Omari Gates
Studying at university can be expensive, and many students find themselves on a tight budget. There are, however, many ways to save money while at university in Australia. From budgeting and shopping around for the best bank accounts to cutting down on expenses and making use of student discounts, students can save a lot of money. This text will provide an overview of the best ways to save money while at university in Australia.
| Characteristics | Values |
|---|---|
| Budgeting | Setting a budget is key to keeping track of your spending. |
| Student discounts | Use your student ID card to get discounts at pubs, cinemas, shops, etc. |
| Student bank accounts | Shop around for low-fee or fee-free transaction accounts and high-interest savings accounts. |
| Textbooks | Consider second-hand books, e-books, or e-textbooks instead of buying new textbooks. |
| Phone plans | Choose a phone plan that suits your needs and consider cheaper ways to stay in contact with friends and family, such as using Skype or WhatsApp over Wi-Fi. |
| Food | Plan your meals, do a weekly shop, cook at home, and buy in bulk from cheaper supermarkets like Aldi. |
| Coffee | Make your own coffee or tea at home and bring it with you in a travel cup. |
| Entertainment | Take advantage of free or low-cost university services such as medical, counselling, and dental services, as well as free classes like yoga and meditation. |
| Part-time work | International students are allowed to work part-time while studying, which can provide extra income. |
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What You'll Learn
Budgeting 101
Budgeting is a key part of saving money as a student. It can be challenging to manage your finances, especially when you have limited income and expenses such as rent, groceries, books, and socialising. Here are some tips for budgeting:
Set a budget and track expenses
Firstly, set a budget and stick to it. Keep track of your income, expenses, and savings to understand your finances. You can use a budget planner or an app to help you track your spending. Knowing what's coming in and what's going out will help you identify areas where you can cut back if needed.
Shop around for banking and phone plans
Look for low-fee or fee-free transaction accounts and high-interest savings accounts. Choose a bank that doesn't charge fees for using their ATMs. For your phone plan, assess your needs and be realistic about what you require. Consider cheaper alternatives, such as using Skype or WhatsApp over Wi-Fi to stay connected.
Save on textbooks and student discounts
Textbooks can be expensive, so consider second-hand books, e-books, or ebook versions. Your student ID card can unlock various discounts, including entertainment, shopping, and dining. Take advantage of student discount days and happy hours at local venues.
Cook at home and reduce dining out expenses
Cooking at home is a great way to save money. Plan your meals, do a weekly shop, and cook in bulk to freeze for later. Making your coffee or tea at home instead of buying it daily can also reduce expenses. Eating out is enjoyable, but it adds up, so consider limiting it to special occasions or choosing cheaper alternatives, like a picnic in the park.
Save on entertainment and leisure
University life offers various free or low-cost activities. Check for free classes, join clubs, or utilise on-campus medical and counselling services. Plan outings on weekdays when drinks and food are usually cheaper, and take advantage of student discount days at cinemas.
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Save on textbooks
Textbooks can be expensive, and it doesn't make much sense to spend a lot of money on books that you'll only use for one semester. Here are some ways to save money on textbooks:
Second-hand Textbooks
Instead of buying brand new textbooks, consider purchasing second-hand textbooks. Check if your university has a second-hand bookshop or a book exchange program. You can also keep an eye out for second-hand textbook deals on websites or at your university bookstore.
E-books and E-textbooks
E-book versions of textbooks are often cheaper than physical copies. If you prefer reading on a screen, this can be a great way to save money. Online stores may also offer lower prices compared to traditional bookstores.
Wait for Deals
Textbook prices can fluctuate, and you may be able to find deals at certain times of the year. Wait to buy your textbooks until you see a good price or promotion. You can also ask your lecturers or classmates if they know of any upcoming deals or discounts.
Share with a Friend
If you have a friend taking the same course, consider sharing a textbook. You can take turns borrowing the book or scan and share digital copies of the relevant chapters. Just be sure to respect copyright laws and fair use policies.
Library Resources
Check if your university library has the required textbooks available for loan. You may not be able to keep the book, but you can save money by borrowing it for the semester. Libraries often have online resources and e-book collections as well.
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Discounts and deals
As a student, you can save money by taking advantage of discounts and deals. Here are some tips to help you save:
Student Discounts
Your student ID card can be your best friend when it comes to saving money. Many places offer student discounts, so be sure to ask or look for student prices when shopping, dining out, or attending events. In some countries, you can get a specific student discount card that will give you access to various discounts in different shops.
Textbooks and Academic Resources
Textbooks can be expensive, but there are cheaper alternatives to buying brand new books. Student services or the student union may offer second-hand bookshops or book exchange programs. You can also explore online stores, e-textbooks, or ebook versions, which often provide more affordable options.
Student Banking and Phone Plans
Shop around for low-fee or fee-free student bank accounts, and consider high-interest savings accounts to make the most of your money. Look for banks that offer accounts specifically for students, like Bank Australia's savings account for under 25s.
Regarding phone plans, assess your needs and be realistic about what you require. Consider a BYO phone plan or cheaper alternatives like using Skype or WhatsApp over Wi-Fi to stay connected without breaking the bank.
Entertainment and Leisure
Plan your social outings and entertainment wisely. Many pubs, cinemas, and other student hangouts have dedicated student discount days and happy hours, so take advantage of these. Additionally, some days of the week tend to have more discounts, like cheaper movie tickets on Tuesdays and Thursdays.
Groceries and Food
Buying groceries and cooking at home is generally more affordable than eating out frequently. Stores like Aldi offer discounted food and groceries, with weekly "Special Buys" on Wednesdays and Saturdays. Plan your meals, do a weekly shop, and consider buying in bulk to save money.
Health and Wellness
Universities often provide medical, counselling, and sometimes dental services at low or no cost to students. Take advantage of these services to save on healthcare expenses. Additionally, many universities offer free fitness classes like yoga and meditation, and you can join running or walking clubs to stay active without the cost of a gym membership.
By utilising these discounts and deals, you can significantly reduce your expenses and stretch your budget further during your university years.
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Phone plans and bills
Phone plans can be a significant expense, especially when coupled with the cost of a new smartphone. The average phone-on-a-plan bill in Australia is $78, but plans with a new or premium smartphone can cost over $100 per month. Therefore, it is essential to choose the right contract and plan to avoid unnecessary expenses. Here are some tips to save money on phone plans and bills:
Right-size your mobile plan
Telcos often offer generous data inclusions in their SIM-only phone plans, but it is important to assess your actual data needs. Don't fall for the temptation of overpaying for data that you may never use. Opt for a plan that suits your usage patterns and consider data banking, which accumulates unused data for future months when you may exceed your allowance.
Consider SIM-only plans
If you already own a smartphone, SIM-only plans can offer more flexibility and better value than traditional phone contracts. You can compare SIM-only plans across different providers and switch to a more cost-effective option. However, be mindful of any remaining handset costs if you're currently on a contract.
Take advantage of student discounts
If you're a student, look for telcos that offer student discounts. For instance, Optus provides a SIM-only plan exclusively for students, with a discounted rate of $39 per month for the first twelve months, followed by the standard rate of $62 per month. Student discounts can significantly reduce your monthly phone expenses.
Avoid unnecessary extras
When signing up for a new phone plan, you may be offered various optional extras, such as voice-to-text, phone insurance, or accessories. These add-ons can significantly increase your monthly bill. Assess whether you truly need these extras, as some features may be covered by the phone manufacturer's warranty or included in your plan.
Compare and negotiate tariffs
Use your previous bills to understand your average usage for calls, texts, and data. With this information, you can compare tariffs from different providers to find the most cost-effective option for your needs. If you wish to stay with your current provider, call them near the end of your contract and negotiate a better deal. Ask them to match or beat the offers from their competitors.
By following these tips, you can make informed choices and save money on your phone plans and bills while still staying connected.
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Food and drink
When shopping, it is important to plan meals in advance and make a list of what you need. This will help you to avoid buying unnecessary items and reduce food waste. It is also a good idea to compare prices at different supermarkets, either online or in-store, to find the best deals. Discount supermarkets and buying non-branded products can also help to reduce costs. Buying in bulk, especially non-perishable goods, can save money in the long run. Buying seasonal fruit and vegetables is another way to save, as they tend to be cheaper and fresher.
Students can also take advantage of student discounts at cafes, restaurants and bars, as well as discounts on food and drink at university events and societies. Some universities also offer free food, such as free breakfast programmes.
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Frequently asked questions
Cooking your own food is a great way to save money at university. Plan your meals, do a weekly shop, and cook large batches to freeze for later. Shop at budget supermarkets like Aldi and Chemist Warehouse, and avoid buying groceries when hungry or hungover. Buying brand new textbooks can also be expensive, so consider shopping for second-hand books or e-books instead.
Check if you need to apply for a student transport concession card, or if your student ID will suffice. If you're looking for cheap accommodation, consider student apartments and accommodations near your campus. That way, you won't have to worry about additional electricity, phone, gas, or furniture expenses.
University social life can be a significant expense, so careful planning is essential. Take advantage of student discounts at pubs, cinemas, and other venues. Choose weekdays over weekends for outings, and remember that Tuesdays and Thursdays often have additional discounts. Instead of going out, consider hosting a party at home, which can be equally fun and much cheaper.
