Anyone who’s spent many years of their life studying tertiary qualifications knows that living on a tight budget is key to getting the most bang for your buck. Budgeting as a student can be a little trickier as you often don’t have a regular source of income but still have living expenses to consider. Let’s take a look at some saving tips for students to help you keep on top of your spending and make the most of your time as a student.
Second hand student books
As every student would know, one expense that can be quite hefty is the price of textbooks, so how can you reduce this expense?
Instead of opting for brand new textbooks, jump online and go on the hunt for second hand ones2. It’s a simple way for saving as a student but the difference in prices will truly surprise you. There are plenty of online websites that offer second hand textbooks, or you may find that your university’s textbook shop also offers second hand resources. It’s a good idea to do some research to find the best deal.
Budgeting as a student doesn’t have to stop there though, you could also save on study resources, such as pens and notebooks, by purchasing these second hand too2.
Transport for students
You may or may not have already considered this student-friendly saving tip, but in many cases, you can access concession rates especially for students for various modes of public transport2. Consider checking whether this option is available in your town, especially if you’re looking to use public transport frequently.
If you’re planning to drive to and from university, it’s worth seeing whether you and friends or family members can carpool; it’ll save you all some money2. You may even like to consider walking or riding your bike if you live closer to campus. Whatever you decide, you can definitely explore ways to reduce the costs incurred with transport to help you save more.
Student bank accounts
Often, there are bank accounts especially designed for students where there can be low to no account fees. Some may even offer savings accounts that have higher interest rates1.
At Queensland Country Bank, full-time university students or apprentices aged between 18 and 23 can open a Learners and Earners All Access account which is a transactional account with unlimited every day transactions and no monthly account keeping fees. Students can also open a Future Start savings account which offers students a bonus interest rate when conditions are met*.
It’s worth looking into whether your financial institution offers accounts such as these. You may even find that you start to bulk up your savings at a time when you may not be able to work regularly1.
Government support for students
You may already be aware but as a student, you could be eligible for government support to help you financially throughout your studies.
Some students can access support from Centrelink while they study, and you could also be eligible to defer your university tuition fees to HECS-HELP1. Not everyone is eligible though, so make sure you conduct some research to check if you are1.
Your university may also offer scholarships that could provide financial support to you while you study1. It’s worth talking to your university or doing some research to see what scholarships are available and assess whether you meet the eligibility criteria. Sourcing as much support as possible could assist you in saving while you study.
Budgeting as a student
As with anything in life, perhaps one of the best things you can do to save as a student is create a budget for yourself.
It’s a good idea to match your budget to your needs – this means to factor in all of your income, including any Government support, as well as all of your expenses3. Deciding what type of frequency you would like to work your budget off is also worth considering; this may change depending on your income and whether you think a weekly or monthly budget is better suited to your needs3.
Creating a student budget doesn’t have to be tough, there are free resources online that can help you set out your budget and adapt it as needed2.
Saving as a student
Studying to attain tertiary qualifications may mean tightening up your budget a bit more but it certainly doesn’t mean you have to completely change your lifestyle. Implementing a few simple saving methods can help you be a little more frugal and still leave time to enjoy life outside of studying.
*To achieve the bonus rate of interest you must deposit at least $5 in a calendar month and make no more than one withdrawal in the same month. Interest is calculated daily and paid monthly; based on the daily closing balance at the applicable interest rate.
Terms and conditions of Queensland Country Bank’s Learners and Earners All Access account and Future Start savings account apply. View the relevant TMDs available at queenslandcountry.bank. Normal lending criteria, terms, conditions and fees apply and are available on request.
General Advice Warning: This information is intended to be general in nature and is not personal financial advice. It does not take into account your objectives, financial situation or needs. Before acting on any information in this article, you should consider the appropriateness of the information provided. In particular, you should seek independent financial advice.
Sources
1MoneySmart, 2023, Student life and money – Studying, https://moneysmart.gov.au/student-life-and-money/studying
2Australian National University, 2023, Saving and budgeting as a student, https://www.anu.edu.au/students/health-safety-wellbeing/spending-well/saving-and-budgeting-as-a-student
3UCAS, 2023, Student budgeting tips, https://www.ucas.com/finance/managing-money/student-budgeting-tips