Money

5 Ways To Start Saving Money If You’re A Student

While there are many perks to being a uni student – sleep ins, new friends, great nights out – having $3.50 in the bank at the end of the week is definitely not one of them. Here are tips from a uni student on saving.

We know that saving money on a measly student budget may seem like an impossible task right now, but I – a humble uni student – have tried these tips for myself and actually started to save some cash.

#Goals

While it might sound a little cliché, having some clear saving goals in the back of your mind will really come in handy when you’re trying to remember why you shouldn’t buy those really cool shades you’ve been eyeing off.

Take a minute to think about what you’re saving for. Since retirement is probably a while down the road, what other things are important to you? The goal might be as simple as buying school books, or as exciting as finally organising that once-in-a-lifetime trip to Europe. Whatever your goal, use it to develop a daily or weekly savings target. Something like $20 a week is a great place to start and once you find that easy, up the amount. If you’re stuck on what goals you should work towards here are 10 end goals that’ll make you want to budget.

Take advantage of student discounts

Whether you are going to the movies, booking flights, getting a haircut or even servicing your car, there is bound to be a student discount available – you just have to get into the habit of making sure you look. Check out The Student Edge deals, a great site which constantly updates their range of discounts available to students.

Be smart with the study must-haves

Be strategic when it comes to finding your study materials. Before dropping the big bucks on a brand new textbook, visit your online uni textbook exchange or check the school bookstore for a second hand section. And once you’re done with the books, make sure to sell them as soon as possible, this will help you avoid being stuck with a bunch of outdated materials.

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You might also be looking to upgrade your laptop. While free use of the library computers is great, having access to your own computer during busy periods of study can be a life saver. If having to outlay a lot of money at the start of the year for all these study materials starts to become overwhelming, there’s support available. The No Interest Loans Scheme (NILS) can be used to purchase important items like your school books and a laptop. NILS is affordable, with no fees, charges or interest.

Say goodbye to online shopping

No, I’m not joking. If you’re the type of person who ends up with four pairs of shoes, two evening dresses, a new paperweight and an ornamental pony in your shopping cart after 30 minutes of browsing, I suggest taking a break from shopping online.

Not only will you save money, you’ll also cut down on the pile of dud purchases sitting at the bottom of your wardrobe that you have no intention of returning.

Free university services

While services differ between universities, most are likely to offer free help and advice, including; money management, legal advice, health services, moving out of home support, scholarships, childcare and travel.

If you’re going to finally book that overseas adventure, make sure to check out any student discounts available through travel agents associated with the university. If you’re curious about what scholarships or funding may be available to you through the university, make sure to head to your student services hub, these people are there to help and can potentially save you a lot of money.

Why not try one of these tips for a month and see how much money you save? Saving as a student is all about balance and it’s important to remember that the best thing you can do is start making some small changes today. You might not be able to buy a Faberge egg by Christmas but every little bit counts when it comes to saving money.


Ally Gallagher-Fox is a communications student, intern and writer from Melbourne. When she’s not busy fawning over stranger’s dogs, she’s reading, procrastinating or hunting down fried food. You can follow her on social media @allyfox_