Savvy ways to save as a student

Studying at university can be academically and financially challenging as you attempt to navigate life on a student budget. Setting goals early may help avoid a mid-semester crisis that can end in toast dinners and two minute showers. The following tips could help you get on the road to managing your university-sized budget more effectively.

Consider your wheels

One great way to save your pennies is to take advantage of free public transport. Keep any eyes out for free shuttle buses or trams throughout your town. By using public transport you can not only save on petrol, but also save money on parking. If public transport isn’t available, then consider carpooling as an option. Try to find a group of classmates to share the ride with or you may wish to connect with others on carpooling websites that are available in your town.

Cut back on the caffeine

Cutting back the caffeine can be a quick way to save cash. With coffees averaging $3.50 per cup, a coffee a day can potentially cost you up to $450 for the university year. But you don’t have to miss out on the often much needed energy hit; consider bringing your own coffee from home or switching to homemade tea. However, if there is no way you can function without it, you may be able to save money (and the environment) at the coffee shop through using your own mug or reusable cups such as a keep-cup.

No more new textbooks

If you can put up with a little bit of highlighting and won’t miss that ‘new-book’ smell, a great way to save money can be to buy second-hand textbooks. With prices often reaching hundreds of dollars, textbooks can blow out your university budget within the first few weeks. There are many ways to get your hands on used books including book banks, buying off friends, or using dedicated buy and sell websites or through social media. You could also look for e-books online, which is not only environmentally friendly, but can also give you a break from lugging around hefty textbooks.

Every student loves a discount

In light of the struggles of student life, some businesses often lend a helping hand. Businesses within university areas may offer student discounts on food, clothing, transport and even technology. By taking notice of who offers student discounts, or which nights are student nights, you might be able to fast-track your way to your saving goals – just make sure you keep your student identification handy.

Just enjoy the company

Finding new (and less expensive) ways to enjoy time with friends can be another key to saving your cash. Try starting communal meals, where everyone brings a dish to share at dinner, or nominate one friend to be in charge of dinner each week. Not only is it a way to show off your culinary skills but you might also try some new food while you are at it. Old-school movie nights or casual drinks at home are just a couple of the many ways to enjoy yourself when you are in good company.

Learning to manage your finances while at university can be a subject in itself. By saving money in small places, you could enjoy the student lifestyle while still making it to exams with cash in your pocket. IMB’s Kickstart Package¹ has been designed specifically for students. If you would like more information, call IMB on 133 642 or visit your local branch.

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Important Information

1. Kick Start Package comprises an Everyday Unlimited Kick Start account & Reward Saver Kick Start account. The Kick Start Package is available to individuals aged 13-17 and students, trainees and apprentices aged 18-30, studying or training with an organisation recognised by IMB in its absolute discretion. Once a Kick Start Package holder no longer meets the eligibility criteria or fails to provide proof of eligible status, the Everyday Unlimited Kick Start and Reward Saver Kick Start accounts convert to the standard terms and conditions applicable to the Everyday Unlimited and Reward Saver accounts.

Important Information

This article has been prepared by IMB Bank and contains general information only. It is not intended to be relied on as advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal,  financial, taxation or other professional advice before you make any decisions about your business. Consider the relevant Terms and Conditions or Product Disclosure Statement and Target Market Determination available here before deciding whether to acquire any products or services offered by IMB Bank. Lending criteria, terms and conditions, fees and charges apply to IMB loan products.