The Iglu Guide | Blog
Budgeting basics: 9 ways to stretch your money without missing out
Studying in Australia is an exciting time of life, with new experiences, friends and adventures on every corner. And if there’s one thing students have in common, it’s a budget. Living on a budget doesn’t mean saying No to everything fun, it’s about managing your money in a way that lets you enjoy life to the max, without the stress of running short. In fact, budgeting actually takes away the stress of worrying because it’s about finding ways to make your money work harder and smarter. The challenge is to rethink your budget as something that gives you control, rather than limits, and use it as a tool to unlock opportunity. Here’s 9 ways to stretch out your budget so that FOMO doesn’t stand a chance.
1. Know what you need
Making a budget means understanding everything you’re going to spend on during your year in Australia. Start with the big ticket items such as tuition fees, accommodation options and utility costs, before moving on to study essentials such as tech and books before finishing with everyday expenses such as transport, groceries, social and personal care. Save some space for impromptu activities such as the movies, travel or leisure activities. Compare this list to your income – whether that’s from family support, part time work or savings. This will give you a clear picture or how far your money is going to stretch, where you can make adjustments – and what you’ve got left to play with.
2. Track your spending
This is one of the simplest and most effective ways to stay on top of your budget, and make sure your money is going to go the extra mile. There are plenty of free apps available to help you stay on track, but you’re likely to find that your banking app has a built-in budgeting tool which is just as good. Looking back at what you’ve spent is never easy, but it makes you accountable for your actions, and that’s a lesson to take well into the future. It’s also a good way to spot small leaks (like too many matchas), before they start to get out of control.
3. Have a contingency
Whether it’s Sydney, Melbourne or Brisbane, city living doesn’t come cheap – even for students. But that’s not to say you have to miss out, you just have to be organised! At the start of your budgeting, think beyond your week-to week spending and plan for some extras. That way, when something exciting comes around such as a festival or event, you know you’ve got some reserves to play with. It also prevents any surprise bills upsetting the system.
4. Don’t miss out
Many students use the 70/20/10 simple budgeting approach. This method keeps your priorities covered while making space for enjoyment.
- 70% essentials – this is your must-haves such as rent, utilities, transport, food, phone bills and study costs such as books, stationary and tech
- 20% lifestyle – use this for social events, dining out, travel and future fun
- 10% guilt-free fun – think coffee catch-ups, nights out, impromptu weekends or set aside as an emergency buffer
5. Use your student discounts
Students are fairly well catered for when it comes to accessing discounts, and if you haven’t heard of UNiDAYS or Student Beans, you’re definitely missing out! The first step is to organise some student ID such as the International Student Identity Card. This will give you access to thousands of discounts from clothing and travel to entertainment and fitness. Simply asking the question in restaurants can save you heaps of money across the year. And even the larger brands such as Apple, Microsoft and Spotify have started offering discounted student goods.
6. Socialise your meals
Eating out every day gets expensive fast, but that doesn’t mean living on instant noodles and chips. Cooking with flatmates is a fun way to eat on the cheap. Combining resources and meal prepping together can save money and introduce you to new cuisines. Keep an eye out for free events at your student accommodation.
7. Get around for free
Transport is one of the biggest costs for students. As a minimum, make sure you have a student concession card but try and make the most of the free options available. Cycling is a cheap and healthy option that will save you plenty of dollars over a sunny semester – and a great way to take advantage of the fantastic cycleways. If you’re lucky enough to live centrally, it’s usually easier – and cheaper – to walk. Your body will thank you!
8. Make your job work for you
If you’re planning on working part-time, think about jobs that might offer extra benefits such as hospitality roles with free meals, or retail jobs with hefty discounts. These little extras are a great way to stretch out your budget, and really get the most out of your wages.
9. Ask for support
Budgeting can sometimes feel overwhelming. Many universities have financial advisors or student services that can help get you back on track. Talking it through with other students is an opportunity to share some practical tips — and a good reminder that everyone is figuring it out together.
By planning ahead, tracking spending, and making the most of student perks, you’ll stretch your money further and have plenty of fun along the way!
