Student budget hacks

The semester is in session, and it’s time to attend lectures and hit the books. For the next few years, your studies are going to feel like a full-time job. This means you might not have as much time for your part-time job that both pays the bills and gives you the much-needed cash to enjoy yourself on the weekends and after assignments are handed in and exams are over.

Getting a good handle on your finances early on in the semester can help you stay focused on the task at hand. Creating a budget is a great place to start so you know how much money you’ve got coming in and going out each week. But, the fun part is getting creative with how you spend your money to make the most of your time at university.

The best part is, there are more ways to save a few dollars than eating nothing but two-minute noodles!

Here are our top 20 hacks for making your dollars stretch further:

1. Work out how much you need to get by, including entertainment costs and fun money, and make sure you give yourself permission to blow off a little steam, as well as create a savings plan. You should also have a set amount going into a savings account to help manage an unplanned expense or emergency.

2. Find out if you are eligible for a government funded student allowances such as the Youth Allowance, Austudy or Abstudy.

3. Check out all of the support options you may be able to access, such as discount public transport, the annual Relocation Scholarship, rent assistance and the Low Income Health Care Card for cheaper health care and medicine.

4. Find out which scholarships are available and which ones you may be eligible to compete for. Scholarships may cover study costs as well as money to help with day to day living costs. These may be offered by your university or through community or non-profit groups.

5. The cheapest housing options aren’t always the best for your budget. If you're looking at an outer suburbs home or unit that is $100 cheaper a week compared with an inner city unit close to your campus and a part-time job, also add in the extra transport costs. If the weekly bus or train fares or petrol and parking are $140, then the inner city option may be a smarter choice. It also frees up time that you can instead spend on work and study.

6. If you’ve moved out of your parent’s house, find a reliable housemate who will help you look after the house and pay the bills on time. If you're living in a share house, it's a good idea to figure out a way to share as many of the costs as you can. A good tip to share expenses, rather than duplicate them, is to do a weekly grocery shop with your housemates so you don’t wind up with four boxes of the same cereal.

7. Invest in a reusable travel cup for your morning coffee. Making a coffee at home is a fraction of the cost of buying one each day on your way to class where a latte can range from $3 to $5. When it's time for your afternoon caffeine fix, many cafes have started offering discounts to customers who bring their own cup. This way, you can have a positive impact on the environment, not just your bank account.

8. Shopping for clothes can bottom out your bank account in record time. Instead, think about buying pre-loved clothes from op shops or online marketplaces where you can. Also take advantage of online only offers and incentives and discount sites like UNiDAYS, StudentVIP and Student Edge to help keep your clothing costs down.

9. Once you’ve bought the clothes you need (or even before to help give you a better idea of what you don’t have) decide what you can sell to recoup some cash and what you can give to charity.

10. Choose fresh foods over packaged and processed foods. They are both healthier and cheaper, and you reduce your rubbish as well! Prep your food for the week when you have a little extra time so you’ll have meals you can quickly grab on the go and avoid the temptation of fast food.

11. If you live close to campus and have easy access to safe and reliable public transport or bike and walking paths, think about selling your car if you have one. Or, don’t buy one at all. There are plenty of transport options available and not spending money on registration, insurance, maintenance, fuel and parking costs will offer a big boost to your bank balance almost immediately.

12. A night with friends doesn’t have to be out at a nightclub or a restaurant. Take turns hosting parties - game nights are making a big come back - with everyone bringing their own drinks and food to share.

13. Gym memberships are a want - not a need. See if you can find a discounted membership option through your university or else tap into a free exercise group that might be available in the local community.

14. Hire your textbooks or buy second hand. There are plenty of online marketplaces where you can buy your books at a fraction of the new edition cost.

15. Do you really need both a Google Drive and DropBox subscription? PayTV? Magazines? Look at the apps you’ve downloaded onto your devices and every subscription you’ve committed to and cut as many as possible up.

16. Don’t make impulse purchases. Always walk away at least twice from the tempting buy and use that time and distance to think about how the buy will help you or improve your life.

17. Use a budget tracker to keep an eye on your spending to make sure you are sticking to your budget and keeping on top of your plans. You’ll find out what is and isn’t working and then be able to make plans if anything needs changing.

18. Always look for the best deals with your phone and internet plans. Before committing to a plan are there any signing up costs? Are there exit fees? Ask for the best deal that saves you money but also offers an out if something unforeseen happens and you need to cut the contract.

19. Set up your bank account to make all bill payments automatically and align the payments for when your wages or allowances are credited into your account. Some providers will even provide a discount when you pay in full and on time, and having the automatic payments set up means you don’t have to think about it.

20. Create a separate account for savings and protect this account from impulse access. Keeping your savings separate from other funds means you are less tempted to spend the money and then more likely to reach your goals.

Don’t stop at these tips! Follow us on Instagram at @unibankau for more #savingshacks and our #WalletDiaries series where current students share their tips and tricks for making their money go further each week.

UniBank has a long history of serving university students, graduates, staff and their families – it’s all we do. We're sustainable and 100% focused on supporting students and their finances.