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Figuring how much money you should spend on living expenses andÌýleisure while ensuring you have enough left over to add to your savings can feel like a chore.

But learning how to manage your money is important. Plus, discovering creative ways to live on a budget can be both fun andÌýsatisfying.

From using a rent-to-income ratio to making the most of your student discounts, here's our guide for creating a realistic budget and sticking to it.

If you need emergency or short-term housing, please contact Accommodation Services on +61 2 9351 3322, 9 am to 5 pm Monday to Friday, or by email atÌýaccommodation.info@sydney.edu.au.

If you think you've been impacted by aÌýrental scam, cease communication with the person or company and report it toÌý. For more information on scams and how to avoid them, visit ourÌýscams webpage.Ìý

If you are experiencing financial difficulties that are impacting your studies, you may be able toÌýapply for financial support.

Create a budget

The first step to creating a budget is to work out what your average outgoing expenses are. These expenses could include living expenses such as rent and groceries, as well as additional costs like gym memberships, streaming and entertainment subscriptions and paying for a night out with friends.Ìý

Next, work out your average income. This may include your salary from your job and government allowances. Make sure you focus on your net income, which is the actual amount you receive in your bank account after your tax and other expenses like super and HECS-HELP have been deducted.

It's also important to decide early on whether youÌýwant your budget to be weekly, fortnightly or monthly. It's important to choose a time frame that's easiest for you to follow and that fits your lifestyle or pay cycle, so you're more likely to engage with and maintain your budgetÌýin the long term.Ìý

You might like to keep track of your incoming and outgoing expenses by using a spreadsheet. This allows you to keep track of where your money is going and see where you can reduce spending.

It's also important to make budget adjustments where necessary. For example, if you have unexpectedly had to purchase a new fridge, you might choose to skip your regular movie night for that week to keep on top of your budget.

Need help planning your budget? UseÌýÌýto work out where your money's going.

Stick to your budget

To avoid a budget blowout, consistency is key. It's important to understand your expenditure, save what you can in case you need to access additional funds and grasp opportunities to reduce unnecessary spending.

Get money smart

The Australian government websiteÌýÌýhas lots of information and advice about a range of financial topics, including aÌýsection for students on .

Share costs

If you live with flatmates, it's a good idea to discuss where you can share living costs. Beyond splitting rent and bills, you may want to share everyday expenses too, such as streaming and entertainment subscriptions, groceries and fun events like group game nights.Ìý

It's important to have an open and honest conversation with your flatmates about how you'll all contibute to shared living expenses, and what role each person will take to ensure expenses are paid on time.Ìý

Applications likeÌýÌýandÌýÌýcan help you manage shared funds and divvy up expenses like bills, groceries and entertainment services.Ìý

Contribute to a kitty

You may also decide to have a 'house kitty' – and no, we don’t mean a pet cat! A house kitty is a pool of money used for shared expenses like groceries or to cover irregular expenses like buying new appliances.

You can commit an amount to collectively contribute to the kitty weekly or you can add to it when needed, like if you sell a piece of household furniture or get money back from a bill provider.

Compare the market

When searching for a new service provider, such as internet, electricity or entertainment, it's important to compare quotes from a range of companies to ensure you're getting the best price possible.Ìý

Buy second-hand

Buying second-hand is kind to the environment and your wallet. It also gives you the chance to score vintage or one-of-a-kind items at a bargain price.

Online marketplaces likeÌý,ÌýÌýand Facebook Marketplace are good for acquiring and selling second-hand items. But, it's important to beware of scams on these platforms. Never give out any personal information, like your credit card details, or arrange to meet with the seller alone.

To find second-hand items in-person, check out charity stores likeÌý,ÌýÌýandÌý.Ìý

Spot great deals at the supermarket

Find out what’s on special at your supermarket before doing your shop. Specials can be found online, in catalogs or in store.Ìý

When comparing prices between similar items or different supermarket chains, look for the unit price per 100 grams so you know exactly how much you're saving. The unit price is usually found on the sale tag in smaller font under the primary price.Ìý

Embrace student savings

As a university student, you’re eligible for discounts for a range of products and services. Check outÌýÌýfor discounts on technology, health, fitness and food, andÌýÌýfor discounts on textbooks and study resources.

Looking for free study resources and a quiet place to work? Check out ourÌý.Ìý

Be your own chef

Buying food at a café, resturant or via food delivery services can be expensive and can quickly eat into your budget.ÌýCooking at home is an easy way to reduce your food expenses.

Check out our food hacks article to help you save money, eat well and improve your skills in the kitchen.

If you're looking to buy food on campus, thereÌýare a range of cheap food options on offer.ÌýFrom free coffee Fridays to free breakfast, lunch and dinner, head to the to find out more.

If you're experiencing food insecurity, you can register to receive free food and other essential items atÌý. FoodHub is located on Level 3 of the Wentworth Building and is openÌýMonday to Friday, 11 am–2 pm.