How To Save When You Are A University Student

I am the first to admit I am not the best at saving money and more than often I blame it on my star sign (how irrational of me). But I have grown up in a day and age of immediate gratification and advertising wherever I go. I am also confronted with social media with even more ads and people boasting about their new purchases! Other aspects that contribute to my spending is being a social butterfly and I am a brand snob when it comes to beauty products!

Unfortunately I have reached a point in my life where I have to be more financially independent, which means I have to be smarter about money. Throughout my various efforts in saving and accumulating more funds, I have stumbled across a few tips that are detailed in this post.


This is such a cliché I know, but it is the best strategy to saving money. Most of us require a plan and goal in life and that is what budgeting will lead to - a plan on how much we can afford to spend each week and an annual savings goal. Maybe for that European holiday?

I have tried so many apps that require me to enter in all my daily expenses but it just gets too difficult and time consuming. Imagine being in a bar and mid-sip you have to enter that expense in your budget app - annoying. Well avoid all that and try using our free online budget calculator that will accumulate all of your weekly, fortnightly and monthly expenses and in-flow of cash to provide you with a picture of your financial situation. The online budget calculator provided by Money Buddy is fantastic because it prompts you about expenses that you may not even remember or consider.

So what can I do with this financial picture? I look at my weekly, fortnightly, monthly and annual surpluses and determine whether I am happy with these figures, or if sacrifices should be made to add more to my savings.

Do take the time to try this out and in no time you will become a natural with your spending and you will know when eating out three times in a week is two times too many!

Savings accounts

After compiling a budget, if you have excess surplus try sacrificing some of your income into a savings account. This is another moneymaking strategy to reward you for your saving.

To illustrate the benefits of a savings account let's say you put aside $40 per week into a savings account, which equates to $2,080 a year. If a savings account offers a headline interest rate of 5.10% per annum, your interest on a principal amount of $2,080 is $106 annually. This $106 can be used to buy another expensive bottle of facial cleanser, that new PlayStation game or to keep in savings. The choice is yours.

Balance transfer credit cards

Now this is for those with credit cards and more particularly, credit cards with unpaid credit balances. If you have obtained a credit card, possibly to fund that European holiday and you have a credit balance left with a crazy interest rate that you cannot afford, here is a tip for you. Try balance transfer credit cards.

Balance transfer credit cards enable you to transfer your existing credit card balance to the new card, so you can make your repayments at a much lower introductory rate, sometimes 0% over a term like 6 or 9 months. However, to make the most of balance transfer credit cards, you have to ensure you pay your balance in full before the expiry date of the introductory rate. So you may be asking, why on earth would banks allow you to transfer your credit to another branch? Well easy, the new branch will pay your creditors on your behalf. So your old creditor wins because they get paid and the new branch wins because they now have a new customer. Easy as pie!

Do not get into a habit of transferring balances; they still will exist unless you take control of them! Pay them off as soon as you can.

Shop online and compare

My final tip for this post is online shopping! We all have the Internet at the touch of our fingertips, so take advantage of that and use it. Use it so you can become more informed and more aware. Try not to buy the first thing you see, shop around and compare pricing and even look for online bargains. Even consult websites such as eBay; you will be surprised of the savings you can gain access to. I buy most of my beauty products via eBay from reliable local sources and save plenty of moolah! It can also be worth taking the time to compare prices of financial products, to ensure you get the right deal.

I hope you can gain something from this blog entry to help you with your money journey. Do not let money rule your life, you take control of your money!

My shortlist

You can shortlist products here & email them later.

No products currently shortlisted.


What are you looking for?

What type of account?

more options > Search Plan

Special offers

Find a mortgage broker

Enter your location to find a professional near you.

home > moneybuddy blog > this article