Although studying abroad can be an amazing experience, it can also carry a hefty price tag. Studying can already very quickly burn a large hole in your wallet, but if you combine it with the large costs of accommodation and getting to know your new home, it can all add up very quickly. Thankfully, having a good understanding of your finances can help quite considerably in ensuring your budget doesn’t suffer a large blowout – to help get you on the way to good financial mindedness, in this article we provide some useful tips that are as simple as they are practical.
Working out your budget
Essential spending will include things like accommodation, bills, food and any study-related expenses
It can certainly be the case that student housing in Sydney can demand a lot of your budget every month, so with this in mind, creating a plan to better understand where your money is regularly going can give you a much better idea of your overall income and your expenses and when you’re required to have certain amounts of money. The best way to do this is by splitting up your overall costs into two different camps: essential spending and non-essential spending. Essential spending will include things like accommodation, bills, food and any study-related expenses, while non-essential spending will include all of your fun spending, such as going out and buying other things you don’t necessarily need. By working out what you spend for certain things, you’ll be able to better understand how much money you’ll need to set aside every month to guarantee you’ll be fine, and the rest you can relax about! To make this budget stretch even further, it’s never a bad idea to work out where you can spend a little less on things – for example, if you make up your meals instead of going out, you’ll be able to reallocate that money into something bigger down the track.
Looking for part-time work
If you’re looking to make a little bit more money while you’re studying in Australia – perhaps you want to save up for a little trip during semester break, or you want to have some emergency funds – finding a job is one of the simplest ways to generate income quickly. Plus, there are a few other great benefits from finding some work – firstly, you’ll have the added benefit of being able to meet some new and fun people, and secondly, you’ll be able to practice your English language skills! If you can find part-time work in your desired industry, all the better, but any way you go about it, there are certainly a lot of pros to finding work during study. The only thing you might want to keep in mind is making sure that you don’t let your work become your number one priority – you’re in Australia to study, after all!
Worried about money as a student in Australia?
Although money can certainly be a concern, approaching your finances with a bit of cleverness can ensure that you never have to seriously worry about your budget while working in Australia. In some cases, such as with finding part-time work, there are even chances for you to learn a lot of things that study might not necessarily have taught you! This way, when you’re all done with your education you’ll have been able to learn something very unique that others you studied with might not be able to boast about!