Essential Personal Finance Tips for College Students in Melbourne

1. Set Up a Bank Account

Opening a local bank account is one of the first steps to manage your finances efficiently. Australian banks like Commonwealth Bank, ANZ, and NAB offer student-friendly accounts with no monthly fees and easy online banking. Compare the features and choose the one that suits your needs.

2. Budget for Living Expenses

Melbourne is known for its high cost of living, so budgeting is crucial. Key expenses to plan for include:

• Rent: Shared accommodations in Melbourne can range from AUD 150–300 per week. Use platforms like Flatmates.com.au or Domain to find affordable housing.

• Groceries: Shopping at stores like Coles and Woolworths can help you stick to a weekly grocery budget of AUD 50–100.

• Public Transport: Get a Myki card for trams, trains, and buses, and take advantage of student discounts.

3. Explore Scholarships and Financial Aid

Many universities and organizations offer scholarships to international students. Check with your university or visit Study Melbourne for details on scholarships and financial assistance.

4. Get a Part-Time Job

Part-time work can supplement your income while studying. As a student visa holder, you can work up to 48 hours per fortnight during the academic term. Use job portals like Seek and Indeed to find opportunities.

5. Manage Tuition and Other Fees

Paying tuition in installments can ease financial pressure. Most universities offer flexible payment options. If you need additional funds, consider low-interest loans specifically designed for students, like those offered by International Student Loan.

6. Save on Daily Expenses

• Dining Out: Use student discounts at local cafes and restaurants or explore affordable meal deals through EatClub.

• Entertainment: Access discounted movie tickets with apps like Hoyts or enjoy free events around Melbourne through What's On Melbourne.

• Shopping: Look for student discounts on fashion, electronics, and other essentials on platforms like UNiDAYS.

7. Learn Financial Basics

• Track Your Spending: Apps like Pocketbook and Frollo can help you monitor expenses and stick to your budget.

• Start Saving: Even small savings add up. Set up automatic transfers to a savings account for emergencies or future needs.

• Build Credit: If eligible, get a low-limit credit card and use it responsibly to build your credit history.