Welcome to the broke-but-brilliant phase of your life! Whether you’re saving for Euro summers, your next overpriced latte, or just trying to not cry at your bank balance, this guide is here to help you stretch every dollar while keeping life (relatively) fun.
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Important Note: If you’re eligible, Centrelink’s Youth Allowance can help support you while you’re studying. It’s not just for textbooks, but also for your rent, groceries, and all the other expenses that come with uni life. Make sure to check out the eligibility criteria—it’s worth applying if you’re in need of some extra cash!
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💸 Know Where Your Money’s Going (Tracking 101)
Pro tip: Ignorance is not bliss when it comes to your bank account!
- Download a budgeting app like Buddy, or even just whip up a Notion finance tracker (highly recommended 😉).
- The 50/30/20 rule works wonders:
- 50% Needs (rent, groceries, transport)
- 30% Wants (coffee, concert tickets, spontaneous shopping sprees)
- 20% Savings (or chipping away at that adulting thing called an emergency fund).
🛒 Clever Grocery Shopping = Chef’s Kiss 🍳
- Meal plan like a boss: Decide on meals before you shop to avoid mid-aisle breakdowns (and impulse snacks).
- Hit the deals: Check Woolies & Coles catalogue specials or grab a UniDays discount for food delivery if you’re splurging.
- Go generic: Store-brand pasta = identical to fancy Italian names, but cheaper.
- Pro move: Split a Costco membership with your mates to stock up on essentials in bulk.
🚫 Avoid Lifestyle Inflation (Without Becoming a Hermit)
- Uni life is not a Netflix show. You don’t need to go out every night. Host movie marathons, dinner parties (BYO everything), or just hit free gigs at places like Fed Square.
- Swap cafés for coffee runs at home — the $5 flat white adds up faster than your econ professor’s lecture slides.
📚 Hustle Smarter, Not Harder
- Side gigs: Look for casual work on campus (the Narrm Scholars Ed Discussion board can help you with this 😉), babysitting, tutoring, or even freelancing online.
- Sell your stuff: Depop, Facebook Marketplace, or Gumtree are perfect for old clothes, books, or tech you don’t use.
- Scholarships: The Narrm Scholarship might already have you sorted, but look out for extra uni awards, bursaries, or grants — there’s always money floating around!
🆓 Free Fun is the Best Kind of Fun
- UniMelb perks: Free BBQs, movie nights, workshops, and student clubs? Yes, please.