friendly meals for students” are a quick Google away and cater for people of all cooking abilities.
Save your money by eating at restaurants and cafes less frequently and start making your own snacks and buying your own groceries.
4. Transportation as a student
If you’re studying in Australia, the chances are you’ll be eligible for some form of student discount to use on the local bus, train, or tram network. Student discounts can be considerable and can really help to reduce your costs, especially if you’re finding yourself going to and from campus multiple times a day.
Your uni or tertiary provider will have information on student discounts for public transport but check out the tertiary concessions on Myki if you’re studying in Victoria, and Opal if your tertiary education is in New South Wales.
Want to cut on your transportation costs even more? Cycling is a great way to get from A to B in the city. Not only is cycling great for your fitness, it’s cheap and the probably the most environmentally friendly way to get to class! Remember, always stick to cycle lanes and wear a helmet!
If you don’t want to spend money on buying a bike, most cities will offer pick-up and drop-off hire services, like Bike Share or the ever-popular Lime bikes and scooters in Melbourne.
If you want a truly free way of getting to campus, you could always get into that activewear and run to class!
5. Entertainment and social activities
Being on a budget as a student doesn’t mean you have to become a social recluse.
Some of the best times you’ll have in your student life is attending social events and parties. These don’t have to cost the earth, check out websites such as Eventbrite and Student Edge for free and discounted events and entertainment all while charging your social metre.
Attending large events inevitably means having to spend money on food, drinks, or transport so for a free and mood-boosting day out, why not get a few friends together and head for a hike and enjoy the great outdoors.
Enjoy a beach day if the weather is good, or head to one of the beautiful parks and botanical gardens in most Australian cities and go for a picnic with friends.
6. Textbooks and study materials
Textbooks and study materials can be extremely expensive. Some books range from $300 to $2000 per book! This is obviously a huge cost that could go towards many things so look for digital versions of those textbooks (which are often a lot cheaper) or keep an eye on the student notice boards or student forums for recently graduated students selling used textbooks.
You can also buy or rent university textbooks online from sites such as Zookal and Student VIP.
It’s also a good idea to have a look at grants and scholarships offered by the Government or university for the purpose of going towards buying books.
If you’re truly stuck, the University library should have all the learning material you need to ace your classes.
7. Health and wellness
Staying active is critical in both physical and mental health. Students are well known for ‘pulling all-nighters’ to get assignments done in the nick of time — all while working in part-time jobs and combining this with other commitments. Juggling those academic tasks and life maintenance can also increase your stress levels.
Exercise is a great way of destressing and can also improve your sleep so you can face the day full charged and ready to go. If you’re feeling mentally drained and on the edge of ‘burning out’ Headspace is a great resource to help you be kind to your mind and they offer free trials. Or, you could talk to a student councillor who can offer tailored advice.
Save money on your normal gym memberships and look for student discounts, or even check out campus gyms designed specifically for your busy lifestyle with often 24-hour access. If your campus doesn’t have a gym, try searching online for discounted gyms in your area.
Got errands to run? Why not… run? If you’ve got stuff to do (that doesn’t require carrying heavy items) why not make those tasks active and get into your running gear. You could even multi-task and listen to lectures or podcasts while doing it!
If your commute is only a few stops by train, bus, or tram consider walking, running, or biking to class to burn off extra calories. If public transport is unavoidable, see if you can get off a stop early and complete the rest on foot.
8. Banking and financial management
A great step to save money as a student is to ensure that your bank accounts are set up to work for you. The last thing you want to be paying as a student in Australia are fees for ATM withdrawals or transfers.
Most major banks offer student accounts which will often waive fees and even provide you with an overdraft to help you manage last minute expenses.
Most Australian banks offer student accounts that can be applied for online, all you’ll need to do is provide proof that you’re a student! Compare banks that offer student accounts with Canstar and MoneySmart.
Saving on banking fees may not seem like much to begin with, but over the course of your studies, these amounts can add up over the years!
Although it may be tempting to get a loan to cover shortfalls in cash as a student, these loans often come with high interest. Avoid taking loans, especially if you’re not sure if you can afford to pay the money back.
Looking for more ways to make your finances go further? Read our blog “9 Best Budgeting Savings Apps Every Aussie Needs”.
Looking for more ways to make your finances go further? Read our blog “9 Best Budgeting Savings Apps Every Aussie Needs”.
9. Extra income opportunities
Finding the time and energy to balance work and study can be hard. But the good news is there are ways of making money part-time that won’t take you away from your studies for too long.
One of the best ways to find work as a student is in retail or hospitality and if you’re working near campus — even better! Look out for cafes, restaurants, or retail stores that are hiring, make use of the library printers, print off your CV and ask to speak to the manager about the job they have advertised. You might have to play the numbers game, but the chances are something will come along for you to work a few days a week.
Got a trade or a skill? Websites like Airtasker and Fiverr are great ways to earn a little extra cash as a student.
If you’re studying part-time, or are nearing the end of your studies and looking for work experience, there are opportunities to gain valuable experience on- and off-campus to get the skills employers are looking for through internships (some are paid) through sites like Seek, Indeed, and GradConnection.
Not looking to work just yet? Try selling unused or unwanted items on Facebook marketplace, Gumtree or eBay.
10. Scholarships and grants
As we’ve mentioned before, scholarships and grants are a great way to help with the expenses of being a student. Scholarships and grants could help with paying anything from your full tuition, your accommodation, or textbooks.
Scholarships Australia and the Australian Government's StudyAssist website are great resources for finding scholarships and grants to help with your study. Your specific tertiary provider may also have their own scholarships available to enrolled students.
Enjoy your student experience without breaking the bank
Studying in Australia is by no means a cheap undertaking but this doesn't mean you can’t fully enjoy your student experience!
Follow our 10 ways to save money as a university student in Australia and you may even just leave with a new (and very important) life skill of being able to budget and manage your finances!
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Published Date 2023-06-21
Written by Circles.Life
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