Melbourne is a world-class city for students—home to top universities, a vibrant cultural scene, and diverse food and nightlife. But if you’re a student on a tight budget, the cost of living can be a challenge.
Whether you’re an international student settling in for the first time or a local balancing studies with part-time work, managing your expenses wisely is key. The good news? With smart planning and a few student-specific strategies, you can make your money go much further in Melbourne.
Let’s break it down step by step.
1. Set a Realistic Monthly Budget
Before anything else, take the time to understand where your money is going. Create a list of essential expenses:
- Rent
- Utilities and internet
- Groceries
- Transport (Myki card)
- Phone plan
- Study materials
- Leisure and social life
Once you have a clear view, you can allocate spending limits for each category and track your progress with free apps like Frollo, Pocketbook, or MoneyBrilliant.
Pro Tip: Don’t forget to set aside a little each month for emergencies—unexpected costs like medical visits, extra textbooks, or travel can sneak up on you.
2. Find Affordable, Student-Friendly Accommodation
Rent is usually the biggest monthly expense, so choosing the right accommodation is crucial. Consider location, included amenities, and transport access when making your decision.
At Student Housing Australia (SHA), we specialise in affordable, safe, and fully-furnished student accommodation across Melbourne. For example, if you’re studying at the University of Melbourne or RMIT, our property at 50 Barry Street, Carlton puts you right in the academic heart of the city—saving you time and transport money.
Looking for something in the east? Check out our Box Hill properties, perfect for students attending Deakin University or Box Hill Institute.
👉 Explore our full range of student accommodation in Melbourne
3. Save on Food Without Sacrificing Quality
Eating out regularly can burn a hole in your wallet fast. Instead:
- Shop at affordable supermarkets like ALDI or Coles.
- Visit local fresh food markets like Queen Victoria Market or Prahran Market for discounts, especially in the late afternoon.
- Cook in bulk and meal prep for the week—it saves time and money.
- Join university food co-ops or community kitchens if available.
Many student accommodations, like those offered by SHA, come with private kitchen facilities—making it easier to cook your own meals and stay within budget.
4. Make the Most of Student Discounts
Melbourne is a student-friendly city, and your student ID is the key to saving. Always ask if there’s a discount available—many businesses offer special pricing for:
- Movie tickets
- Public transport (with a Concession Myki card)
- Gym memberships
- Museums and exhibitions
- Tech software and subscriptions like Spotify, Microsoft Office, and Adobe
5. Master Melbourne’s Public Transport System
If you live close to your university or TAFE, walking or cycling can save hundreds per year. For longer commutes, Melbourne’s public transport system (trams, trains, and buses) is reliable and student-friendly.
- Apply for a Concession Myki Card for discounted fares.
- Consider a Myki Pass if you travel regularly—it offers great value for unlimited rides within a time period. For more information, check out the PTV website
- SHA properties are typically located near tram stops or train stations, so you’re never far from campus.
6. Earn While You Study
Many students in Melbourne work part-time to help cover costs. Popular jobs include:
- Hospitality (cafés, restaurants)
- Retail (supermarkets, clothing stores)
- Tutoring or academic support
- University admin roles
Make sure your visa allows you to work, and check out platforms like Seek, Gumtree, or your university’s job board.
7. Use Free and Low-Cost Entertainment Options
You don’t have to spend big to enjoy Melbourne. Take advantage of:
- Free events and festivals throughout the year (like Moomba, White Night, and NGV exhibitions)
- Cheap student nights at the cinema or bowling alleys
- Parks, beaches, and walking trails like the Royal Botanic Gardens or Brighton Beach
- Free university events, club activities, and sports teams
Managing your budget as a student in Melbourne doesn’t mean sacrificing your lifestyle—it just means being intentional with your choices. With a little planning, you can study, socialise, and explore without the financial stress.
Ready to save on rent and live close to campus?
Browse our student accommodation options across Melbourne to find a place that suits your budget, lifestyle, and study needs.
