Money saving tips to improve student finances

Aussies heading off to university for the first time should consider taking some time to set up a budget and think about how they will pay their living costs while studying.

In a piece for the Independent, those with student bank accounts were recently advised by online portal to consider using an "iron budget", which involves only taking out money for a night out that is actually to be spent.

"We all know what can happen to budget plans after a few drinks, this method casts your evening budget in iron," it said.

Youngsters who have credit cards were advised to consider freezing their plastic while studying to ensure they did not spend more than they had.

The website also suggested that people keep money saving ideas simple and that they take straightforward steps such as buying own brands in supermarkets and riding a bike rather than getting the bus or driving.

More Aussies could be considering how to save money while studying as the government hopes to have 40 per cent of people between 25 and 34 years of age holding a bachelors degree within the next 15 years.

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