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Money Management for Students Posted on
Would you like to have a few tips about how to save & manage your money? Optimize your budget an…

Hi Everyone!

Today’s topic might not be very captivating, but nevertheless, it’s useful for all of us. Here are some tips for managing your money, in hopes of helping you enjoy the best of Sydney!

  • Get a concession student card!

Your uni will certainly provide you a student card, but you need to have a valid concession on it. It’s actually a small label that certifies your state’s government that you have access to student discounts. In spite of the price, you should consider getting because discounts granted through this card are really worth it.

  • Train ticket $3,40 à $1,70
  • Bus tickets TravelTen $16,80 à $8,40
  • iMax Movies ticket $31 à $27

See with your uni, they will happily provide you a concession application form.

  • Calculating your income & expenditures

In order to know how much you get for your disposable income, it’s a good idea to write down all your weekly expenses. Your rent, your average & food expense and every expense that can be planned could be written down in order to know the total amount spent every month.

Then, make the sum of all incomes. Only regular incomes should be taken into account as you can rely on it every week/month (jobs, little extra dollar from family etc…). With your weekly income & expenses, you will be able to know what’s left for fun, extras and going out, easily!

  • Choose your flat carefully

Sydney is full of gorgeous locations and can offer incredible apartments. However, it’s primordial to choose your nest accordingly with your budget. You may find the perfect flat, but if the rent is high or the location far away from city/uni, you will be committed all year long to pay an expensive rent and train and bus tickets.

Your rent being the biggest part of your expenses in Australia, it’s useful to choose wisely your flat. Don’t hesitate to share accommodation with a few “mates” in order to share the price of rent, food and bills.

  • Reduce expenses

When going out, a good way to limit your expenses is to take only cash with you. Leaving your credit card at home will help you set a limit and budget your day/night reasonably. Thus you can choose prior going out the amount that you want to allocate for the day.

There are often a lot of little extras, daily pleasures that can be avoided. Of course, there is no point in limiting yourself at a strict minimum; after all you’re here to enjoy Australia! Once you can quantify how these extras will cost you, you will be able to rationalize them and avoid impulsive buying!

Also you can get a bicycle; it will enable you to travel for free around the city. Kill two birds with one stone: Enjoy Sydney’s magnificent environment & weather and get some fitness!

Learning to cook can help reducing your groceries expense. By avoiding Hungry Jack’s and its competitors you will improve your health and your account balance.

  • Get a money calendar

Plan your upcoming expenses to avoid being surprised. Upcoming bills, school fee, books for the semester and any other predictable activity (trip, party, friend’s birthday etc…) can be written down in a calendar. It allows you to keep in mind the payment deadlines and get the money ready before due time. The benefit is that you will be able to save money to face unexpected costs (bills ect…) and possibly plan holidays or occasionally have some luxuries.

Always keep a track of your financial situation, that will help to make sure that you have enough money to last until the end of your degree.

 

How do you manage your budget?

What are your personal tips to stay financially afloat?

Share some of your issues & solutions with us!

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