A guest post from Stacy White, the financial counsellor from FUSA, with four tips for taking control of your finances.
Hi Students,
I’m a financial counsellor working with students at FUSA.
Being a student is exciting—there’s hard work, but hopefully also fun, new friendships, and plenty of learning. However, managing finances as a student can be challenging.
Over the years, I’ve spoken to many students experiencing financial stress, and I’d like to share a few tips that might help.
1. Plan Your Finances
One of the best things you can do is organize your income and expenses so that your income is equal to—or ideally, greater than—your expenses. If your expenses are higher, you’ll need to cut back or find ways to increase your income.
This process is often called budgeting—it may sound boring, but it can greatly improve your financial stability and overall well-being. Two great resources to help with budgeting are:
Getting comfortable with budgeting now will not only help during your student years but also when you start your career and begin earning more.
2. Be Mindful of Food Spending
Take a look at your bank transactions—you might be surprised by how much you spend on food, snacks, and fast-food deliveries. Many students find that cutting back on takeout leads to significant savings.
Some simple ways to save:
- Cook at home instead of ordering in—leftovers can be frozen for later or used for lunch.
- Buy snacks at the supermarket instead of using vending machines.
- Prepare lunches in advance to bring to uni.
- Have a bulk cook up with friends, and each freeze meals for use later.
It’s okay to treat yourself occasionally but try to keep takeout as an occasional reward rather than a habit.
Also, a big hint, do not go shopping when you are hungry or you may spend more than intended.
My Recent Research on Delivery Costs: The cost of an Uber Eats delivery for a single serving of butter chicken and rice is $28.30. However, purchasing ingredients like chicken, spices, onion, tomato, cream, and rice typically costs a similar amount—possibly less—and this would be enough to feed four or more people. This difference can have a significant impact on your budget.
3. Avoid Buy Now, Pay Later Traps
Services like Afterpay, Zip Pay, and other “buy now, pay later” options make it easy to overspend. It might start with just one or two purchases, but before you know it, multiple repayments add up, eating into your income every fortnight. If payments are missed, late fees can quickly turn into a bigger debt.
Instead, consider:
- Waiting before making a purchase—give yourself time to decide if you really need it.
- Saving up in advance so you can pay upfront.
4. Scams
Be aware of the multitude of scams that are circulating. Be very wary of potential jobs that ask for money to be paid out or provide them with free labour for a period of time.
Any money investments that sound too good to be true, are usually too good to be true!
Scam information – ScamWatch
If you’re struggling with bills or debt, help is available. Payment plans can often be arranged, and financial counsellors (like me!) can assist with options. You can book an appointment with me at the FUSA, or there are community financial counselling services available as well.
Best wishes for 2025!