Studying in Australia can be a very exciting prospect – a new city, new people and a new culture, all at your fingertips. The only problem for many international students is how expensive studying abroad can be. Oftentimes, however, its’s not that the study itself is expensive – it’s just bad financial habits that create a hole in the wallets of students. With enough knowhow it’s actually quite possible to live comfortably in Australia as an international student – in this article, we take a look at a few great money management tips to help get you back on the path to financial organisation.
Not everything has to be new
If you’ve looked to a student loan online to buy a new piece of furniture for your living space, there’s a good chance that you can get a lot more for your money than you might think. Rather than opting to buy new all the time, consider browsing sites like Gumtree and Facebook Marketplace to find useful things for a fraction of the cost that you’d otherwise pay. Although it does take a bit of time and patience, your time invested will absolutely pay off – then you’ll have spare money to play with elsewhere! Similarly, it’s never a bad idea to start cooking more at home (if you don’t know how to cook, now is the perfect time to learn), as preparing your food in, rather than splurging all the time on UberEATS, can save you an incredible amount of money – all of those takeaway meals, despite their seemingly small cost, can very quickly add up to huge money. That’s not to say you shouldn’t be able to eat out – instead, try and prepare your own meals during the week and save some money to buy food with friends on the weekend.
Don’t forget about the admin
Although it should be common sense, opening a bank account in Australia is an important step to ensure you aren’t frequently hit with international transaction fees and hefty ATM withdrawal charges. As with food, these might seem small, but they will certainly add up into something significant over time. This bank account will also be used in the event you get a job, making it a good move in the long-term – it’s free as well, so just takes a little bit of time to do! This step can often be done overseas, so you can completely prepare for your Australian study ahead of time. Budgeting should also be an important thing to consider when you’re studying abroad. Knowing when you need to spend money, what you’re spending it on and how much you need every month can be extremely helpful in giving you an accurate picture of your finances. People without a budget are those that run into trouble eventually, so make sure to not be one of them.
Become financially independent today
Although understanding your finances – particularly when you’re new to it and you’re living overseas – can be daunting, it’s very much a life skill. As soon as you grasp what you should and shouldn’t be doing as an international student, you’ll be able to be very comfortable throughout your studies, which can ensure that any stresses related to finances are never a problem.
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