5 ways students can survive cost of living pressures

The cost of living crisis has been hard on everyday Aussies, and students—both domestic and international—are being hit particularly hard by rising expenses. However, there are things you can do to improve the situation.

Here are 5 ways students can combat the cost of living crisis.

1. Budget for your expenses

Getting a budget that works for you is pretty important. While thinking of expenses can be stressful, knowing where your money is going can help!

Consider your budget and then try to cover things such as rent, utilities, groceries, and transportation. Track your spending and make adjustments as needed to ensure you're living within your means. 

2. Reduce expenses 

Once you have your budget, look for areas where you can actually cut back on expenses. If you find it too hard, it can sometimes be helpful to do it as a savings challenge. By doing this, you can accumulate savings without feeling like you’re losing things you enjoy. 

Some things you could cut could be eating out, shopping for non-essentials, or using public transport instead of driving. Also, it might be helpful to consider cheaper housing options like shared accommodation or (if you can) living with family.

You can also reduce living expenses by looking for deals. This can be as simple as looking for second hand textbooks.

3. Financial aid for students

If you’re struggling with income or expenses, it might be useful to look for government support through programs such as Youth Allowance  or Austudy. Just keep in mind that there are conditions; a Youth Allowance requires that you're 24 or under and Austudy is for 25 and older who are currently studying or undertaking an Australian apprenticeship.

Also, from January 1st of 2024, Youth and Student payments will see a 6.0 per cent boost from indexation. So, if you're eligible and under struggling, it might be a good idea to check it out.

4. Improve your financial literacy 

Learning more about money can help you make better decisions and navigate the cost of living crisis better. It can be as simple as listening to a podcast or audiobook so that you get a basic outline of how money works. 

If reading is more your thing, Mozo has dozens of articles on savings tips and tricks you can utilise to get the most out of your money. 

5. Make an emergency savings fund

After tying together your budget and improving your financial literacy, it's time to get those spare funds working for you as an emergency fund. It’s important to have some savings set aside as they can help you with any unexpected expenses.

A lot of the work here will be made easier with a good savings account. Not sure what student bank account to set up with? At Mozo we compare a selection of banks that cater their accounts towards students and youth savers so you can get your money to count for more.