How to save money on a student’s budget

Last Updated July 14 2022

The broke student stereotypes exist for a reason: saving money on a student budget can be tough. Between hard-to-heat flats and trying to eat nutritious meals, it’s tricky to keep costs down when you’re studying. We asked some savvy students for their top tips to keep the bills under control while still living well while you’re studying.

Get financially savvy 

Make a budget: okay, it’s not the most thrilling topic, but making a budget and sticking to it is one of the most effective ways to save money. Have a read of our guide, budgeting basics for students, to find out how a budget could keep you on track. 

Check with your bank: some banks offer student accounts that have lower fees or interest-free overdrafts. While these can save you a bit of money, make sure you understand the terms and conditions and check the fine print for anything that might catch you out, like big fees for unplanned overdrafts. Our guide to how to be debt free can help you stay on top of debts too. 

Look after yourself: studying can be stressful, and doing it while on a tight budget can feel a bit overwhelming sometimes. Getting on top of your financial stress will help you perform at your best, so check out our tips from registered clinical psychologist Dr Allanah Casey on dealing with financial worries as a student. 

Plan for the future: if you end up with a little bit of extra cash while you’re studying, there are a few ways you can make the most of it and build better money habits. Check out our money tips to help students get a headstart. 

Smarter splits: sharing flat expenses can get complicated, and it can be awkward to remind the flatties that they still haven’t transferred you money for last month’s power bill. The Splitwise App can help you keep track of who owes who. 

Ask MAS: MAS Advisers offer free financial advice for students, so whatever your financial goals are, we can help. 

Staying warm as a student 

Check your providers: power can really add up in winter, especially if your flat is so cold you need to wear a beanie to bed. Go to Powerswitch and see if there's a cheaper power plan than the one you're on. Some power and internet companies offer sign-on bonuses, or your existing provider might be able to offer you a better deal if you ask –  some have incentives if you sign up for a 12-month contract, for example. 

Trap the heat: a lot of heat escapes through windows, and decent curtains will help you stay cosier. Thermal curtains are cheaper than you think, easy to hang, and can make your place much warmer. Draft stop tape costs about $20 a roll, and putting it around your windows and doors could save you heaps too. 

Ditch the fan heater: electric blankets are cheaper to run than fan heaters. Hot water bottles are also a great and cost-effective way to stay warm in bed when the temperature drops. 

Open the oven: after using the oven, leave it open and let the heat flood out and warm your home. 

Saving on transport

Save on insurance: are you getting the best deal on your car insurance? MAS offers competitively priced motor vehicle insurance with low excesses that could work for your student budget. 

Carpool: if you're serious about saving, get the gang to share a ride together. Team up your flatmates and take one car for supermarket trips or to uni rather than all going individually.

Use your car less: the cost of petrol is through the roof, so try to find ways to use your car less often. Walking, biking or scootering will save petrol, and keep you fit too. 

Get Gaspy: if you do need to drive, find the cheapest station to fill up your car with Gaspy, a free app for saving on fuel. Just make sure you don’t need to drive too far to find the cheapest deals, as that could end up costing you more in petrol anyway. 

Eating well on a student budget

Make a meal plan and stick to it: doing a bit of meal planning can help you save money at the supermarket, cut down on waste, and avoid the temptation to order takeaways. Keep a list in your phone of your favourite meals to cook for inspiration while planning the week’s dinners and making your shopping list. 

Shop online: doing your grocery shopping online could help you save some money. You can take the time to plan your shop rather than just throwing things in the trolley, scout around for specials, and cut down on those hangry impulse purchases. 

Keep it seasonal: seasonal fruit and veg are not just cheaper – they’re also more environmentally friendly, as out-of-season produce often needs to be flown in from overseas. Stock up on what’s in season and try using Supercook for inspo on what to cook with them. 

Dine out less: Save those takeaways and meals out for special treats, rather than making them a weekly thing. Next time your friends want to go out for dinner, suggest a potluck at yours instead and show off your cooking prowess.