Having a bank balance in the red can be a significant source of stress, but it doesn’t have to be that way. Here are some tips on being savvy with your spending and saving:
Find Flexible Employment
Consult university job boards as a first port of call for work. Other online job boards vary in reliability and their roles may require experience you may not have.
Financial Aid and Scholarships
Don’t sacrifice your academic performance for your job. A lot of schools offer financial aid packages that you can apply for to help support your studies. Look online or consult with university counsellors on whether this is a viable option.
It’s also good practice to claim any benefits you are entitled to. Depending on your circumstances, there are means-tested assistance payments and scholarship opportunities that may be available to support you.
Be Money Savvy Where Possible
Minimize convenience store, takeaway and vending machine purchases as they can quickly add up. Purchasing a robust water bottle that’s easy to carry and clean can also help reduce unnecessary single-use water purchases.
Buying in bulk, as well as reducing, reusing, recycling, sharing, and upcycling are easy ways to reduce new purchases. There are also great finds at antique shops, auctions, bargain stores, community markets, and op shops.
Student Discounts
Leverage your student status to claim discounts, freebies, and special offers, but be wary of fraud, investment schemes, scams on online marketplaces, and unusually worded emails, messages, and requests.
Stay Away From Buy Now, Pay Later
Think twice and get expert advice before big purchases, buy-now-pay-later apps, credit cards, and payday loans. These costs can quickly add up and put you in the red before you even realise how much has been spent.
Budgeting Tools
Learn how to use your bank’s budgeting tools and use statements and spreadsheets to keep tabs on your income and spending. The Australian Government’s MoneySmart website also has information how to track your spending, creating a budget and managing your tax. You can download their free budget planner as an Excel spreadsheet.
About the Author
Damian Siderides is a passionate dental health practitioner and medical student dedicated to educating the general public on what being an oral health therapist is all about. In addition to seeing patients, Damian has worked as a clinical educator, mentors new graduates, and volunteers for the professional associations.