Set a budget
Having a budget is a fantastic way to manage your money effectively. If you haven’t got one yet, using a tool like the Fudget app or the Moneysmart budget planner is an excellent way to get started.
To create a budget, compare your income to your expenses, both fixed (costs that are the same every time, such as rent) and variable (costs that are different every time, such as groceries). Everyone’s budget will look different depending on these circumstances. For example, someone who earns $2,000 per month will have a higher spending cap than someone who earns $500 per month.
A popular budgeting style is known as the 50-30-20 rule. Under this approach, 50% of your money goes towards needs (e.g. rent, groceries, course fees), 30% towards wants (e.g. subscriptions, dining out) and 20% towards savings (e.g. for unexpected costs).
Cook at home and avoid buying take-out
While there are plenty of cheap eats in Melbourne, cooking at home as much as possible is an excellent way to save.
To save even more, take advantage of apps like Frugl, which help you to compare prices and products from major supermarket chains. Alternatively, try shopping at local markets, such as the Queen Victoria Market, or discount grocers, like Cheaper Buy Miles.
Even when you do dine out, you don’t need to spend much to get a tasty meal. Check out the best cheap eats in Melbourne here.
Tips on how to reduce your food bill
View Transcript
[Inspiring music, visuals of speaker talking to camera followed by a montage of shots at Queen Victoria Market showing fresh vegetables and fruits, weighing scales]
Speaker 1: Here are some tips to save money on groceries.
First, buy healthy. Buy green, be healthy, eat fresh.
Second, buy seasonally. That will save you lots of money as seasonal fruits are cheaper.
Third, visit your local council websites to see where are the community markets where you can buy for cheaper prices.
[Visuals of student taking a photo of the Queen Victoria Market with Merry Christmas wreath, fruit and vegetable market stalls]
[On-screen logo]
Study Melbourne Victoria, Australia
[End transcript]
Shop at Asian grocery stores
Melbourne is a vibrant and multicultural city, which is why it’s no surprise you can find lots of amazing Asian grocery stores in almost every suburb.
Not only are Asian grocers a great place to purchase imported goods and snacks, they are often cheaper than the large supermarket chains. Asian supermarkets are also excellent for buying condiments, fresh produce and dry goods like rice and noodles.
Live in a sharehouse
Accommodation is usually the biggest expense in a student’s budget, so saving on rent is a fantastic way to save.
When it comes to living in Melbourne, sharing a house with others is usually the most affordable option. In a sharehouse, each person has their own private bedroom and pays a portion of the overall rent. You are then likely to share common areas, such as bathrooms, living rooms and kitchens.
Not only does choosing shared accommodation help you to save on rent, but can also split other expenses with your roommates like utilities and other household costs .
Buy an International Student Travel Pass
Public transport is another big expense for students, so why not save with an International Student Travel Pass?
Available for 90 days, 180 days and 365 days, a travel pass could save you up to 50% on public transport fares. State wide passes can be purchased so you can travel across Victoria for the same price as within Melbourne.
View Transcript
[Two students walking undercover at Flinder's Street Station.]
Speaker 1: Did you know that undergraduate International students can get a discount on their Myki cards?
[Students walking through the barriers into Flinder's Street Station using their Myki passes]
Speaker 2: Yes that's the international student travel pass [Speaker outdoors with Yarra River in background]
Speaker 1: So how is it different to the Myki card that everyone else uses in Victoria? [Speaker with grey Myki card on screen, followed by International Student Myki with space for name and photo]
Speaker 2: It's very different, this card has your name and your picture on the back of it and you can get a 50% discount on the Myki card for either 90 day 180 day or for the whole year.
[Students waiting to board a tram, text on screen: 50% discount, 90 days, 180 days, one year.]
Speaker 2: If you want the card go to the PTV website and check if your institution is a participant of the program.
[Students speaking outdoors on the river, buildings at Southbank in the background, website link on screen: ptv.vic.gov.au/internationalstudents, Study Melbourne Australia logo]
Get a part-time job
Finding a part-time job is a great way to boost your income and support yourself throughout your studies.
International students who hold a student visa are allowed to work up to 48 hours per fortnight during the semester. You can also work unlimited hours over holidays and breaks to save up some extra money.
Working during your studies can also help you to build on your experience and professional contacts, which could make it easier to launch your career when you’ve finished your degree.
Browse Study Melbourne’s events and connect with the Study Melbourne Hub for activities, tips and advice about finding work.
Shop at closing time
Another tip for saving money on food is to visit supermarkets and food markets just before they close.
Many stores offer discounts on fresh products, including baked goods, fruit, vegetables, meat and other perishables, towards the end of the day.
This means you can often find a bargain by doing your shopping just a little later!
Discount movie and event tickets
Living on a budget doesn’t mean you have to miss out on fun and entertainment. Melbourne is full of excellent cinemas, many of which offer discounted tickets on special nights of the week. The city also has a calendar of free events. Check out the What’s on in Melbourne page and subscribe to our newsletter for ideas.
Look for student discounts.
Don’t forget that your student card gives you access to a wide range of discounts on public transport, movie tickets, retail shopping and much more.
Also, check out student discount sites like UniDAYS for additional deals and discounts. For example, StudentEdge gives you access to $12.50 tickets to Melbourne Central Cinema from Mondays to Thursdays.
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