It can be very tough making your funds last each month until the term ends. To help you get by on whatever income you have here are some useful tips for you to consider:
1. Set A Budget
At the very least, you should have a clear idea of how much money you make each week. Find a comfortable figure that you need to save every week. Then deduct the money you’re willing to spend for leisurely things and activities. Whatever you have left is your weekly budget.
Afterwards, find out how much you need to spend every week. If this happens to be more than your weekly budget, you have a problem!
2. Prepare to Pay For Your Bills
Plan your bill payments to make the most out of your student budget. Mark them on your calendar and save a small amount regularly so you’ll have money to pay bills when they come due.
3. Move Into Cheaper Accommodation
Housing in Australia is usually expensive. If you do own your home, it might not be practical to move. But if you are renting, then you have your share of options to choose from.
Shared housing is usually cheaper than having your own place; or if you already own, consider renting out spare rooms. Living with your parents a little longer might not appeal, but if you get along and the space is free, then it’s a great way to save money on a student budget.
4. Cut Down Your Food Bill
Cooking your own food is an effective way to maximise your student budget. Shop from your local market, buy meat in bulk from the butcher and save even more by cutting down on the times you eat or buy takeaway food.
5. Wear Second Hand Clothes
Aside from underwear, you can buy clothes from op shops to stretch your budget a little more, while still looking fashionable and chic. And don’t sell op shops short; you might not get the same range of styles and sizes you find at clothing stores, but you’ll be amazed at what you can find!
6. Cut Out Smoking And Drinking
Not only are these habits expensive, they’re harmful to your health. Alcohol and tobacco are heavily taxed, making the products extremely expensive. If you’re struggling to make ends meet, cut down or cut out smoking and drinking to save yourself a lot of money each week.
Managing your finances in today’s landscape can be a tricky task. But fortunately, we have some tips that just might be of help.