Wondering how much did you have saved up by the time you graduated from university? Assuming you were around 22-24 years old by the time you graduated.
Or how much you believe a university student should have ideally saved by the time they graduate?
How Much Should a University Student Have Saved by The Time They Graduate?
jsrz18 on 31/10/2020 - 16:11
Last edited 31/10/2020 - 16:23
Last edited 31/10/2020 - 16:23
Poll Options
- 297$2000 - $4,999
- 26$5,000 - $9,999
- 25$10,000 - $14,999
- 8$15,000 - $19,999
- 30$20,000 - $24,999
- 16$25,000 - $29,999
- 5$30,000 - $39,999
- 8$40,000 - $49,999
- 8$50,000 - $69,999
- 12$70,000 - $99,999
- 187$100,000 +
Comments
@jsrz18: Good on you mate. I was in similar circumstances to you, I'm just a few more years down the track now. I was the first of my family through uni, poor family, everyone else always seemed more loaded than me.
I did what I needed to to get through uni and had $0 saved by the end of it.
10 years later and things are looking solid for me, financially. I'll never be rich, but I live a comfortable life and rarely, if ever, have to stress about money. Don't stress about savings now - what you're doing in terms of education outweighs any of that.
In saying that, it's always good to have a small buffer for emergencies, but it sounds like you have.
Shit it's not free money? Ive racked up 100k….
Saved? I lived hand to mouth, paying rent and food and the cost to get to uni each day I was happy if I made it to the next ausstudy payday without an outstanding debt. Any work I did in breaks the money from that was quickly swallowed in textbooks and other essentials
Er, $0? Or negative?
When I was at uni I couldn't afford meat or bus tickets. I cycled everywhere and lived on 2 minute noodles, carrots, potatoes, and pasta. I can't understand how anyone is expected to save anything.
I did however have an awesome time, probably the funnest few years of my entire life.
wish i was there sighh
Aim to not have debt. If you're at uni bettering your future prospects is already good future proofing. Don't get a loan for a car or something ridiculous, unless it's a $25,000 car with a 10 year warranty that you're going to uber.
But then when you are in a real job after uni, save 50% of your pay. If you can't save 50%, lower your costs of living, stay in a share house, or dump your partner who is lazy non-working trash.
Lol @ wondering whether to take out a loan for a car. I wouldn't have been able to afford to run a car if it was given to me for free and shared between all my housemates
I had a car that cost around 10k when I was at uni. It was a 2004 wagon that I could sleep in when I was way too skint for rent over the summers between school years.
lol @ "save 50% of your pay. If you can't save 50%, lower your costs of living"
I think I graduated with approx -10k.
It was worth quitting my job end of third year and scraping by through honours financially while having more time.You have the rest of your life to work and make money. And you're going to make 10k back pretty quick if you keep on living that student budget life for the first year.
Ideally? That's a different question. Ideally a student worries (well, not worries, rather, works and plans) to have high marks when they finish, not so much a high bank balance.
Whilst there were no tuition fees when I was at Uni, I lived and studied away from home so barely had enough money, from working part time, for rent and food, let alone saving any. I couldn't afford a car, so cycled everywhere.
Didn't really get any better in my first job as a qualified engineer, had to work at night too to make ends meet,although I was able to get a $1000 car.
My income got better in my second job, but due to paying rent, it was about 5 years before I started to save any money.I presume all your options are for students who live at home, pay no board or tuition fees and are studying an easy degree which allows them time to work significant hours each week
To save $100k, you'd have to work 24h a week @ $20 per hour and not spend a cent for 4 years. How likely is that?
I have no idea how much people would have saved hence why I included such a wide range. It was largely also due to my impression at university that most people are absolutely loaded and far more well off than I am. And yeah the presumption was that the student lived at home and worked casual and studying an easy degree (i.e. not medicine or anything similar cause I would expect that you couldn't work)
probably only around half of the people are living with their parents, so you’d be better off than most if you don’t have to pay rent. Lots of people struggling to make ends meet.
Who really cares though, be grateful for all the good stuff we’ve got. We’re better off than most countries and than nearly anyone in human history.
Just work hard/smart and find fulfilment in your work, don’t worry about others.
included such a wide range
You didn't include any ranges below $2000….
Theres no negative option. I graduated with a 36k student loan debt.
Over 170k in debt here…
Damn…thats gonna take a while to pay back….
Yeah, but I'm a dentist now, so I'm earning 100k odd more per year than I probably would have without the degree. So despite the debt it was absolutely worth it.
40k here, and only 1 completed degree (WHICH I DONT EVEN USE LMFAO) to show for it
Yep couldnt get a job with my degree either.
$0. It’s about making ends meet.
I lived at home during my studies, worked a casual retail job and saved about $20k by graduation. I spent most of it on a 3 month Europe trip. Well worth it as I can’t take off big blocks of time anymore. Too many big financial commitments to maintain ;(
Shouldn't there be a negative options… I think that would be the largest option
technically it would be the only option hence why I didn't include it. More so talking about savings from work following expenses etc. The HECS is paid off incrementally if and when you work full time.
Even not including hecs most people will have barely survived day to day and not have any savings
are you talking about people that have to move and rent close to uni, or including people living at home as well? Also unfortunately I can't edit the poll
@jsrz18: People living at home, whose parents are not struggling would be the ones excluded from "most".
@Quantumcat: yeah true I guess the poll is extremely open ended and abstract. Clearly I don't intend in working in research and marketing.
Most Uni students I knew didn't work, 95% of Asians didn't work
As far as Im concerned working while at Uni is a last resort, the money is for survival and some independence rather than savings
there is no Zero option?
yeah i can't edit the poll unfortunately
53 ppl at this point of posting hit over 100k+
You are either trolling or OzB has a fair few drug dealers and escorts on this forum
There was no 0 option.
Probably thought OP wasnt being serious with the poll so they themselves took it upon themselves to also not be serious in their answers…. Also its 118 now, as of this post…
I had $0, then again; I was born and raised in a different culture / country.
How Much Should a University Student Have Saved by The Time They Graduate?
-$24,560
I finished uni alive, with a cheap car, a couple of hundred dollars and no debt besides hecs. Felt like a win.
I think it would be easier to work more and save in a degree where you dont have extensive practicums.
As someone who just graduated, 2.5k.
2.5k. Did you have to give up much for that? Fun, social life etc?
Negative, during my studies I went to Japan three times. Lived out of home and own 3 cars.
For most of my studies I made around $30ph and worked 3-4 days/week with minimal costs outside of cars and Japan holidays.
Also worked in a placement for most of a year and made 40k/year there.
It is possible I could have had more savings and I definitely had high & low points throughout my studies.
Someone whose still in first year ~ 27k
Living at home, no rent
Monthly expenses- $700-$1000
Monthly income-$3500-$5000
Work two jobs+youth allowanceSince I am priviledged enough to be able to save and am free from struggles. I am looking to invest a portion of the money into a business up from scratch in the holidays just because I have nothing to lose really.
Even without any real expenses, I still work a lot (20-30h) a week with full time Uni so this isn't for everyone.
A bit more detail into the money I spend —> most is on food/eating out. I also buy random tech products every month because I have always wanted them but didn't have the money. I also have a lot of family members/extended family/friends so gifting takes up a lot of the expenses as well.
wow 20-30h thats really good, must be hard tho
Its easy for the most part.
However, I am either going university or working and do not really have much free time. Also, I am looking to cut down to fewer hours next year to focus more on my studies and boost extra-curriculars that will help me land a job.change to part time studies for the last 1-2 years of uni, best thing I have ever done and I wasn't as stressed as it allowed you to balance everything and not cram your studies for exam as much. For my first 2 years I had 3-4 exams in the first week of exams and that killed me. Part time studies gave me a good balance of 2 units, about 20-30 hours of work (casual role so I was able to choose my preference from 7am - 9pm) and 2 uni clubs + sports/social games
@pippohippo: Yeah that's not a bad option. My uni also has a decent winter/summer program so I am planning to pick up units then as well.
@thriftysach: It also helps if you struggled to get internship the first year. Since you're still a student you'll still eligible for them! But I just enjoyed my time a lot more. I had my final year project and the extra time allowed me to take my time on the project and get it right. I also had to write a mini thesis and definitely needed those extra hours!
@pippohippo: Did try to get an internship but no one seems to be giving any to first years, might be because of covid? I am not too sure.
@thriftysach: 1st years are usually called summer vacation program which runs for 2-4 weeks. This might be more suitable vs. an internship which looks for second to penultimate year
@pippohippo: Never knew about summer vacation programs. I will be sure to look into those mate. Thanks a lot.
The sad thing about this is that people on a full time wage can't earn this much…
That's sad but true. A thing called casualisation of the workforce which causes this.
I work the weekends and get the higher rates on times those people choose to stay at home.
I.e. 5 hours on Sunday for me is what they make in two weekdays at times.
The people who don't manage to earn more than this also happen to be very terrible at their spending choices.
The point I want to make linking to the OPs overall question is that especially at a young age you want to stay away from most debt and actually have some cash on hand. People do not even have emergency funds nor any savings goals.
An emergency fund is one of the most essential things one can have regardless of their circumstances, besides a few exceptional cases where they are literally living paycheck to paycheck for essentials.
Let's take a student who just graduated, assumed to be living at home, not paying rent, has some form of income. Now, if they have had that income for 3-5 years which is the typical duration of a degree and not managed to save up even a small amount for an emergency fund, there is something that is rather foolish about that.
Don't your Austudy payments go to 0 once you reach $966 a fortnight which would put you well over the means test?
unless you're doing the dodgy?
Thought you could get more than that before it becomes 0….
It's $1230 if living away from home but in the OP's case they're still at home
Not doing the dodgy. My income balance needs to reach $10,000 before they deduct. Only reason I am getting extra is from the supplements due to covid.
You missed the "$0.00 to -$50,000" and "-$50,000 to -$100,000" (or more) option for students in debt. Many students will be in large debt when they graduate due to their student loans, even if living with parents unless the parents are wealthy enough to support them. But many students cannot live with their parents due to location of the family home vs University. Not every student can get a full or part scholarship either.
Then once the student gets a job and is earning over the threshold they start paying it back.
Many degrees have tuition fees of $50,000 or more per year, or at least multiple 10's of thousands per year. That's a lot of money over 3-4 (or more) years. And that's not including living expenses.
Err where's the option for zero? I was living paycheck to paycheck until I graduated and found a full time job.
definitely your kidney and left/right arm. I know a lot of people would give their arm or sell their kidney but you should save these items by the time you graduate. The rest is just a bonus.
Nothing if you are a full time student. Be young and enjoy. When you graduate you can work and save money.
So this poll doesn't include people who never graduated from a Uni… Or took a different path?
Graduating this year after four years in uni; Started work the year I was finishing off my HSC. Asian background.
Live at home w/ no rent; parents pay for opal/provide home packed lunches if needed.
Worked on average 8-15 hours a week for most of university; probably $200-300 a week; $500+ a week in holidays.
Not a big fan of eating out; spent about 4k on a trip to Japan and probably 5k on computer parts/other.
Pre-Covid I was about 10k in savings but took some time off work to focus on uni.
For someone who lives at home and doesn't really have any expenses at home, I would expect at least 5k savings with 10k+ being realistic as well, even after accounting for holiday expenses, eating out and miscellaneous purchases.
Trick question, obviously.
As a uni student you're broke to begin with. Why would you even consider saving money when you're studying and probably working some retail or hospitality job on 20 bucks an hour?
Go out and have fun with the little time and money you have. You can earn money later in life. Earn money when you have a decent full time job and put some away then.
The biggest investment you can make at uni is to study hard and enjoy being young. This is not the time in your life to say no to going out so you can leave $50 in your wallet. I mean, save a grand or two if you want 'for a rainy day' but don't go trying to build a tower of cash at the expense of living life.
You know what, as a 43yr old, I will go a little further with this.
Say you earn $50-75 per hour in your 30's and 40'. This is a good time to be fiscally mature. Save money, invest money, buy property etc.
When you are earning $20-$25 per hour, you should be spending what you have. Life is short and experiences are ultimately what stay with you. One hour on the sidelines in your 40's is worth three hours in your 20's. Saving $50 in your 20's is about 2-3 hours of your time, tax adjusted. For me it's about one hour of my time, tax adjusted.
So with that said, don't save. Go have fund and enjoy your youth and stupidity, it's won't be with you forever.
Rather have a life and enjoy my social life while at university age, enjoy shopping etc, your youth is for fun and adventure, you can save once you get complete university and get a big job. Life would be pretty boring if all you did was study and not spend any money to enjoy your life, you only live once before you know it you'll be OLD
Where's 0?
I'm actually glad I saved more money while in Uni. Interest rates were alot higher back then. What's this <1% interest garbage with the banks now? Student loans have a higher interest rate. The dilemma for me is whether I use part of the savings to pay off the huge student debt I have now or invest my money elsewhere first.
I suppose it depends on priorities i.e. if someone wants a mortgage VS a person who prefers to rent. A person who saved for the future VS a person who spends to enjoy their savings. And family circumstances (e.g. living with family and how much financial support they get).
I saved 100k plus because I started working when I was 3 and invested in top tech companies. You make your own destiny!
Lazy, I started at 18 months
really slack, parents should have started you before you were born.
So many financial and personal variables like others have mentioned. Living at home/on your own, having to buy a new car/used car or relying on PT , employment, etc
By the time I graduated I estimate I would've saved about 50k.
Reasons being:
- Was still living at home, so it was much easier to save more
- Did a year at TAFE, before following a recognised pathway into the degree and receiving credit, so spent more time studying.
- First year of TAFE and Uni I did not have a car or my license
- Had been working at the same casual, then part time job since I was 15, so already had savings with the consistent employment
- Able to hold down a second casual job at the University itself, pay rates are great for those roles (From memory was at least $30+ p/h)
- Generally not a massive spender and more of a saver, which helped! But still enjoyed my time studying and spent money where needed.
YMMV, if you come out with a nest egg of sorts to set you up then you're doing fine!
It's never good to be sitting on zero, but what is the point in busting your ass in your minimum wage student job to save up thousands of dollars you don't need now?
If you did a sensible degree then you will graduate and earn way more per hour doing much more enjoyable work.
Start your savings then.
I graduated in mid 2000 had about 15k, spent about 10k on a two door coupe Honda sports car, rest overseas trip did not regret it. Worked throughout uni studies for those 3 years did different jobs, takeaway delivery, computer technician at repair shop, waiter, helping a friend's business. Saved hard while staying at home.
Once the time of youth has passed you can't get it back
Those years taught me how money was hard earned and how to manage spending.
Also motivation to climb higher
Once the time of youth has passed you can't get it back
Yes you can, its called time travel…we'll hopefully get it in our ages….
🤦‍♂️
What? It could happen in your life time or mine!
Every dollar I ever received while being a student went to a flight out of the country, a concert ticket, a road trip, a weekend away with friends, a night out at the pub….
Don't waste your Uni years, you have another 50+ years to be conservative and save.
wouldn't most be in debt given HECS?
Yes…yes it would, unless you plan on leaving to go overseas immediately after you graduate, negating any hecs debt you have accrued…
you know, i did run this idea with a few flat mates in the past, but can't bear to leave this awesome land !!
…the awesome land huh….?
@yannyrjl: no country as far as I've read…..there'll always be something you dont like about it, from the laws, political stuff to just the scenery and landscape…..
@yannyrjl: I would suggest another, but I don't know any other country or nation better than australia from my point of view….
Entirely depends on the circumstances of the individual, comparing yourself to others is a fools game. My single mother died when I was 16 and I lived alone from then, so the idea of living at home with parents during uni and not using your entire income for rent/food/bills is such a foreign concept to me. I graduated my first degree with like 10 grand of unsecured debt, plus a hecs debt. Then in my second degree I used savings to fund my existence (no centrelink) and graduated with zero unsecured debt and a 170k hecs debt.
it all depends.
a mate lived with his parents, worked part time at a family store (20 hours per week, if that), spent very little of it, he probably had a few thousand dollars to his name.
another fellow lived in a share house, worked 5-7 days a week (casual, hospitality), was pretty much living paycheck to paycheck. could lean on family for expenses, but i'm pretty sure he managed on his own. probably got help from home to buy like proper work clothes / suits post graduation.
yet another worked 2 jobs, no ties to family so that was out of the question, and probably had a couple of 10s of thousands at graduation time, if not more.
I don't see why you would save while studying. That's for when you actually start working. I did not live at home, but even if you did live at home and worked a few hours part time, I don't see why you would worry too much about it.
Working full time and living at home is a completely different matter
More than 100 vote for 100k+???
Bloody Chinese students driving Ferraris around UTS
Save whatever you can as long as you are not going in negative you are good… what matter is you dont fail. Focus on your studies, so you dont fail and save money that way. I know many students focus on work to earn money but then fail the course/subject, wasting both money and time. Not Failing & Time === Money.
Depending on your age, if you are 20/21… You have lot of time to earn and save. Focus on studies and save whatever/wherever you can but dont forget to enjoy a little.
When you’re young, you’re “time” rich. Your level in which you trade this very scarce resource for dollars will determine your rate of savings. I don’t necessarily mean working a job only, but also how you invest in learning and compounding beyond the syllabus of a university (e.g. starting a side hustle, learning to invest early). Alternatively, you may choose to spend your “time” currency on things you value more during your youthful years: socialising, travel, entertainment.
Not wanting to sound preachy but just thought I’d share this perspective. There’s no right or wrong number to the savings end goal.
I'd prioritise buying these two things while at uni, then save as second priority
a car - cheap is fine as long as it's reliable and without a crippling loan. A car will open up more job opportunities or at least make more jobs accessible without stupid commute times
a good suit
While any savings on top of that is good I don't think this is the stage of your life you need to stress about savings for investments or property - focus on that once you get your first 'real' job. Probably more important not to make stupid money decisions at a young age than it is to save, like getting a large loan or building up credit card debt.
@Butt Scratcher: the people at uni look rich, that's probably because of my poor circumstances and poorer upbringing, but still. From the clothes, shoes, to the phones and laptops people at uni have. And also the cars a lot of people drive. You're right in that I know people that get benefits but I also know a lot that work a lot, and most live at home, hence my initial presumption. Ultimately I am the first from my family to go to uni which is probably why I felt that most people were on a different class, so its nice to hear some people on this forum have similar situation to me.