How to save money as a university student

Every one of us has to live through student life right? Whether you study in your country or overseas, it’s not easy as you have to take care of everything yourself like a true grown-up.

Most of us are away from home when we enter university, and unless your parents give you a generous amount of money, you have to learn to save.

These are some tips that will help you save money effectively.

1. Find a suitable (and affordable) place to live

It’s easy to find a rental place, there’s hundred of student accomodations listed online, and it’s always good to find a place that you can share with other students or your friends. However, some other factors you need to consider :

• Is it far from your university? A little far is okay, but not too far, cheap is good, but don’t be so cheap! You need to allow yourself sufficient time to travel back and forth, not just for your study, but your part-time job too.
• Is it clean? don’t rent a place that looks like a mess with rubbish, dirt and cracks on the wall. Not good for your wellbeing!
• Does the rent cover any utility? it’s not a deal breaker, but it doesn’t hurt to ask, some landlords are nice enough to cover internet or utilities in your rent.

2. Shop and cook with your housemates/roommates

Obviously we don’t want to eat out everyday because it’s expensive, we need to cook ourself, but it’s even better when we can do it with the people who live with us.

Assuming everyone is easygoing on the food, you can cook some large portions of 2~3 different meals in the weekend, put them in the freezer and eat them in the next 3 days.

It works even when you and your housemate have completely different schedule, one can be in charge of shopping and the other is in charge of cooking.

3. Don’t buy brand new household items

When it comes to furniture and appliances, you don’t have to buy them brand new, they’re quite expensive for students, especially international students.

With websites like Facebook Marketplace, you can buy used items in your local area, and a lot of them come from students like yourselves.

If you live in countries like Australia, you will find from time to time a lot of used items on the footpath, especially in the outer areas, things like sofa, chairs, tables, even monitors and microwaves. Most of them are still in good quality and completely functional! So before you want to buy something, just spend time walking around the neighborhood and you may find more than you need.

But remember, whatever items you find, just take one, always leave one for others!

4. Part-time Job

Nobody wants to just rely on our parent’s money right? Having a part-time job does not only give you money, but also life experience and time management skill. But don’t stick to one place for too long, keep looking for better jobs and once you gained enough experience, just be ready to move.

But sometimes there are exceptions, if you are lucky to have a really nice boss, a friendly workplace and you get good pay rise every year, then definitely stick around.

I highlyn suggest that you find a job that pays you through bank account and comes with super. When you are new it’s ok to earn cash, but eventually having a proper payslip will benefit you in tax return and anything document related later on.

It’s also advantageous to start saving for your retirement so definitely have some super set aside.

5. Don’t work too much

Most international students want to work as much as possible, especially during holiday, to earn money in order to pay for living expense. But you don’t want to push yourself too hard, because remember: your main priority at this stage is to study, not to earn money.

You may not see it now, but if you work too hard you will fall sick and use the money that you earned for doctor’s appointment and medicine. Worse, having a bad health condition will affect your study and it may cost you “good” amount of money for retaking failed subjects.

This is no joke, I saw a friend of mine failing 2 subjects in one semster and paying $3,000 for each. You don’t want that do you?

So, a lot of things to think about right? Student life is sure beautiful but also full of challenges, sometimes it even makes you burst into tears. But believe me, this is the period that you gain valuable experience which will come in handy later in life. Do your best!

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