The Best Way to Saving Money for Students

Stay within a budget is one of the challenges that international students face in Australia. The cost of living in Australia is not cheap, and if you don’t have the right management skills, things may slip off your control easily.

According to the Australian government, the minimum amount needed to cover the cost of living in Australia is AU $20,290 annually (excluding travelling to and from Australia and tuition fees).

For international students, accommodation and tuition fees are the highest spendings while studying in Australia.

If you are a student on a budget who is seeking how to save money while pursuing your future, then here are a few helpful tips and tricks that may turn out to be beneficial for you.

1. Look for a Part-Time Job

Australia is known for paying a living wage, not a minimum wage. This tip is quite helpful for students who are seeking casual work.

International students are allowed to work part-time while studying. If you are on a student visa then you’ll be allowed to work 40 hours per fortnight.

You can work as a waiter or barista to make a little spending money. Not only you make a little spending money, but you also can earn some cash. If you want to try your luck in some other fields, you can talk to your university's resident director about it as they might have some good advice for you.

2. Plan out your Budget

This is another important tip for students on a budget in Australia. Based on your income and expenses, plan out your budget. You can avoid spending over your budget if you keeping track of your finances.

Divide your expenses into "important" and "unimportant" items. For instance, paying accommodation fees for the campus is important, but eating junk food is unimportant. 

Don’t forget to save some money for an emergency!

3. Be Smart with Food and Grocery Shopping

After accommodation, food expenses can’t be ignored. Luckily, you can reduce your bills by buying supermarket value foods.

You can buy discounted food and groceries from a discounted variety store and save on your bills. Be smart and buy groceries to cook and eat at home.

4. Take Advantage of Student Discounts

Australia is a country full of amazing surprises for students. If you are studying in Australia with an ISIC card, you can make the most of your time.

From transportation to student discounted flights, Australia offers several discounts to students. You can even get student discounts at several shops and outlets. Wherever possible, make use of your student concessions.

5. Save on Transport

Travelling by public transport is a reliable and cheap way to move around the city. Most universities are either campus-based or city-based with excellent public transport links.

Check if there are weekly/monthly passes available or student discounts available on transport services that you can regularly use.

6. Cheap Student Accommodation

If you are looking for cheap student accommodations in Melbourne or any part of Australia, or near your campus, consider student apartments and accommodations. This type of housing style lets you live near your campus.

You don’t have to worry about electricity, phone, gas, or furniture as everything is available. Some accommodation houses more than 300 students.

7. Look for Pocket-Friendly Entertainment Options

“All work no play makes Jack a dull boy.” This proverb stands true in the case of students as well. While social life at a university is great, but it is important to take time for some leisure activities as well.

Rather than going out on a weekend, plan for an outing on a weekday and enjoy cheap drinks and good food. And if you are planning to go out for a movie, choose Tuesdays and Thursdays as you can access more discounts on these days.

It can be quite hard to save money while you are studying in Australia. But these tips can make you well-informed on how to spend wisely and save your money.
Source: ozstudies