Be mindful with money

Financial stress can have a major effect on the state of our wellbeing.

In today’s fast paced world it seems like there are just not enough hours in the day to do all that we want to do, and we end up impulse buying for the sake of convenience. 

But don't despair!  There are some practical things you can do right now to help you become more mindful with money, and to ease any stress you may feel when you think about your finances.

  • Weigh up the options
    Ask yourself, are there cheaper alternatives out there? Could you walk or ride a bike, instead of driving a car and carrying the costs of petrol alone? Are you a texter or a caller, and does your current phone plan reflect your usage in the most effective way possible?
  • Shop on a full tummy
    Do you buy your food when you’re hungry or do you plan in advance? Studies tell us that buying food while hungry can lead us to buy more than we actually need and can also lead to spending more in general.
  • Scan for specials
    Do you have an eye for a bargain? Buying things that are on special (and are items you actually need), as well as shopping directly from local markets or vege shops can help reduce your weekly grocery costs.
  • Stick to staples
    'Go-to' food items like potatoes, rice and pasta can help you bulk out your meals at a low cost price.
  • Splash with cash
    Did you know that if you pay by cash rather than card, you’ll become more conscious of the money you are spending? This has to do with the emotional connection people have with physical money. To help keep on track of spending, only withdraw the amount of money you have budgeted to spend. 
  • Set a goal
    Saving for a special event, activity, or item is a great way to help you keep your spending on track, and it's really rewarding too! Get creative and think of small ways you could make cuts in your day-to-day life, so that you can achieve your savings goal.

    As you know the average cost of a coffee is  around $5 and a beer around $10. If you cut back on one of those a week you’d be able to save $260 or $520 a year! 

Resources

  • Head to Studylink for information on financial assistance and study fees.
  • Discover what your financial personality is by taking the money quiz!
  • Check out this nifty budgeting tool to keep your spending on track.
  • See what fellow students at savY have to say, and explore their website.
  • And for more tips on managing money, read up on fees and money matters.