Easy ways to save while studying

It can feel like a juggling act when it comes to balancing your income and expenses while studying. And with 58% of Australian students reported to be worried about their finances, making the most of your money can ensure there’s more time to focus on learning as opposed to finances.

Try these tips for making your dollar stretch further during your study years.

Find a scholarship

Receiving a scholarship is one way to keep study-related costs down. Funds often included with a scholarship can go towards tuition, living costs, travel, textbooks and equipment. Scout scholarships through your university, local community or non-profit groups.

Teachers Mutual Bank supports the teachers of tomorrow with the Future Teachers Scholarship. It provides $5,000 in financial assistance to selected university students studying to become teachers.

Know your support allowances

Are you eligible for a government funded student allowance? Government study assistance is available through various avenues including:

Youth Allowance: financial help if you’re 24 years old or younger and a student or Australian Apprentice, or if you’re 21 or younger and looking for work.

Austudy: a helping hand if you’re 25 years or older and studying or an Australian Apprentice.

ABSTUDY: support for Aboriginal or Torres Strait Islander students or apprentices.

You may also be eligible for discounted public transport, rent assistance, and cheaper health care and medicine.

Save on textbooks

The cost of textbooks has risen 15-fold since 1970 due to increased demand of set course texts and a monopoly of the industry by a handful of publishers.

Check online for new and second-hand textbooks from sites such as eBay, Booktopia and StudentVIP. Keep in touch with student associations that often organise buy/sell textbook days or advertise second-hand books on noticeboards or forums.

Create a budget

The key to making your budget successful is to keep it realistic, and make sure there’s wriggle room for unexpected financial bumps. You’ll want to analyse your needs and wants against your income, and regularly review. Free budget planners and trackers can get you started.

Keep in mind cutting all the fun from a budget can make it tricky to sustain. Instead, find simple ways to reduce costs without sacrificing the things you love.

Easy ideas to help you find better balance in your budget include:

• Enjoying your coffee at home in the mornings instead of your regular visit to the local café.
• Swapping supermarket visits for a trip to the local farmers market.
• Catching up with friends with little expense. For example, host a regular movie night at home instead of heading out for pricy meals and drinks.

Shop with student benefits

Never miss a discount by keeping your student ID on you when you’re out and about. Clothing and laptops are a few items you can save on with a flash of your student ID. Register with discount sites such as UNiDAYS and Student Edge to keep shopping costs down.

Share to save

Splitting living expenses with reliable housemates may help your money go further if you’re out of home. Find ways to share costs, for example, do a weekly grocery shop with your housemates so you don’t end up with three packs of the same laundry detergent.

It’s healthier and often cheaper to buy fresh food rather than processed food. Consider meal planning for a week with your housemates to see if it’s better on your hip pocket to buy and cook together as a group rather than separately.

Minimise indulgences

Consider a smart balance of essentials and non-essentials when it comes to looking for ways to save. Gym memberships aren’t an essential; instead, look to the outdoors for your natural gym. Walking and running are inexpensive activities, and heading out with soccer ball to the local park with friends is a cheap way to work up a sweat.

Audit your electronic devices to find more ways to save. Do you need both a Google Drive and Drobox? Is it as convenient for you to drop into the University library and borrow a book as it is to buy and download? Reassess your subscriptions to find a few extra dollars.

Working more to financially support yourself during University isn’t the right option for everyone. But with a few savings tips and helpful advice, finding financial ease may be achievable.