Melbourne uni students may enjoy some of the best years of their life here, but one thing is for certain, they have to ensure that they are smart with their money. Working during your student years is possible, but given the volume of studying you have to do, it does limit the number of hours which you can work. It is critical that students understand how to budget and where they can save money, and today we are going to explore some tips on how you can make your money stretch further.
No matter what uni you go to, which type of student accommodation you stay in, here are some tips which can help you to get the most from your budget.
Taking Advantage
Most cities around universities have a great deal of infrastructure for students, especially when it comes to saving money. Students need to be aware of these promotions like happy hours in bars, loyalty cards in cafes and where they can use their student discount cards. Taking advantage of this can help students to save on social activities and transport.
Buying Books
Books are a large expense which students have in their first year, which is why you should look to purchase second hand editions. In most cases resources like books are the same year-in and year-out and students from the previous year will look to sell books in order to help them purchase the new ones which they need. This can help you to save a good chunk of money on new reading materials.
Share The Load
No matter what kind of student accommodation you are in, sharing the load with fellow students for items like cleaning products or even monthly bills can really help you to stretch your money further. Speak with your friends or housemates and try and share the cost of as many household items and bills as possible.
Learning to Cook
Cooking your own meals is your ultimate key to saving money, because compared with eating out it is much cheaper. If possible, look to learn how to batch cook, meaning that you can cook a large amount of food which can then be portioned up and frozen for future days. Beyond being convenient, this is a great way to save some cash.
The Formula
A good formula to bear in mind when budgeting is 70/20/10. This indicates that 70% of your monthly outgoings will be on necessary expenses, 20% will go towards any savings or debt and 10% will be dedicated to your social life. If you can spend your money according to this formula you will find that your money is both in control and well managed.
Recycle and Sell
If you have any items which you no longer need, try and find out if you can sell them or get paid to recycle them. For example, if you have an old mobile phone, you may be able to trade it in for cash. This is a great way to give you savings a little boost, and be green as you do it.
These are just some tips which you can bear in mind during your time at university.
