Living on a budget
Most students live on a limited income while they are studying. Your capacity to earn money will be reduced by the need to attend classes, study and complete assignments. While you will not be a student forever, it is worth planning your finances for the time you are studying.
Calculating your budget is the best method of assessing your financial needs and controlling your costs. Preparing a budget gives you 'the big picture' - where your money is coming from, when it's coming in, and where its going.
Money Smart Budget Planner
The Australian Securities and Investments Commission (ASIC) Money Smart program has a great Budget Planner which can be used online or downloaded and edited offline. There's also a great smart phone app for iPhone and Android that includes a savings and loans calculator.
Below you will find some useful information, tips and advice regarding living on a budget. Make sure you check out each section by clicking on the heading of your choice.
Costs as a Student
When creating a budget, it is important to consider all the expenses you are likely to incur. Starting out at university will mean you might be introduced to new expenses. These can include:
- Rent or board, depending on your living arrangements
- Living expenses such as furniture, food, fitness and entertainment
- Textbooks and study materials
- Car Parking permit or public transport tickets
Financial Assistance
Whilst there are many costs associated with attending university, it's important to note that there is some financial assistance which may be available to you as a new student.
Most importantly, Tuition Fees (including HECS-HELP and FEE-HELP) apply to all students studying at La Trobe University, and will vary in costs and payment methods depending on whether you have been offered a Commonwealth Supported Place (CSP) or a full-fee based place. It's important to familiarise yourself with how tuition fees affect you. Drop into the Student Hub or Administration for more information. Financial Assistance available:- Government assistance - for financial assistance available from Centrelink.
- La Trobe Scholarships - information regarding scholarships at La Trobe University.
Tips for cutting costs
- Use a shopping list to avoid impulse buying.
- Try 'Home Brand' products – cheaper and often just quality brands relabelled.
- Make your lunches to take to Uni each day.
- Cook meals at home instead of buying takeaway.
- Buy only in-season fruits and vegetables.
- If you can afford it and have the freezer space, buy meat in bulk and freeze in meal-size parcels.
- Flick the switch off!
- Seal draughts around doors and windows and close doors, curtains and windows to reduce heating costs.
- Shop around for the best telephone deals and avoid large mobile phone bills – pre-paid is best.
- Car pool, ride a bicycle, take public transport or walk to uni to avoid the costs of running a car.
- For purchasing clothes, shoes, furniture and other household items, the retail outlets of the following organisations can be a good and much cheaper option. Check in your phone book or online for the outlets closest to you: City Mission; Salvation Army Family Stores; St Vincent de Paul Society.
Youth Allowance, Health Care and Concession Cards
Youth Allowance
If you are 18-24 years old, a local student and studying full time, you may be eligible for Youth Allowance. To find out if you're eligible and to apply, visit Centrelink.
Health Care Card
If you are receiving Youth Allowance, ABSTUDY or Austudy you may also be eligible for a Health Care Card. The card assists those who are on low incomes and entitles you to reductions on medical expenses and prescriptions and other day-to-day living expenses such as transport, electricity, telephone (depending on the provider) and car registration.
Victorian Public Transport Concession Card
If you are a full-time, local, undergraduate student, you're entitled to a Victorian Transport Concession Card that provides you with cheaper public transport. Application forms are available at your Student Administration office or the Hub on Bundoora Campus.
Part time employment
Consider finding some part-time or casual employment to supplement your income. Register with CareerHub. Search for all types of job vacancies from part-time and casual work to graduate opportunities. Once registered with CareerHub students can access the suite of resources offered by Career Development Centre including careers counselling and job preparation workshops.
