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Thanks to fellow S&S reader, Rebecca, for these tips on saving money as a student.

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5 Saving Tips for Students

The student life can be intense with never-ending assignments, lots of classes, and of course, the growing social activities. There is usually not a whole lot of time to work, which means you are not making much money. On top of that, you start having more bills and financial responsibilities.

Sometimes it can be hard to keep track of how much you are spending, especially when you just pay-pass with your card, but before you know it, you have eaten up your whole paycheck. University is a time where you need to start budgeting to make the money you do have go further, so here are our top saving tips to get you started.

1. Spending Diary

You are most likely thinking *yawn*, however, budgeting is quite important. Setting an allowance for yourself and keeping track of what you are spending too much on is the first step to saving. If you keep a spending diary as Westpac suggests, you can ensure you are not eating through your paycheck too quickly.

Some ideas to tackle saving include making a list of groceries before you go out, setting aside an emergency fund, and planning ahead for incoming bills within the diary, which all can be useful. It will take only a few minutes of your day to keep it sorted and updated, and actually keep an eye on your account by downloading your banking application on your phone.

2. Do not buy Textbooks

Commonly, you will have three to four subjects per semester and a number of very expensive textbooks for each. However, a semester is only around thirteen weeks, and logically, it just is not worth spending thousands of dollars on textbooks throughout your university degree when you barely touch them.

In reality, you will usually get halfway through the semester and realise the lecture notes are exactly from the textbook and you have a closed book exam. Start looking at ebooks if you believe the textbook information is essential for you to complete your university work, as these are around half the price of a hardcopy.

If you really need to fork out money for a hardcopy textbook, which usually only occurs if you have an open book exam, sites like StudentVIP or Facebook are great for buying books secondhand. And try to keep your textbooks in good condition as when you are finished with it, you can use those same sites to resell them in order to receive some of your dollars back.

3. Think before you buy food

There seems to be an obsession with all the restaurants and cafes around the university campus, but you really do not need that overpriced avo and poached eggs on toast. If you are someone who is always buying food at university, this can create a huge hole in your wallet.

Often, there are microwaves around campus available for you to heat up pre-prepared food from home. Make an extra serving of dinner from the night before to take with you, or try looking up quick 15 minute recipes online for you to make and pack for the week. It does not mean you have to cut everything out! If that coffee before your weekly early class gets you through the day, you do not have to say goodbye, however, you should try to cut down in general on your impulse food expenses.

Another thing to remember is that a lot of places around campus will have student discounts also, so find out about them and take advantage when you do decide to have a meal out with friends.

4. Rent with a Roommate

If you are someone who has moved out to live near a university, chances are rent is a huge part of your expenses. To save, always opt for the rooms with roommates in order to split the costs.

University is definitely an opportunity to make lifelong friends, and roommates are a great place to start. Learning to live with someone who is not part of your family can be difficult at first, but in the long run, it can be beneficial for both your social skills and for your bank account. You can also bulk buy items to split with roommates which can save you money in the long run, as well as share cooking and cleaning responsibilities which enables you to have more time for work and university studies.

5. Decrease Subscriptions

Netflix, Stan, gym, phone, Spotify… the list goes on and on. By decreasing your subscription costs, you can more easily save money as a university student.

Use your friends to go halves on your Netflix bill, and perhaps look into other ways to exercise than joining a gym. You could try Youtube for at-home workouts, going for walks with friends, or simply choose a gym that you know has a large student discount.

It is also useful to shop around for new phone plans and steer away from the largest brands, as often, there are cheaper plans that use the same phone networks. This is another area where you can look out for your university discounts, such as saving through UNIDAYS on software subscriptions, as well as clothing, food and technology.

In summary, the student budget can be tight, so try to maximise your paycheck by being aware of student discounts, saving on food and keeping track of your finances. Being savvy about your expenses now can assist you in easily meeting your bills, and avoiding that feeling guilty when you do go out with friends. Eventually, you can even start saving for future activities such as investments or a holiday.