Budgeting

Being a student will invariably mean that many will be on a very tight budget. Handling your finances will be one of the most important issues you will have during your study years. Surviving on limited resources can be tough work and can be very stressful. That's why it's a good idea to create a budget. By constructing a budget you can make informed decisions about your financial needs.

How to draw up a budget plan

Step One

Work out your income. Find out how much money you have coming in. Only list money you are certain you will receive such as Youth Allowance, Austudy, Abstudy, from parents, other allowances, employment, remissions, scholarships etc.

Step 2

Work out your expenditure. It is vital that you establish practical priorities in your spending from the beginning of semester - rent bond, electricity, gas, phone, food, transport, entertainment, book, university expenses, insurance, clothes, incidentals and others.

Step 3

To obtain the balance, subtract your expenditure from your income to find out just how much money you have left. If you have a surplus, it is worth saving at least some of your surplus money for emergencies. If you find that you have a deficit you can either consider ways to economise, or if that's not possible, investigate ways of maximising your income. It is worthwhile testing your budget from time to time. Over one week keep an actual record of all your expenditure and see how it matches up to your budget.

Step 4

Keeping track of your finances. It is useful to keep all the paperwork relating to your finances (bank statements, bills etc) in one place. Keep a record of your visits to the ATM machine, or cheques you wrote, bills you've paid and check your bank statements. Putting aside time to do this will help you avoid any surprises like a forgotten bill. It will also give you information on your current financial situation.

Regularly review your budget

Review your budget as your circumstances change (eg when moving house). If you are at risk of experiencing financial hassles it is wise to discuss your situation with Student Services as soon as possible. Financial counselling can help you to work through your financial difficulties. Student Services will be able to help you with casual and vacation employment opportunities and the range of accommodation options. Student Services has information on shopping and students are urged to visit Consumers Online, a Commonwealth Government site containing excellent advice on how to meet the financial challenges faced by students on limited incomes.

Tips for saving money

The following are tips that will help you save money:

• phone card - enables you to monitor how much you spend
• gas heater - less expensive than an electric heater
• save for bills - put aside a set amount each week for bills eg phone and electricity, to enable you to pay the bills when they arrive
• shopping - larger shopping centres are often cheaper
• fruit and vegetables - buy those that are in season as they are usually cheaper
• meat - buy cheaper cuts
• rice and pasta - good and inexpensive sources of energy
• avoid restaurants and take aways - too expensive
• watch out for specials at the supermarkets eg Coles and IGA often place specials on their meat near closing times on Thursday nights and Saturday afternoons 
• buy in bulk or organise a student co-operative. If you are interested in starting a co-operative please contact Student Services.