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Uni student savings

13/12/2019

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Juggling university study and living expenses is tough on a limited income.

Check out our ideas to help you save money, stress and be kinder to the environment.

1. Establish an income

Design a timetable that allows for part-time work. A job gives you money to live, time away from the books and helps you connect with others. Decide if you want to be employed in a workplace, work from home or use your skills with music, computers or babysitting to pay your way.

2. Create a realistic budget

Budgeting is a smart way to keep spending on track and save for upcoming expenses. There are simple budget templates available online. Prioritise your expenses and keep money aside for savings and emergencies. Mark due dates for bills on your calendar or set up direct debits to avoid late fees. Try to stick with your budget, but review it regularly so it’s realistic.

3. Consider sharing the rent

While some students live at home to save, many opt for a share house. Sharing allows you to split rent, bills and sometimes food costs. This can bring significant savings - as long as you negotiate clear rules for household spending!

4. Plan ahead and follow the menu

Curb spending on impulse buys, take away food and drinks by planning ahead.

  • Have a weekly menu or list of meals and snacks on the fridge
  • Shop from your menu, making the most of specials and cheap seasonal produce
  • Find stores that reduce prices on bakery goods, produce and meat late in the day
  • Cook in bulk then freeze meals in smaller portions
  • Buy a reusable coffee cup and water bottle that you can refill to save money and waste.

 5. Save money as you get mobile

Fuel, maintenance and registration costs make cars expensive to run. Go without a car if you can, or carpool to share fuel and parking costs. Consider public transport, walking or cycling instead.

6. Live simply and sustainably

Decluttering, sustainability and zero waste movements encourage people to live simply. Browse the web for tips to save money and resources and be kind to the earth. Where possible, reduce, reuse, recycle and rehome.

7. Think before you spend

Ask yourself: do I need this or is there another option?

  • Decide if you can reuse, repair or repurpose something else
  •  Source second-hand textbooks, equipment, clothing and goods from uni, op shops, online stores, bookstores, garage sales or community noticeboards
  • Find social media groups and websites enabling people to give, sell, loan or barter goods and services
  • Shop around for the best deals on items you need to buy new.

8. Enlist help from friends

Meet people who have similar values. Discover what each person is prepared to give, loan, swap or share. Enjoy time together attending free community events, getting outdoors or sharing meals at home.

9. Use your student ID card

Be savvy – take advantage of benefits for people with student ID cards. Look for discounts on food, technology, travel, gym memberships, entertainment and clothing. Vouchers, shopper dockets and fuel price checks can also help. While some discounts seem small, the savings will add up!

10. Open a student bank account

Many banks offer savings accounts tailored for students. Look for a flexible, high interest savings account with no fees. Even a small deposit each month can make a difference.

There's no denying your student budget can be tight, but sticking to a plan and being savvy about your purchases can help you make it through those lean university years.

This article is intended to provide general information of an educational nature only. This information has been prepared without taking into account your objectives, financial situation or needs. Therefore, before acting on this information, you should consider its appropriateness having regard to these matters and the product terms and conditions. Information in this article is current as at the date of publication. Terms, conditions, fees and charges apply. We do not recommend any third party products or services and we are not liable in relation to them. Any links to third party websites are for your information only and we do not endorse their content.

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