A Guide to Managing Money on A Student Budget
With all of the time and dedication required to excel, studying can be quite an overwhelming prospect. When you factor in money and sizable loans on top of that, especially for those who simply don’t have time to find suitable work, you can run into a lot of trouble very quickly. Finding your own way through this process can be tough, but it is absolutely possible with the right attitude and a little bit of prior understanding. In this article, we examine a few ways that students can better manage money so that they can instead prioritize the important stuff: study. This way, there won’t be a need to eat instant noodles every night!
Getting Started with Student Finances
Getting on top of your student budget should be the first thing on your list, as knowing this will help you to better determine what needs your finances and when so that you’re not caught off guard. It should be a last priority to arrange a loan for students, is this can cause money requirements to spiral out of control. Aside from basic study costs, you will need to focus most on living expenses. Although living right down the street from the university you study at might be ideal, if it’s unaffordable in the long-term you can very easily run into trouble. Basic things to consider during this time include course fees, textbooks, laptop and internet usage, transportation and the costs of moving. After working out your basic financial needs, you should look into opening a no-fee savings account and apply for any relevant government assistance to help you better cover your living expenses. Centrelink payments will often depend on your age and living situation, but you will usually be eligible for either Youth Allowance, Austudy or ABSTUDY.
Creating A Money-Saving Mindset
After doing some initial planning, you should start saving money regularly. Start putting a little bit of money each week into your savings account, as an emergency fund can be a lifesaver in particularly tricky situations. Plus, if you’re disorganized you should ensure you set up calendar reminders for bills so that you aren’t hit with unnecessary fees. In addition to saving a little bit if money every week into your savings account, paying a little bit off your HECS debt can mean that you aren’t slugged with a massive debt at the end of your study – HECS needs to be paid off after earning $45,881 per year, so it can absolutely hep with your budget in the long-term if you stay on top of this. A great way to support this money going into and out of your bank is to get some part-time work while you study. Depending on how much you earn you can still receive Centrelink payments, so if it doesn’t interfere with your study too much it’s a great idea.
Managing Money Isn’t as Difficult As You Might Think
If all this seems overwhelming, there’s no need to worry – it will come naturally after you get into the habit of being financially savvy. If the prospect of juggling finances stresses you out, there’s no reason at all not avoid studying because of it – if anything, engaging with finances during your time study will imbue some great habits for your entire future.
