Obviously the best way to save is to have a budget. If you can save at least 10% of what you earn you will soon have a large savings account.
For example, if you earn $400 a week and save $40 each week, you will have over $2,000 by the end of the year; enough for a holiday out of Sydney.
You can also make your money earn for you, look around for special offers from financial organisations. One example is the ING Savings Maximiser – there is no minimum amount you need to start with, and you earn interest each month. There are no fees and you can close your account whenever necessary. ING Savings Maximisers: http://www.ingdirect.com.au (open an external page)
Another saving initiative is the Saver Plus scheme, with the Benevolent Society. This scheme is offered in cooperation with the ANZ together with the Brotherhood of St Laurence. Saver Plus will match your regular savings $ for $ over a 12 month period (up to a maximum of $1000). These savings are to be spent on educational costs. Please contact the Benevolent Society on 9130 7108.
Other banks offer incentives for keeping your money with them. Always make sure you look for hidden costs though or you may end up having to pay more than you earn! Some savings accounts reward you for not taking out money, which helps you save.
If you find it difficult to save, open up an extra account where you cannot draw money for a fixed period. Talk to the Financial Assistance Officer about what is best for you.
The best way to keep down your grocery spending is to identify the cheapest supermarket near you – usually a major chain such as Bi-Lo or Aldi. Plan your shopping ahead to avoid using convenience stores. Shopping for fruit and vegetables at markets like Paddy’s at Haymarket can make a big difference to the cost of fresh food. Some suburban butchers and fruit shops are much cheaper than supermarkets, so shop around.
The Student Association run free breakfast programs and coordinate an organic Food Cooperative. For more information, visit their offices on Level 3 of the Tower Building.
You can greatly reduce the cost of setting up a house if you have time to look in discount stores ($2 shops), second hand shops,( e.g. southern end of King Street Newtown), markets, auctions and garage sales. International students returning home often advertise near new household items on UTS notice boards.