Financial anxiety is not fun, especially while at university. You’ve already got enough on your mind and the last thing you want to worry about is your financial security. Let’s face it, while you’re studying you are going to have limits to how much money you can make. But it’s not all that bad. Please, ignore the ‘2-minute noodles for dinner every night’ stereotype. You’re going to be just fine! Here are tips to help you save money on a student budget.
#1: Get yourself a part-time job
It’s a great idea to secure a part-time job if you’re able to, while at university. A job will help you keep your finances in check, allow you to meet new people, add to your professional development, and teach you valuable life skills. We encourage all our students to secure part-time work, particularly international students who are aiming to make a new life for themselves here in Australia. There are lots of jobs available across a broad range of industries here. Businesses are eager to hire fresh new faces, so put yourself out there and watch as opportunities appear right in front of you.
#2: Save 20% of your income
A good rule of thumb to follow is to save 20% of your income each pay. This leaves you with 50% to pay for essentials like rent, food, and utilities; and 30% for general spending. Set up an automatic payment on payday, so that you don’t notice the money enter or leave your account. Keep saving and watch as the amount continues to grow with each pay.
#3: Take advantage of student discounts
Did you know there are loads of discounts available to university students in Australia? Yep, we mean LOADS. Including Unidays, Studentvip, Office Works and Spotify Student Discount to name a few. Take advantage of all the student discounts while you can. What’s the point of spending more money than you have to? For more info read our Student Shopping Hacks - UNiDAYs App blog.
#4: Work extra hours during the holidays
Did you know that you can work up to 40 hours per fortnight while studying in Australia? While these hours are capped during the semester, there are currently no limitations on your hours of work through the semester and during the break. That’s right, until July 2023, all students (including international students) can work unlimited hours! This is to help support current workforce shortages. Although we do not encourage you to work these ‘unlimited’ hours, this is good news for those who are on top of your studies and need extra cash.
#5: Pick and choose your events
This is a big one. There are often lots of events to attend at uni, and events often lead to… spending. Do your best to pick and choose the events you attend wisely. Say yes to all the free events, and reconsider those with a price tag attached. We have lots of fun free events for residents on-site and off-site at Campus Living Villages. Whether you’re a student of Macquarie University Village, Murdoch University Village,Griffith University Village or any of our other locations, there are regular free events at each of these villages for you to enjoy. So, get involved!
We hope this guide has helped you with saving money on a student budget. For more student tips and advice, make sure you follow our weekly blogs.
The Campus Living Villages Team
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