Money-Saving Tips for International Students in Australia

The cost of living while staying in Australia is of major concern for all international students. The country attracts thousands of international students yearly due to its state-of-the-art education system. International students can efficiently manage their expenses if they plan out their expenses in advance.

The significance of learning about the costs of living in Australia

 Learning about the cost of living helps you manage your finances better and cut out expenses that aren’t required. Thus, students need to get a comprehensive idea about the cost of living in any country they want to pursue their education in general. The cost of living can be broken down into the following categories:-

• Education
• Rent
• Transport
• Food
• Clothing
• Entertainment

What are the types of costs involved?

Melbourne: Melbourne is one of the most popular student destinations in Australia. Rent can range from $252- $477 per week depending on your preferred choice of accommodation. Transportation can range from $50 to $147 depending on your choice of transportation, with public transportation being on the lower end of the spectrum.

The average expenditure on moderately priced food when home-cooked and eating out at least one meal per week can be around $172. Clothing and entertainment can cost around $100 on average weekly.

Sydney: Sydney is perhaps one of the most expensive cities to live in Australia and one of the most popular student destinations in the world. A shared apartment in Sydney can cost $292 weekly on average if you choose to live in a shared house. Transportation can range from around AUD 50 to AUD 152 if you use public transportation frequently and taxis and private vehicles occasionally.

The average expenditure on moderately priced food when home-cooked and eating out at least one meal per week can be around $154. Clothing and entertainment can cost around $200 on average weekly.

Perth:  Perth was ranked as one of the world’s most liveable cities, it is an ideal choice for international students. A shared apartment can cost around $214 per week on average. Transportation can range around $141. The average expenditure on moderately priced food when home-cooked and eating out at least one meal per week can be around $154. Clothing and entertainment can cost around $100 on average weekly.

Brisbane: Brisbane was ranked as one of the top sports cities in Australia, it is set to host the 2034 Olympics and thus is a very exciting city for international students to live in. The average cost of accommodation for a shared apartment is around $242 on an average. Transportation charges can range around $152. The average expenditure on moderately priced food when home-cooked and eating out can be around $124. Clothing and entertainment can cost around $110 on average weekly.

Canberra:  The capital of Australia, Canberra is the seat of the government of Australia, containing many important institutions of the federal government, national monuments and museums. A shared apartment can cost $307 on average. The cost of transportation can be around $140. The average expenditure on moderately priced food when home-cooked and eating out can be around $154. Clothing and entertainment can cost around $350 on average weekly.

Adelaide: Adelaide is known for its laid-back atmosphere, its stunning beaches and its world-class cuisine. A shared apartment in Adelaide can cost around $227 on average weekly. The transport cost can be around $126 with public transportation on the lower end of the spectrum. The average expenditure on moderately priced food when home-cooked and eating out can be around $154. Clothing and entertainment can cost around $200 on average weekly.

Hobart: – Hobart is famous for its well-preserved Georgian and Victorian architecture, it gives the city a clear “old world “feel which may be charming for international students. The average cost of accommodation for a shared apartment is $227 per week. The average cost of transportation per week is $120. The average expenditure on moderately priced food when home-cooked and eating out can be around $154. Clothing and entertainment can cost around $100 on average weekly.

Darwin: – Darwin is one of the fastest growing economies of Australia. It is known for its ethnic cultural festivals and its food and craft markets amongst other things like mining and offshore oil and gas production. The average cost of accommodation for a shared apartment is $227 on average. The average transportation cost can be around $113. The average expenditure on moderately priced food when home-cooked and eating out can be around $154. Clothing and entertainment can cost around $100 on average weekly.

Note: Personal spending on clothing, entertainment, and other miscellaneous expenses is subject to individual choice. The figures provided here are intended for illustrative purposes only and do not represent exact or definitive costs that may be incurred.

How to save money while living and studying in Australia?

1. Direct Debits: A direct debit is a feature that your bank can activate for your existing active account. This feature allows automatic transactions to transfer money from one account to another. If you are wondering why you might need a direct debit then it is so that you don’t miss paying your regular bills from phone to rent bills, or memberships, etc. This way, you don’t have to remember to pay the bills or risk late fees.
2. Store money physically: You can choose to store your coins and any small notes of less value in a savings envelope or a container, or you can choose to deposit them in a savings account once you manage to collect a sizable amount.
3. Meticulously plan your supermarket visits: You can choose to check your pantry list and shop for items you need to avoid impulse buying, alternatively, you can also choose to shop from stores with competitive prices. Furthermore, you can choose to buy seasonal fresh produce whenever possible to save some expenses.
4. Avoid eating out: One of the easiest ways to cut expenses is to cut down on takeaway and eating out. This way you can save some money and manage your finances better.
5. Save On Entertainment Costs: You can choose to visit free concerts or choose student discounts for events to save on entertainment costs.
6. Plan out your major purchases: In case you are planning to buy an expensive item you can choose to buy it on annual sales periods this way you can get the best deal on the item that you desire.
7. Avoid unnecessary spending online: Technology has helped create and develop interesting products in the market these days. The advertisement might make you feel like you need a particular product that might make your life easier. However, think long-term and whether the product will truly serve a purpose or whether you can do without it. For instance, a smartwatch may help monitor your steps but if your smartphone can already do that for you then buying a smartwatch may not be a necessity. Of course, this depends on your needs, but you still have to think wisely.
8. Delay Purchases: You can try the 30-day rule where you consider buying a product for thirty days, this shall give you the time to thoroughly think things through before buying something.
9. Try to make DIY gifts: DIY gifts can be a great way to gift your loved ones and it’s also an affordable solution for students.
10. Avoid driving a lot: Make sure to compare your car insurance regularly, additionally you can also cut down costs on car maintenance by avoiding driving a lot.
11. Minimize your petrol usage: You can use a petrol app to track fuel prices and find the most affordable solution for yourself.

So, plan wisely while living in Australia to make your career dreams come true. We hope these 20 ways can help you afford your stay while studying in Australia.

FAQs

1.How does switching mobile phone plans help me save money?

Opting for paperless statements and choosing a bundled service can help you reduce costs.

2.How do I grow my savings faster?

You can choose to invest in a savings account that has higher interest rates so that you can further grow your savings at a faster rate.

3.As an international student in Australia, how much can I earn in a month from my part-time or full-time job?

The National Minimum Wage will apply to you if you are not covered by an award or do not have a registered agreement. A minimum pay rate is provided by the Fair Work Act 2009 and is reviewed every year. From 1st July 2024, the National Minimum Wage is $24.10 per hour or $915.90 per week. Also, international students can work part-time but not work full-time during their study period, except during holidays and semester breaks.