Back at uni? Do away with the poor student clichés with these money making and money saving tips
Students aren’t exactly known for rolling in cash, but by following these simple tips to start saving money at university you can make the most of what you’ve got.
Get a part-time job
This might seem obvious, but part-time jobs aren’t what they used to be. Sure, you could take on regular shifts at a shop or café, or look for work tutoring or babysitting, but you could also think outside the box for ways you can use your skills to make money.
If you’re a talented photographer, sell your images, or you may be able earn money from the comfort of your own home (or dorm room) by filling out online surveys or reviewing websites and apps. Technology has made the transfer of goods and services easier than ever before.
Similarly, the share economy has opened up a world of employment opportunities, through companies like Airtasker, Freelancer or Fiverr.
Take advantage of freebies and cheapies
If you can be flexible on times, students can access cheap movie tickets, and last-minute tickets to theater previews, and other performances.
You can also enjoy cut-price meals by taking advantage of specials and 2-for-1 offers - particularly early in the week – or by eating at restaurants run by catering and hospitality training schools. Similarly, getting your hair cut and coloured by hairdressing trainees can save you a fortune on expensive hair maintenance.
Tap into your student union as they often have details of discounts available to students and be sure to use your student concession card when you can and always ask if you’re eligible for a student discount.
Other ideas to save include shopping for clothes and household goods at op shops or on sale, exercising in nature instead of joining a gym, taking a BYO water bottle to refill for free on the go and investing in a BYO coffee cup - and seeking out cafes which offer a discount for its reuse.
Learn to cook
Shopping for food, cooking and eating at home is a great way to save money. If you don’t know how to cook, try to learn enough to cover at least a few basic dishes (try YouTube for how-to videos).
To ensure you don’t overspend thanks to the overwhelming choices in the supermarket aisles, take a list and stick to it, or shop online.
For cheaper groceries, try no-name brands or buy in bulk, and track down your local produce market for cheap and fresh fruit and veggies.
Use public transport
Running a car is an expensive business – not just in the initial outlay but in petrol, registration maintenance, and insurance costs. Think carefully about whether you really need one, or if you can get where you need to go by walking, cycling or public transport – or a combination of these.
If you really do need a car, consider whether you can also use it to generate an income, such as becoming an Uber driver, but be sure to research potential income streams thoroughly as there may be additional costs involved on things such as insurance.
Plan your finances
Regardless of whether you have a little money or a lot, it’s what you do with it that really matters. To make the most of what you have, set yourself a budget and stick to it.
If you’re not sure what you’re spending your money on in the first place there are many apps that can help you track and manage your money easily, including the My AMP app, available on android and the app store. If you’re an AMP customer, you can use the money manager feature to add all your AMP and non-AMP accounts to the app, see where your money goes, and use this information to create a budget.
Other smart money tips include not making impulse purchases, and setting aside money for bills, rent and food as soon as you’re paid. You could also think about setting some cash aside into a high interest account, like the AMP Saver Bank Account, so it’s working a bit harder.
And if you have a credit card, leave it at home when shopping so you only spend what you have and save it for true emergencies (and no, a pair of shoes on sale does not count). If you do have to pay for something on credit, prioritise this debt and pay it off as soon as you can.
More ideas
If you’re looking for more ways to maximise your money while studying, you could consider the following:
- Studying close to home to enable you to continue living at home and save big money on rent.
- Studying part-time and working full-time rather than vice versa.
- Checking whether you’re eligible for any government subsidies.
Great savings with our award winning AMP Saver Account
Combatting social inequality through a love of food and culture
Shaun Christie-David, Founder and CEO of Plate it Forward and 2020 AMP Foundation Tomorrow Maker awardee, shared his inspiring journey from banking to running a social enterprise. Through his love for food and commitment to breaking the cycle of inequality, Shaun has created a movement that exceeds the culinary realm. Plate it Forward, which started with Colombo Social, has grown to include multiple ventures. Shaun's story is a testament to resilience, cultural exchange, and the power of community support. Read more3 ways to make the most of your tax cut
Boost your borrowing, pay off more of the mortgage or tip into super – the choice is yours. Read more7 ways to save this Father's Day
Let's be real, when it comes to buying presents for your Dad on Father’s Day, some gifts and experiences are going to set you back a fair bit. So here's some tips on how to let Dad know you love him, without breaking the bank. Read moreWhat you need to know
This information is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life). It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions, available by calling 13 30 30, before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.
All banking products are issued by AMP Bank Limited ABN 15 081 596 009, AFSL and Australian Credit Licence 234517.
All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.
The information on this page was current on the date the page was published. As a result of changes to the business from time to time, including changes to product, product issuer, services, trust, trustees and other entities, the information may no longer be current. For up to date information, we refer you to the relevant product disclosure statement and product updates.