Studying in Australia is an exciting opportunity, but let’s face it – living in a vibrant city while managing tuition fees, accommodation, groceries, and social activities can quickly drain your bank account. As a student, it’s important to balance enjoying your time abroad with being mindful of your finances. Fortunately, there are plenty of practical ways to save money while living and studying in Australia.
Here’s a realistic and engaging guide on how to save money as a student in Australia, without sacrificing your lifestyle or sanity.
1. Master the Art of Budgeting
The first step in saving money is knowing where it’s going. As a student, it’s easy to spend money without realizing how quickly it adds up. A well-organized budget will help you track your income and expenses and spot areas where you can cut back.
How to Do It:
- Use Budgeting Apps: Download free apps like Pocketbook, MoneyBrilliant, Expensify or GoodBudget, which automatically categorize your spending and send you alerts when you're about to overspend.
- Track Fixed and Variable Expenses: List your fixed costs (like rent, utilities, and tuition) and variable costs (such as food, transport, and entertainment). This way, you can identify areas where you can tighten the belt.
Quick Tip:
Set aside at least 10-15% of your income (or any allowance) as savings. Even small amounts add up over time.
2. Find Cheap Accommodation or Consider Shared Housing
Accommodation is often the largest expense for students. Fortunately, there are several ways to reduce costs without sacrificing comfort or safety.
What You Can Do:
- Consider Shared Housing: Renting a shared house or apartment with other students is one of the most effective ways to cut costs. Shared living spaces reduce your rent and utilities by splitting the costs with housemates.
- Use Student Housing Platforms: Websites like Flatmates.com.au or UniLodge offer affordable student accommodation options with the added bonus of being close to campus.
- Live Further from Campus: If you're willing to commute, consider living in suburbs a little farther from campus where rent is often cheaper.
Quick Tip:
Check if your university offers on-campus accommodation or student discounts for off-campus housing. Sometimes, these options come with additional perks like free Wi-Fi or public transport discounts.
3. Cook Your Own Meals
Eating out or grabbing takeaway can be tempting, but it’s one of the easiest ways to blow your budget. Cooking at home doesn’t just save money—it can also be fun, and it’s often healthier.
How to Save on Food:
- Meal Prep: Prepare meals in bulk on weekends so you have quick and easy lunches and dinners throughout the week. Pasta, stir-fries, and casseroles are budget-friendly and can be stored in the fridge for days.
- Shop Smart: Buy fresh produce and bulk items like rice, pasta, and canned goods from supermarkets like Aldi, which tend to offer better prices than the larger chains like Woolworths or Coles.
- Use Student Discounts: Many grocery stores offer student discounts or weekly deals. Keep an eye out for these and try to shop during sales.
- Embrace Frozen Veggies: Frozen vegetables are often cheaper than fresh ones, and they last longer without going bad.
Quick Tip:
Invest in a slow cooker or air fryer. These appliances make cooking easy and require minimal effort, saving you both time and money.
4. Utilize Student Discounts and Deals
As a student, you have access to a wide range of discounts on everything from food to fashion, entertainment, and transportation. Don't let these savings go to waste!
Where to Look:
- Student Discount Cards: Platforms like UniDays, Student Beans, and the ISIC card offer exclusive discounts on major retailers, tech stores (like Apple), and even online stores like ASOS and Nike.
- Food and Dining: Many cafes and restaurants offer student discounts. Don’t hesitate to ask about deals when dining out.
- Public Transport: Apply for a Student Opal Card (NSW) or Myki Card (Victoria) to get discounted public transport fares. You can save 50% or more on train, bus, and tram rides. If you're in Brisbane, use a GoCard for similar savings.
- Movies & Entertainment: Students can often find discounted cinema tickets, including Event Cinemas and Hoyts, and cheaper entry to clubs, gigs, and festivals.
Quick Tip:
Always keep your student ID on hand, and don’t forget to ask about discounts wherever you go—it’s surprising how many places offer them!
5. Cut Back on Subscriptions and Services
Streaming services, gym memberships, and other monthly subscriptions can add up faster than you realize. As a student, you likely don’t need all the bells and whistles of a premium subscription, especially when there are affordable alternatives available.
What You Can Do:
- Cancel Unnecessary Subscriptions: Take a look at your monthly subscriptions (Netflix, Spotify, gym memberships, etc.). Consider sharing subscriptions with roommates or friends to cut costs.
- Use Free Alternatives: Many music streaming services offer free plans (Spotify, YouTube), and you can access thousands of free movies and TV shows on platforms like Tubi or Kanopy.
- Student Discounts on Software: Software companies like Microsoft, Adobe, and Apple offer significant student discounts. If you need design or productivity software, be sure to check these out before paying full price.
Quick Tip:
Many gyms offer discounts for students or provide special "student-only" hours at a reduced rate. If you’re not into a gym, outdoor activities like walking, cycling, or home workouts can help you stay fit without a membership.
6. Use Public Transport, Ride a Bike, or Walk
Australia’s major cities have excellent public transport networks, and as a student, you’re eligible for significant discounts. However, if you want to save even more money, there are alternatives you can explore.
Transport Hacks:
- Public Transport: Use your student ID to apply for discounted travel passes and cards for trains, buses, and trams.
- Walking and Cycling: Walking or cycling to campus is not only free, but it’s also a great way to stay fit. Many cities, including Melbourne, Sydney, and Brisbane, are bike-friendly and have cheap or free bike hire schemes (like Bikeshare).
- Carpooling: If walking or cycling isn’t an option, consider carpooling with friends or classmates to split fuel costs.
Quick Tip:
Check if your university offers free shuttle buses or transport vouchers for students—this can save you the cost of your commute.
7. Sell Unused Items and Avoid Impulse Purchases
Australians are notorious for accumulating things they don’t need, and students are no exception. If you find yourself with clothes, gadgets, or textbooks that you don’t use, consider selling them to make some extra cash.
Ways to Make Extra Money:
- Sell Unwanted Items: Use platforms like eBay, Facebook Marketplace, or Gumtree to sell textbooks, clothes, old electronics, or furniture.
- Avoid Impulse Purchases: Plan your shopping trips, and stick to your list to avoid picking up unnecessary items. Shopping with a friend can also help keep you accountable and avoid buying things you don’t need.
Quick Tip:
Keep your “wants” in check by implementing a 24-hour rule: before buying something non-essential, wait 24 hours to see if you really need it.
8. Work Part-Time to Supplement Your Income
While part-time work isn’t a “savings” tip in itself, earning extra money is an essential strategy for managing your budget as a student. You can save more if you earn more!
Best Part-Time Jobs for Students:
- Retail Assistant: Flexible hours and staff discounts.
- Hospitality (Waitstaff, Barista): Great tips and evening shifts.
- Tutor: High hourly rates if you're skilled in a subject.
- Freelance: Use your skills in writing, design, or digital marketing to earn money remotely.