There are a few ways to cut down on your spending if you are lacking in funds. Firstly try not to buy brand new text books, unless it is completely necessary. For mandatory books, check with older residents who have studied the same course as to whether they have a copy they would like to sell. It is also an idea to check out the Monash Market Place through your my.monash portal as there will be students selling their unwanted books.
There a few things that should be avoided as a student. The first is to try and not use credit cards. Sometimes they have high interest rates and if you are unable to pay them off, you could run into financial problems. However if you really need one, or just want one for emergencies, make sure you have a realistic credit limit.
Cooking your own food is another great way to reduce your costs. Not only will you be saving money by not eating take away, but you will be able to eat more nutritiously. Another option is to form a cooking group with a few friends. This way you will not have to cook as frequently and you will be able to experience a number of dishes that you may not normally cook.
Another thing to avoid is gambling. Gambling can be addictive and may get you into serious trouble if you start losing your money through gambling. If you are having troubles with gambling, or know someone else with a gambling problem head to Gambling Help Online or Problem Gambling.
Mobile phones can also be a trap, especially those that are on a plan. If you cannot regularly make the payments, you may run into financial troubles. Sometimes a prepaid mobile is a better option.
Finally, check if your bank has any special offers for students. For example the Commonwealth and other banks offer no monthly account charges for Australian students. It is important to be aware how many ATM transactions you are allowed before you are charged for over the counter transactions, using other bank’s ATMs, and asking for statements.