Budget tips for international students

1. Create a budget

Nothing will help you stay on top of your money like an actual budget. It's as simple as working out your total income (if you have any) and expenses and then setting an appropriate spending plan. As an international student, you're likely to have a lot of specific expenses and potentially not much income, which means creating a budget is even more important.

Once you figure out what you're able to spend each week or month, make sure to track your spending so you know when you're getting close to your limit.

Expert insight: You can use more than one budget approach

"There are many different budgeting methods available, so it's really up to you on which ones resonate well with you. My personal favourites are the 50/30/20 budget and the Pay Yourself First budget, but I use a bit of a combination of both at the same time.

Don't be afraid to use a mix of different budget methods or create your own. It's important to find a budgeting method that works for you and aligns with your current financial situation."

Queenie Tan

Founder, Invest With Queenie

2. Make the most of your discounts

As a student, you can often get discounts on things like transport, gyms, entertainment, food, drinks, museums and many other goods and services.

Your student card or ID should be enough to get you discounts on many of the above, but it's also worth talking directly with your university about any other discounts you might be entitled to.

3. Save on currency conversion

One of the big costs of living abroad as an international student is the fees you have to pay to move and convert money. In order to keep your costs to a minimum, you can use a product like Wise, Revolut or another similar service to convert your currency into Australian dollars with less fees than the big banks.

Ideally, you're also with a bank that offers no internatioanl transaction fees on overseas spending, but otherwise it's worth opening an Australian bank account, converting funds to AUD and using that for your day-to-day spending. Westpac and Commonwealth Bank both offer accounts for new residents, which includes international students.

4. Save on groceries

Like the rest of the world, Australia has experienced relatively high inflation over the last few years, and groceries are no exception.

It's certainly a lot more expensive going to the average Aussie supermarket than it used to be, but you can still save money by being smart.

The two major supermarkets, Coles and Woolworths, offer weekly half-price discounts on a big range of products. This can be a great time to stock up on staples and essentials. ALDI also offers everyday staples like meat, dairy and pantry items for often a cheaper price.

Supermarkets will also heavily reduce the price of items that are about to expire. This means if you leave your supermarket trips to later in the day, you can often grab fresh meat and produce at much cheaper prices.

5. Buy second-hand

This applies to textbooks, furniture, cars and any other necessities you'll need while you're in Australia. If it's big, expensive or something you're unlikely to take home with you when you finish your studies, it's probably worth buying second hand. Facebook Marketplace and Gumtree are the best places to look for second hand deals.

When you do leave, it's also worth trying to sell on your unneeded possessions and recoup some money.

Australia also has a thriving vintage and second-hand clothing scene, which is worth checking out anyway, but can also help you save money on clothing. Australia is a relatively temperate country, which means you can get away with wearing many of the same clothes all year round. There's no need to buy expensive items like big winter coats or other specialised clothing.

6. Get financial support if you need it

Managing your money as an international student can be tough but there are ways to get help. There are services available across Australia that can assist you if you're experiencing financial difficulties or simply struggling to find accomodation or work. Speak to your university to see which services are best positioned to help you out.

Written by

Thomas Stelzer

Journalist

Tom Stelzer is a journalist with 6 years of experience covering personal finance, specialising in investment and cryptocurrency. With a Master of Media Arts and Production and a Bachelor of Communications in Journalism from the University of Technology Sydney, Tom provides expert analysis on digital assets and market trends, helping readers navigate the fast-evolving world of finance. See full bio