Your international student adventure is a time of fun and excitement. However, the rising cost of living in Australia is putting some students under pressure.
Last year, Allianz Partners Australia published the State of Student Health Report. The report found that the greater majority of students were satisfied with their life in Australia, however many were experiencing cost of living stress.
Thankfully, there are lots of small steps you can take to save money as an international student in Australia.
Having a budget is a great way to keep track of your finances. You can get started easily using online tools like the Moneysmart budget planner, downloading a budgeting app or even creating your own student budget spreadsheet.
Even if you already have a student budget, it’s a good idea to regularly revisit it and adjust. For example, if you’re running low on cash, you could look for unnecessary expenses, like entertainment, streaming services or takeout, to see where you could cut back.
Under the conditions of your student visa, you’re allowed to work up to 48 hours per fortnight during study periods and unlimited hours over breaks – making holidays the perfect time to boost your bank balance.
You can find work in Australia through:
Accommodation is often the biggest expense in a student budget, so making some smart choices with where you live can be a meaningful way to save money as an international student.
Share housing is one of the most affordable options for student housing in Australia – so it’s no surprise 51% are already doing it! You can find rooms for rent on sites like Flatmates, RoomMates or Flatmate Finders.
Of course, moving isn’t always cheap, so you’ll probably want to investigate your options to see if the cost is worth the potential savings.
56.2% of international students reported that eating out was significantly more expensive than anticipated. Cooking at home when you can and bringing food with you is a fantastic way to save money as an international student.
The increased cost of living in Australia has also impacted foods, and students have reported difficulty affording healthy foods like fresh fruits and vegetables. You can save on fresh produce by:
If you’re experiencing food insecurity, there are places you can go for help.
Last year, Allianz Partners Australia proudly launched its national impact partnership with Foodbank Australia. Through this collaboration we provide fresh fruit, vegetables, pantry staples and hygiene products to many students at campuses nationwide.
Ask Izzy can also help you find food banks and charities in your area. Check with your educational institution too, as they might have a student pantry with free or low-cost essentials.
Unplanned expenses, like medical costs or a last-minute flight home, can be hard to accommodate on short notice.
Even with your OSHC, you may have to pay out-of-pocket for some medical appointments, depending on your policy. Understand how your OSHC policy works.
Try to leave room in your student budget for some savings and have at least two to three months’ worth of expenses on-hand.
The increased cost of living in Australia doesn’t mean you can’t have a good time! One of the best ways to save money as an international student without sacrificing fun is to make use of your student discounts.
Some places you might find student deals include:
You can also find plenty of great deals through UNiDAYS.
Living on a student budget can be hard, and many international students reported that financial challenges were causing them to experience stress and reduced mental health.
If you’re finding the cost of living in Australia challenging, it’s important to know you’re not alone.
Ask Izzy is a great place to find both mental health and financial support resources. You can also reach out to your educational institution’s international student team for help and advice.
Sonder also provides students with access to 24/7 medical, mental health and safety support via chat, over the phone or in person.