The Iglu Guide | Blog
How to live on a student budget
Living on a student budget is a challenge all students face when they begin their university years. The good news is that learning how to budget as a student is a skill that will help you well beyond university. With a few smart habits and a bit of planning, it’s possible to manage your money while still enjoying student life. Here are some simple ways to make your student budget go further.
Understand how much money you have
The most important part about living on a budget is understanding exactly what you have to spend. Start by listing your monthly income, which might include:
- Part-time work
- Financial support from family
- Scholarships or student allowances
- Savings
Next, write down your regular expenses, such as:
- Personal items
- Rent or accommodation
- Groceries
- Transport
- Phone bills
- Study supplies
- Personal items
Understanding where your money goes is especially important if you’re studying in larger cities like Sydney, Melbourne or Brisbane, where the cost of living can vary depending on lifestyle and location. Having a clear budget helps you see where you might be able to cut back and make your money stretch further.
Once you know what’s coming in and going out, you’ll see how much is left for social activities and extra spending. If there is a shortfall, one of the columns has to change. Either improve the income, or curb the spending.
Shop smarter for groceries
Supermarket shopping can be a real drain on the budget, but we all need to eat. And that hair won’t wash itself. So think about how you can shop smarter with your money. A few simple strategies include:
- Buying home brand products, which are usually much cheaper than name brands
- Looking for weekly specials and discount offers
- Shopping with a list to avoid impulse purchases
- Buying staple foods like rice, pasta or oats in larger quantities
- Visiting local produce markets, where fresh fruit and vegetables are often cheaper than supermarkets
Shopping at neighbourhood markets can be a great way to find seasonal produce at lower prices, and many cities have weekly markets that are popular with students. Focus on the products you really need – rather than the ones you may want. Don’t get distracted by a good price if it’s not something you actually require. If you live with friends or roommates, consider splitting the cost of shared items like cooking oil, spices or cleaning products. Small savings each week can add up quickly over the semester.
Cook at home and plan your meals
There are plenty of ways to help keep the budget in check when it comes to eating. Instead of splurging at the university canteen, or feeling tempted by the delicious looking (and expensive) cafés you pass on your travels, try packing your own lunch to take to uni. It’s a great way to use up leftovers – and also helps keep your healthy eating plan firmly on track. You’ll savour meals out so much more when they become a treat rather than a habit.
When it comes to cooking, make a big batch that you can freeze for future use. Not only will you save money on ingredients, you’ll have meals ready to go ahead of time. Embrace the plant-based movement and save even more money by reducing your meat intake.
This all doesn’t mean you have to give up eating out entirely. Cities like Sydney and Brisbane have plenty of affordable student-friendly food spots and cheap eats if you know where to look. Saving meals out for an occasional treat can help keep your weekly budget under control.
Look for free or low-cost activities
Social activities are an important part of the student experience, but they don’t always need to be expensive. Whether you’re planning to study in Sydney, Melbourne or Brisbane, you’ll find many free or low-cost activities for students, such as:
- Local festivals and community events
- Free museum or gallery entry days
- Outdoor movie nights
- Parks, beaches and walking trails
Universities and student accommodation communities like Iglu also regularly organise free social events, which can be a great way to meet people while staying within your budget. At Iglu, the events program runs throughout the year and includes a mix of social, creative and wellbeing activities – from relaxed arts and craft sessions to group fitness, cultural outings and food-focused experiences. It’s a simple way for students to connect with others, try something new and enjoy student life without spending extra money.
Consider a part-time job
If your budget is still tight, a part-time job can help cover everyday expenses. Many students work a few shifts each week in hospitality, retail or campus jobs. International students in Australia are also allowed to work limited hours during the academic term, which can help support living costs. Before taking on extra work, make sure your schedule still allows enough time for study, rest and social activities.
Stay on your toes
Transport can be another regular expense, especially in large cities. Avoid unnecessary transport costs by walking or cycling wherever you can. Most cities have comprehensive cycle ways that help you to easily get around, so it will literally pay to have a bike at your disposal. Exploring the city on foot not only helps you get to know the area like the back of your hand, it doubles up as your daily exercise fix. That’s a win-win for both body and budget. Many cities also offer student discounts on public transport, which can significantly reduce travel costs.
Building smart money habits as a student
Learning how to manage a student budget takes time, but small changes can make a big difference. Tracking your spending, cooking at home, and finding free activities are all simple ways to stretch your money further.
With the right approach, you can enjoy university life while building financial habits that will benefit you long after graduation.
Frequently asked questions
How much money does a university student need per week in Australia?
Student living costs vary depending on the city and lifestyle, with larger cities like Sydney and Melbourne typically more expensive than places like Brisbane. As a general guide, students may spend around $350 to $600 per week, covering accommodation, groceries, transport, phone bills and personal expenses.
What are the easiest ways for students to save money?
Students can save money by cooking meals at home, using student discounts, buying groceries on sale, and choosing free or low-cost activities. Tracking spending and planning purchases ahead of time also helps prevent overspending.
Is it possible to work while studying at university?
Many university students take on part-time work to help cover living expenses. Flexible roles in retail, hospitality or campus jobs are common because they can fit around class schedules. International students in Australia can also work limited hours during the academic term.
Why is budgeting important for students?
Budgeting helps students understand where their money goes and ensures they can cover essential expenses like accommodation, food and transport. Developing budgeting habits during university can also build strong financial skills for the future.
What are common expenses students should include in a budget?
A student budget should include rent or accommodation, groceries, transport, phone bills, study materials, personal items and social spending. Planning for both essential costs and occasional expenses makes it easier to manage money throughout the semester.
