How to manage personal finance in Australia as a student?

A big component of studying in Australia is being able to manage your finances. For the first time, many overseas students will have to learn how to manage their own funds, keep track of bills, and pay fees. It can be stressful to try to figure out the best way to pay your fees while taking into account telegraphic transfer fees, bank fees, and so on. If you rely on your parents for financial support, you’ll need to find out the most cost-effective manner for them to send you money without incurring hefty bank charges and fees. To avoid being scammed or robbed, keep your money safe and secure while yet making it accessible. 

If you’ve never had to manage your personal finances before, it can be difficult. It can be intimidating, but with a little practice and instruction, you’ll soon be a self-sufficient individual who can manage your personal expenses as well as big financial obligations like tuition and rent. Here are some things to consider when managing your funds while traveling:

Personal finance management

If you’ll be managing a lump sum of money for the entire semester, you’ll need to create a monthly budget to ensure you don’t go over budget. It may be tough to anticipate costs during the first semester, but you can always make a basic estimate and revise it later. If your dorm doesn’t have a dining or meal plan, you’ll need to calculate out how much you should spend on food and groceries, as well as whether it’s cheaper to cook at home more often.

You’ll know how much money you have leftover for things like holidays and entertainment once you’ve budgeted for your books and school supplies, groceries, rent, utilities, and personal items. It’s also a good idea to put money aside for savings in the event of an emergency. If you’re struggling to make ends meet, it’s a good indication that you should look for a part-time job. Many international students are tempted to get a credit card, but whether or not you should depends on your specific situation.

Getting your tuition paid

Whether you pay your fees personally or have your parents (or another sponsor) pay them on your behalf, make sure you do so before the deadline. You should receive an invoice with the necessary breakdown of your fees after you’ve registered for your classes (including meal plans, student association and lab fees, etc).

If you’re receiving payment from another country, make the payment as soon as possible to avoid any delays. You don’t want to be charged excessive late fees or be unable to attend lessons because you haven’t paid your bill. To make the procedure go more smoothly, look into your university’s trusted payment partners and providers. These are dependable and recognized providers.

Scholarships Application 

Although you may be eligible for a scholarship if you did not obtain one when you applied to your university, you may be eligible for one afterward. International students who excel academically or are active members of their communities may be eligible for scholarships and stipends from some universities and departments. Even a small sum might make a significant difference when you’re on a college budget. It will also look great on your resume.

Making your rent payment

You will be responsible for paying your rent if you live off-campus. Check to see if you have a lease from your landlord or a property management company. Make a mental note of the lease’s terms and conditions, and double-check that you’ll be able to make the payments on time.

Monthly payments are required for some leases, whereas weekly payments are required for others. When it comes to payment methods, some companies want a check, while others demand a direct bank transfer. Regardless of the necessary payment method, avoid paying any deposits or rentals in cash, as this could signal that the landlord is utilizing illegal techniques.

Make contact with someone

During challenging times, our social workers can provide you with counseling, support, and information. Our Financial Information Service Officers are available to speak with you about your financial situation. This section contains information that you may require when you begin your first employment. You can also learn about the interplay between earnings and salaries, taxes, and superannuation. The National Debt Helpline is a non-profit organization that provides free debt counseling. If you’re worried about your finances, don’t hesitate to contact them. To gain a comprehensive view of your finances, it’s good getting free expert guidance. The National Debt Helpline website will help you identify a financial counselor in your region.

Conclusion

It’s difficult to feel at home in a new country. International students may be able to handle their money, continue their education, and upgrade their employment skills using free online resources until businesses and institutions can reopen safely.

Related Posts