For international students making their way in Australia, budgeting can represent a significant challenge. Australia is an expensive country by any measure, and the price points for everything from rent to movie tickets can fluctuate considerably between cities and regional centres, and even different providers or outlets.
This how to budget guide is designed to provide budget tips and budgeting advice for students who are calling Australia home throughout their years of study. We will cover everything from regular expenses to the creation of a budget, through to student discounts and budgeting support and tools. Sticking to these guidelines - and sticking to a budget - should alleviate some financial stress and ensure your education experience in Australia is a hugely enjoyable one.
Remember Everyday Student Expenses
The logical starting point when it comes to budgeting advice for students is to make a list of all necessary regular expenses. These will likely include everything from rent and groceries through to transport, bills and sports/exercise. Then there are occasional outlays such as textbooks, entertainment and eating out. In considering how to budget, all of it needs to be factored in. For the majority of these items, there will be smart ways to spend less. Buy your textbooks used, not brand new, for example. If you fancy eating out, do so during happy hour. The important thing here is to ensure your list is comprehensive.
How to Budget for Students in Australia
Maintaining a budget as an international student in Australia can be hard, but there are a few critical budget tips that can avoid it being painful. Soon enough, with the benefit of this excellent how to budget guide and a growing understanding of the environment in which you find yourself, you will likely slip into a comfortable routine. Let’s drill down into some specific budgeting tips for students looking to save.
1. Make a Budget Plan
The first few weeks after touching down in Australia will be both exciting and daunting. Prioritise drawing up a realistic budget to give you a solid foundation from which you can then venture out and have some fun. Write down the one-off costs associated with your arrival, and even all of semester one, and work out how they impact your overall numbers, Once you have a clear idea of both your income and your regular expenses (one of our best budgeting tips is this cost of living calculator), break your figures down into a weekly budget so you can manage it efficiently. Most unis also have a personal portal that details your upcoming fees and expenses. Be across these, so you’re not caught short.
2. Track What You Spend
One of the key pieces of advice when it comes to how to budget for students is to track what you spend. Take a look at your weekly budget, identify the necessities versus the ‘nice to haves’, and then tackle each day with a figure in mind. Review it at week’s end. Did you need the daily coffee, or could that be a treat every second or third day? This is how to budget effectively, and it can be tough, but those small sacrifices do add up.
3. Bills, Bills, and More Bills
The arrival of bills on a regular basis is as inevitable as the arrival of the sun in the morning, so a smart piece of budgeting advice for students is to set aside that money. You might decide to take it directly from your pay and keep it in a ‘bills’ account separate from the money you access every day. Knowing you have tucked that money away (and a little extra if you can manage it, to give you a headstart on those ‘unexpected’ costs) will give you both financial security and peace of mind.
4. Use Public Transport
Public transport in Australia’s capital cities is mostly reliable, and given the expenses of having a car (fuel and maintenance), it is one of our primary budgeting tips. Check out this comprehensive public transport guide for international students. A bike could be a smart investment if you live close enough to your university to ride (add helmet, pump and bike lock to your budget), while it is, of course, free - and great exercise - to walk where feasible.
5. Save on Grocery Shopping
Another crucial piece of budgeting advice for students is to plan and even prepare your dinners at the beginning of the week. A good meal prep on Sunday (freeze portions for repeat dinners) can organise you for most of the week and put you ahead of your budget. For groceries, look at the free-to-join rewards programs many of Australia’s big supermarket chains offer, and take advantage of regular specials for more expensive items such as washing powder.
6. Utilise Student Discount Promotions
While times can sometimes be tough financially for international students in Australia, there is always one benefit you can reliably fall back on - student discounts! Student discounts - or ‘concessions’ - are common in Australia and are great budget tips for students because they can amount to serious savings, particularly with regular costs such as public transport. Many entertainment and dining options also offer concessions for students so keep your eyes open and your budget in mind. Check out Unidays for all manner of items offering great savings.
7. Be Wise and Bring Lunch
Packing a simple lunch is a big winner in our how to budget guide. Eating out is expensive! Factor what you will need for lunches into your grocery shop at the beginning of the week. A sandwich and a fruit snack such as an apple or a banana together with a drink bottle full of water will save you hundreds of dollars a semester.
Open a Student Savings Account
If you’re working while studying or gaining an income by other means, it would be wise to open a student savings account to tuck some money away as you move through your course. Consider it part of how to budget, and a fallback should you need it. There are plenty of options for international students to open Australian savings accounts.
Budgeting Tools for Students
No list of budgeting tips for students is complete without the suggestion of utilising a budget planner. This is a great way to form a detailed outline of your incomings and outgoings. Even if you only use this in the initial weeks of your time in Australia, it will offer you a good sense of where your money is being spent. Take a look at Moneysmart, which is an Australian Government initiative offering useful free tools, tips, and guidance.
Student Support on Budgeting Advice
Should the financial stresses of being an international student become overwhelming, support is at hand. Asking for professional help is a sign of strength, not weakness. For financial support, take a look at these suggestions, while the aforementioned Moneysmart is a great place to access more budgeting advice for students.
Prepare for Your Student Journey
Your time in Australia as an international student should be fun and rewarding. Enjoy yourself with the knowledge that you are well-organised financially. This how to budget guide will have shown you that budgeting your way through your studies is very manageable for international students with the right plan, resources and budgeting tips. Finally, check out the ultimate student checklist for travelling to Australia.
