Ten tips for cost-conscious students

Inflation hasn’t made it easy for students, but there are still ways to get ahead if you’re studying. These ideas may help.

As costs spiral across the country, students are feeling the pinch. Thankfully, there are several different ways to cut down on spending and save money while studying.

Here are a few starting points.

1. Supercharge your savings in an under-30s account

If you’ve managed to build a regular savings habit in your early years, you should be rewarded. Police Bank has a special account for people under the age of 30 to incentivise saving. The U30 SUPER CHARGE account pays 5 per cent interest on balances up to $10,000, but allows you to have three accounts. In other words, you can save up to $30,000 spread across three accounts in total, while still receiving the maximum monthly interest. You won’t be charged any fees, either. (General Terms & Conditions. Terms, conditions, fees and charges apply).

2. Think about paying down study debt

If you’ve got a HECS or HELP loan from the Government to fund your study, the amount you’ll have to repay is about to rise. An indexation rate of 7.1 per cent will be applied from June 1 this year. If possible, paying down debt now could help to avoid the maximum sting.

3. Buy secondhand

Instead of dishing out for brand new books, furniture or appliances, consider what you can find in the pre-loved market. You may be able to score some barely-used products at a fraction of the price.

4. Use student discounts

As a student, you’re likely to be eligible for discounts on everything from computers and software to transport and food. Apps like UNiDAYS and Student Beans list discounts on offer. Don’t forget to make sure you have a valid student ID ready.   

5. Pool resources, where possible

If you can’t afford to buy, think about swapping or sharing (within the rules!) Things like sharing a car with housemates, rotating books between a group, and chipping in to bulk buy food may go a long way towards lowering costs.

6. Explore student facilities and services

Most universities, TAFEs and private institutions have various facilities available for student use for free or at a discounted cost. These include study rooms, gyms, healthcare facilities, counsellors and childcare. Speak to your study institution to find out more.

7. Pre-plan your meals

If you want to stay within a strict budget, planning ahead is a top strategy. Not only do you avoid overspending on cafes and delivery services, but you can work out exactly how much you’ll need to put away on a regular basis for your planned meals.

8. Cut subscriptions

In a digital age, it’s easy to rack up numerous subscriptions to TV, music and audiobook streaming platforms. If you have several though, they can quickly add up. Consider cutting down to one or two or switching to the more basic offering for each platform. 

9. Eat homecooked with family or friends

If you want to maintain an active student social life, but can’t afford the big nights at pubs, think about planning homecooked meals and drinks with your friends and family. It could mean a weekly meal with your parents, a weeknight meal at a friend’s place and another with a sibling. Even if you’re catering, you’re likely to come out ahead, when compared to a night on the town.

10. Investigate ways to earn money on the side

If your study schedule allows you to work part-time, think about getting a job that fits around your student life. The flexibility of the gig economy means there are also more on-demand roles for quieter parts of the semester, such as study breaks. Ideas include driving or delivering or selling homemade products at a market.