Budgeting

If you’re thinking of going to university, you should probably scribble down a budget to see if you can afford it. You don’t want to enrol and find you have no time to study, because you have to work regularly enough to be able to afford rent or groceries. And what about having enough money left over for the unexpected things in life, like medical bills or a new fridge?

Here is an example of the type of budget that a student might have:

Income

Expenditure

Income after tax
Youth Allowance
Family allowance
Scholarship

Rent
Utilities
Entertainment
Study expenses
Travel expenses
Insurance
HECS
Credit card
Clothes
Household items
Loan repayments



 

The student services at university can give you some great advice for budgeting and finding financial assistance if you’re feeling burdened. Some banks also offer students term deposits and saving accounts with no fees, or are flexible with student loans.