How to manage your money: A guide for uni students

Money is important but so is quality time with your classmates || Credit: Unsplash

It’s no surprise that living in Sydney is expensive, and with the cost of living higher than ever, it can be tricky for university students to decide how to allocate their money wisely. By carefully considering your living expenses, there are ways you can work towards fulfilling your financial goals and beyond. But where do you start?

Part-time, gig or contracted work:

A part-time job during university offers numerous benefits, including attending events, saving money, travelling, and enhancing your overall quality of life while pursuing your studies. Such employment opportunities can allow you to develop valuable communication skills, people skills, and technical expertise.

Many students even explore side hustles alongside their studies, which can prove more lucrative than traditional employment. Possessing a university degree significantly reduces the likelihood of unemployment, opening up the potential for increased income. Graduate jobs are in high demand, with many stable career options now requiring a university degree.

However, it isn’t always easy to get a job. Sometimes, you may need to take gig jobs or work under contract. Good places to look for work include:

Community dinners are a great way to network and save money || Credit: Western Sydney University website


Determining your weekly grocery expenses, disposable income allocation, and budget for dating is essential to effectively manage your finances. Utilising smart budgeting techniques, such as Excel spreadsheets, can greatly assist your savings endeavours. Calculating your incoming income is a valuable step in ensuring financial stability.

The cost of self-improvement is priceless:

Using money for recreational spending can be beneficial when done wisely and when you enjoy it. Wisely allocating funds for recreational purposes, such as networking, investing in personal development courses, and undertaking self-initiated projects, can enable you to be productive while rejuvenating yourself. By honing skills that you are passionate about, you gain the potential to turn your hobbies into lifelong pursuits.

Make sure to allocate time for self-improvement || Credit: Unsplash

Have an occasional splurge:

Dedicating time to rest and relax with friends is vital to maintaining good health. Avoiding excessive work and taking the time to unwind at home enables you to achieve a well-balanced lifestyle and be mindful of your expenditures. This practice can benefit your overall well-being and financial health, as it allows you to reflect on and gain insight into how you allocate your time.

Say it with me: Freebies!

Take advantage of free dinners, community gatherings, or cultural and religious events, which can prove to be valuable. These options offer cost-effective alternatives to tapping into your savings. Plus, while at university community dinners, you’ll have the chance to network with diverse people. It’s even possible that you may encounter someone who can provide you with potential job opportunities!

It’s still important to have fun and socialise! || Credit: Western Sydney University website

Scholarships and government assistance:

At Western Sydney University (WSU), many scholarships and grants are available for university students for many circumstances. Several scholarships can cater to your needs if you are struggling with your living circumstances, have an outstanding academic performance, or potentially come from a culturally and linguistically diverse background.

Investing in your education gives you the ability to improve your career. It gives you better options for future employers, and let me tell you: employers love seeing scholarships on your CV.

Another option is government assistance. If you are a domestic student, the government can provide financial aid based on your personal and financial circumstances.

To wrap it up:

As university students, we must make prudent financial choices, considering that our debt accumulates yearly. By persistently pursuing employment opportunities, investing in their education and economic endeavours, and nurturing relationships, we can cultivate the foundations for a financially secure life.

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