Living on a Student Budget: Money-Saving Tips in Melbourne

Being a student on a budget doesn’t have to mean living on baked beans and two-minute noodles. If you know where to look, there are plenty of ways to enjoy cheap student living while still making the most of everything Melbourne has to offer.

We’ve written this guide to share practical student budget tips, ideas for saving money in Melbourne, information on financial support options, and budgeting tools and resources. Many students living here at University College have already discovered the best places for student discounts in Melbourne and know plenty of wholesome free activities. We’ll share some of their tips here.

Financial Assistance, Support & Scholarships

Scholarships can make a significant difference to your student budget. There are many options available in Melbourne, including residential scholarships and university academic scholarships, so it’s worth investigating what you might be eligible for.

University College offers an extensive list of scholarships, as well as links to external organisations and universities.

You may also be eligible for government support such as Youth Allowance or ABSTUDY, which can assist with everyday expenses while studying.

Community Services helping Students Save Money in Melbourne

If you’re looking for practical ways of saving money in Melbourne, take advantage of the many free community resources available. 

Many universities, libraries, cafes and shopping centres offer free Wi-Fi so you can reduce your data expenses. You can also access other free resources at local libraries like textbooks, both physical and online, as well as novels and movies. 

Students living at University College can borrow core textbooks through the College library, which can save hundreds of dollars each semester.

If you are looking for affordable student accommodation, a popular option is to share a house with other students, keeping the cost down. Platforms such as Flatmates.com.au and Fairy Floss Real Estate can help you find suitable housemates. 

Some students choose to live at a residential college in their first year to build friendships and support networks before moving into share houses later, making their transition to independent living easier.

The Victorian Government’s Study Melbourne website also offers budgeting tools and cost-of-living calculators specifically designed for students.

Student Discounts in Melbourne

One of the easiest ways to reduce expenses is by taking advantage of student discounts in Melbourne. Soon after you enrol at your chosen Melbourne University, you will be issued a student ID card. Your student ID card gives you access to discounted:

• Public transport
• Cinema tickets
• Gyms
• Museums and galleries
• Restaurants and cafes

Many venues around university precincts also offer student meal deals, cheap drinks and student nights.

Retail stores, bookshops and clothing stores often offer student discounts too - it’s always worth asking (just remember to bring your ID card).

Part Time Work – Earn Money While you Study

Part time work is a great option to help you be financially independent while also building work experience and developing skills like teamwork, communication. Some roles might even offer management  or career progression opportunities. These are great to add to your CV. Student jobs also help you meet new people and build a network in Melbourne.

Some great places to try are cafes, bars, restaurants, retail stores, theatres, movies, health centres and catering companies. Here at University College students can get part time work in our kitchen and maintenance teams, and library. Many of our students also work locally in the plethora of retail stores and hospitality venues in the city, and nearby suburbs like Brunswick and Carlton.  

You can get some ideas here: Find a job | Current students | The University of Melbourne and try https://www.seek.com.au/ or Indeed

Affordable Shopping – Fashion on a Student Budget

Melbourne is renowned for being the fashion capital of Australia, but updating your wardrobe doesn’t have to be expensive. There are many fantastic op shops (thrift stores/charity shops), vintage shops and outlet centres where bargains await. University College students can often be found trawling the op shops along Sydney Road in Brunswick looking for one-of-a-kind fashion treasures. Shops like Savers, Goodbyes and Mutual Muse are great options as well as op shops like Sacred Heart and Vinnies.

Free Activities in Melbourne – Budget Friendly Student Activities

Keep your eyes peeled for free concerts at the Sidney Myer Music Bowl over summer. There are also many Melbourne street parties and festivals throughout the year like the Lygon Street Italian Festa, the Sydney Road Street Party (part of the Brunswick Music Festival) and the St Kilda Festival, a large-scale, multi-stage event featuring some of Australia's biggest artists and bands. Federation Square opposite Flinders Street Station also hosts many free activations and events throughout the year.

We are also lucky enough to have lots of beautiful gardens in Melbourne, all of which you can explore for free and enjoy a picnic or wander in nature. There are the Fitzroy Gardens, the Royal Botanic Gardens, Royal Park, Princes Park and Carlton gardens all within close proximity to University College and the various university campuses across the city. 

You can access much of the National Gallery of Victoria’s art collection for free as well as ACMI (Australian Centre for the Moving Image) where they have a fantastic exhibition called ‘The Story of the Moving Image.’

Don’t forget that the entire CBD area is a free tram zone. So, you can hop on and off the tram as far as Queen Victoria Market, the Docklands, Federation Square and Parliament House. While you’re exploring the CBD you can check out Melbourne’s iconic street art including Hosier Lane. You can find a street art map here: Where to find Melbourne's best street art graffiti and murals.

St Kilda beach has had a recent glow up and now has a world-class pier and boardwalk if a beach day is something you enjoy. You can even see the resident penguins along the upgraded viewing platforms. Follow that up with a sunset picnic on the beach and we think this is an epic budget friendly day for students.

Budgeting and Saving Strategies for Students

Although University College students don’t need to worry about food expenses as all meals are catered for, it is wise to remember that take away coffees and Uber Eats deliveries add up so depending on your budget, it is wise to keep these expenses to a minimum. If you don’t live in a residential college, keep in mind that eating at home or packing lunch for university will save you a lot of money over time. Meal-planning before grocery shopping is also a great way to keep those bills down. Making a list before going to the supermarket helps keep impulse buying to a minimum. Don’t forget to keep your eye out for items on special each week.

Having a budget is a useful way of managing your money effectively. There are many tools available now to help with this but essentially it is simply a case of tracking expenditure going in and out. By comparing your income to your expenses, you will have a good understanding of how much money you have left over to save and spend. Tools like the Fudget app or the Moneysmart budget planner can be an excellent place to start. The Victorian Government Study Melbourne website has some handy tips and resources including a free online Money Basics Online Course.