It’s easy to let your finances slide when you’re at uni, especially if you’ve got a full calendar and limited time to actually get in some paid work, so sometimes it helps to take it back to basics. Our Welfare Officers and UniSQ Bachelor of Communication alumna, Andrea have compiled their top budgeting tips to help you save where you can so that you can spend where you need (and want) to. From bargain hunting at the op-shop to meal-planning and shopping lists, these simple tips will help you save big over time.
1. Create a budget
Budgeting correctly can make the biggest impact when it comes to managing your finances. By breaking down your expenses (and having a realistic look at your spending), you’ll be able to plan in advance how your income is distributed. In Andrea’s case, she factored in everything from hair appointments, car insurance payments, coffees, make up and toiletries, phone bill, gym fees and all her upcoming major events. Budgeting may mean you need to make a few short-term sacrifices (Andrea put a hold on saving for travel until she was earning a better income), but in the end, it will help you reach your goal faster.
2. Plan your weekly meals
Get organised ahead of time by meal-planning for your week ahead – get creative with cheap cuts of meat, pasta or different vegies! And before you hit the shops, remember to write a shopping list - and stick to it!
3. Get everyone involved
Let your friends and family know that you’re trying to save money. Making people aware of your goal will take some of the pressure off when planning and attending social events - and also give you the opportunity to think outside-the-box when it comes to planning inexpensive activities.
4. Needs vs wants
Think before you buy treats, is this a need or a want? Could this money be put towards your goal? Andrea recommends you set up automatic transfers on your pay day, so you know you'll have enough money for the essentials (savings, bills, rent etc). After you've paid for your 'needs', the rest of your money you can spend guilt free on your 'wants'.
5. Refill and reuse
Use a refillable water bottle or fill a thermos with your favourite hot beverage!
6. Think of the big picture
Are you trying to save money for something big? It’ll help keep you motivated. Andrea has a goal of being able to afford to move in with her boyfriend and purchase the furnishings they needed for a cozy and comfortable first home together.
7. Go bargain hunting
Check out op shops for those bargain buys on things like furniture, clothes, white goods and accessories!
8. Ask for help
If your finances do fall apart, it is ok to ask for help! Welfare Officers know what they’re doing and know how to help you. Andrea likes to think about her budget as a financial diet. Learning to appreciate all the things she loves to spend her money on in moderation. 'I'm not starving, but I'm not bingeing either' she said.
For more information and budgeting help, contact the Student Services Welfare Officer at your nearest UniSQ campus or email supportforlearning@unisq.edu.au
