By Holly Ferguson & UniBank
If you’re a current or former university student it’s likely you know, and can relate to, the financial struggles that students are subjected to. From buying overpriced (and burnt) campus coffee to piles of text books that are priced at extortionate rates, there’s really no break for students on the money front. UniBank surveyed 1,020 uni students about their financial situation and the creative ways they save and make money. Here’s what they found:
In relation to financial stress and hardship, UniBank found that among students 37% are struggling to make ends meet. While 80% of students rely on family and friends for loans that help them make ends meet. 46% feel stress due to their financial situation, this stress causes 37% to have a negative impact on their grades.
When low on cash 63% of students will contact their employer for extra shifts, while finance savvy students will make extra money by selling items to friends or on gumtree.
Saving is where student creativity really comes alive. Dumpster-diving is a new trend with 7% of students taking up the movement to find not only free food but furniture and clothes! 27% of students act like true millennials by using someone else’s Netflix subscription. (That someone else usually being mum or dad.)
With most of students being on a tight budget, it’s important to ensure that you’re getting your money’s worth and making the greatest savings wherever possible. Here is UniBank’s “Survival guide for your stone-broke student years”:
Embrace the gig economy
Pick up casual work around uni, through mobile apps
like Airtasker, which provide casual income that can
be flexible around your studies. Just double check tax
requirements, so don’t get caught out at tax time.
Tip: Forget bank fees and choose an
account that’s fee-free
Those pesky little bank fees can really add up if
you’re not careful. Instead of stressing about walking
for miles to find your bank’s specific ATM, choose a
bank that lets you take money out from pretty much
anywhere fee-free (3000+ ATMs across the country).
Tip: Get some kerbside inspiration
Need a few items to spruce up your share house?
Scope out the offerings during kerbside collection
time – you never know what treasures can be found in
other people’s trash. Look up the council website for
your area to check collection dates.
Tip: Use your words and channel that
inner spelling bee champion
Think you’re an ace at selling stuff on eBay? You might
still be missing something that could boost your bids.
The words you use in your listing can affect sale
prices and spelling and grammar mistakes can lower
an items’ value as well. If you want to earn a bit more,
check out these eBay selling tricks.
Tip: Make the most of banking tech
Next time you need to visit the bank, ask what cool
tech features they offer. UniBank is one of the
few banks to offers Samsung Pay, Apple Pay and
Android Pay, to customers to help make accessing
those precious funds a little easier – you can pay for
everything from a latte to a late-night kebab with your
phone. So, no need to carry a wallet or trek to an ATM
Tip: Become a coupon king (or queen)
Use those student discounts, apps and coupons like a
pro and you’ll never have to pay full price for anything!
Students get awesome discounts on everything from
bus fares to food and clothing. And don’t forget student
nights at the pub! Check out MyUniDays as a start.
Tip: Skip the gym membership and
walk everywhere instead
This one might be a no-brainer but walking is a
seriously underrated form of exercise. It’s simple,
it’s effective, and you can do it from anywhere, FOR
FREE. If walking is too boring for you, try one of these
bodyweight moves instead.
Tip: Round up your genius friends
Join forces with your sporty mate, the history buff and
the seasoned traveller to form the ultimate trivia team.
If you dominate at trivia you could win your way to a
free pub feed! Test your Aussie trivia knowledge with a
few practice pub quizzes.
Tip: Abandon that shopping cart to
bag a bargain
When you’re shopping online, try leaving your cart for
a day or two before you buy. It’ll give you a chance to
consider if you really need that outfit, and – BONUS
– the online store might even give you a discount to
entice you back. Make sure you’re signed in or they
won’t know who you are! Check out some more
shopping secrets they don’t want you to know.
Tip: Avoid lock-in phone and tech
If your income isn’t consistent, maybe a lock-in
contract isn’t for you. Keeping a flexible budget allows
you to control more of your money, for the things you
want or need to do. Avoiding lock-in contracts where
possible is a great way to ensure you have money
available for thing things that matter most.
To find out more about UniBank visit: https://www.unibank.com.au