26 ways to save money on your student budget

DO you have champagne tastes on a cheap beer budget? Or no beer budget at all? Here are 26 ways to save money when you’re a student in Melbourne.

Saving money at uni isn’t as difficult as you think.

WHILE it’s not particularly fun or easy, becoming smarter about managing your finances while you’re a student isn’t as hard as you might think. From the little things (not buying bottles of water) to the bigger things (choosing the right bank account), being savvy with your cash — regardless of the amount — is key.

Stretch your dollar further with these 26 money-saving tips:

1. Don’t make impulse purchases

This is especially important if you receive a lump sum for university expenses at the beginning of each semester or year. With some smart budgeting you will have money to splurge on fun things, but only after you draft a budget and stick to it. Get started with ASIC’s Money Smart budget calculator.

2. Never go grocery shopping when you’re hungry

There have been studies upon studies about this subject — in a nutshell, if you go food shopping when you’re not hungry, you’ll be focused on the task at hand — thoughtful, planned purchases — as opposed to satisfying hunger anyway you can, usually through unhealthy or even non-food related purchases (we’ve all left the supermarket with plastic storage containers and a packet of pens we don’t need).

3. Limit the number of times you eat out

Eating out is a really fast way of burning through money, even if you’re eating dumplings and rice. The exact number of times you can afford to eat out per month comes down to your budgeting skills — if you want to increase the amount of times per month, something else will have to give.

4. Revisit your vices

Whatever the habit — smoking or drinking or other — it’s costing you. There are plenty of helpful resources to get you on the right path if you’re ready to kick your habit. Start by visiting Quit for practical pointers and tell your friends and family about your plans — you’ll have your very own cheer squad and you might even inspire those around you to jump on the bandwagon.

Have Myki, will travel. Walking, cycling or using public transport beats the expense of owning a car.

5. Don’t own a car

Get around by using public transport, walk, ride, skip, skate — do anything except own a car. According to the RACV, the cost of running a small car in 2017 (like a KIA Cerato S) is $128 a week. Obviously owning a car is dependent on your circumstances but look into car pooling and other less expensive options if you can.

6. Pay bills on time

It might seem like a no-brainer but paying bills on time means you’ll avoid pesky late fees. Set up direct debits (just make sure you always have enough money in your account) and forget all about it.

7. Use credit cards for emergencies only

This one is so important we’re saying it twice: credit cards are for emergencies only. Emergencies like I-have-no-food-in-the-fridge, not I-really-need-the-iPhone-8. If you do use the card, pay it off as quickly as possible to avoid interest. This is a good habit to keep up.

8. Live in a share house

There’s plenty of time to live alone, your uni days are all about living in a share house with good friends and complaining about whose turn it is to buy the milk. Best of all, you’ll have company and share the expenses. If it’s an option, live at home as long as you can (it’ll solve the milk problem at the very least) you’ll have more money in your pocket.

9. Share the cost of subscriptions

Grab two friends and share the Netflix/Foxtel/insert subscription here to save on monthly bills.

Enrolling in a class and not going is an expensive exercise.

10. Go to class

Every day. You’re paying thousands of dollars for your degree so skipping class is like tossing money out the window. While you’re there, get to know your uni and make the most of what it offers — pay a visit to the student union for half price (or freebie) tickets to events, and check out the clubs and societies — there’s something for everyone and a great way to make new friends.

11. Get the best phone deal

Check the mobile plan you’re on to make sure it’s working for your needs — should you be paying for a plan that includes national or international calls if you don’t make any? Do the same with your internet supplier.

12. Use your student card

Your student and concession cards should be your best mate. Prioritise shops which offer student discounts and if you’re not sure, just ask as not all places advertise their discounts.

13. Get a discounted gym membership

If there isn’t a gym on campus, look into gyms which offer discounted memberships for students — try council-run facilities. If all else fails, see #5 and get walking!

14. Make communal meals

Make dinner with your housemates or friends in mind — agree on a couple of meals you all love and split the cost of ingredients. When it comes to communal groceries or household supplies like bread or loo paper, spilt the cost.

Head to the market for fresh produce at good prices.

15. Avoid name brands

Purchase generic items whenever possible, and these days with Aldi and co in full force, it’s easier than ever. For fresh, well-priced ingredients, you can’t beat markets like Footscray or the Queen Victoria. To save even more, go shopping just before closing time when there’s plenty of bargains to be had.

16. Think about ways to earn extra cash

If you don’t want to commit to a part time job, there are plenty of ways to earn extra cash, it’s just a matter of thinking about what you’re good at. Are you a MasterChef in the making? Make single serves of dishes — something that’s easy and reheats well (like vegetable curry) — and sell to friends. If curry isn’t your thing, pick something and go for it — who knows where the venture could take you (read about Seth Berkowitz and how his search for the ultimate midnight snack turned into a successful business). Did you ace the VCE and confident to tutor students? Happy to give up evenings to babysit? The list is endless!

17. Sell what you don’t need or use

Every couple of months have a mini spring clean and sell what you no longer use or need — clothing, furniture or tech items move pretty quickly. Advertise freely via neighbourhood Buy Swap Sell Facebook groups, your own Facebook page or uni bulletin board. Is there a local market you love? Contact the organiser to ask about setting up a stall and the cost — you could spilt it with friends. Or have a good ol’ garage sale — it’s a great way to shift items quickly and earn some extra cash.

18. Think twice before buying stationary

Don’t fall into the vortex that is Officeworks and buy unnecessary stationary supplies — why buy notebooks for every subject when you take notes on your laptop? Try and resist impulse purchases.

19. Borrow, don’t buy

Don’t buy books you will only need for a short period of time — head for the library instead. Buy books you do need second hand through other students.

20. Find discounts at uni

Take advantage of what your campus has to offer in terms of events and activities, rather than spending money on going out. Movie and trivia nights are common, and they’re usually free to attend with discounted food and drinks.

Love juice? Save money by making your own at home — better yet share the cost with your housemates.

21. Don’t buy drinks

Invest in a good quality water bottle which you can use for water or juice and refill throughout the day. You’ll be surprised at how much you can save by not buying water or soft drinks.

22. DIY coffee

Make your own coffee or tea at home to take to class. The cost of a daily latte adds up over time. Aldi, Costco and other budget friendly stores sell everything you need for your caffeine fix and you can spilt the expense with your housemates.

23. Check your bank

It’s a pretty adult question, but is your bank account working for you? Ideally you want to avoid unnecessary fees (like ATM fees) and earn a decent interest on your savings. Shop around and look at the alternatives with a quick Google search. The Barefoot Investor’s top pick is ING’s Everyday account (no ATM fees or monthly charges), or look at accounts which cater to tertiary students like P & N’s Student Account.

24. Rethink applying for a loan

Never take out a loan for anything that’s unrelated to your education. Earn bonus points by extending this rule to your credit card.

25. Get a part time job

If you have a decent timetable which leaves time for a part time or casual job, go for it. If you have a packed schedule, consider non-traditional jobs such as a resident adviser. You’ll need good leadership skills and some positions may offer free room and board instead of a wage.

26. Opt for second-hand items

Before buying retail, scope out second-hand options first. This includes anything from clothing and furniture to electronics and textbooks. Try Buy Swap Sell sites (see #17), uni bulletin boards or local markets for bargain items that still have life in them — it’s good for the environment and your bank account.