Even though you are not earning a living yet, it is imperative that you learn money management from Day 1 of Uni. International students in Australia struggle with financial load mostly because they lack this skill. But worry not, The Education Post brings you this crash course in Money Management:
Increase your income
Before you can manage money, you need to earn it! Part time jobs for international students in Australia are plenty so go ahead and grab one or more if you can. The best thing is that you don’t need to look outside the campus. There are plenty of opportunities to work on campus and they are even aligned with student class schedules. If not, there are always plenty of options to find off campus.
Open bank accounts
The next step in managing money is to have it organized in the right place, meaning, banks. Find a local bank that offers better interest rates and open your savings account with them. To be on your own, a bank account is essential. Keep depositing a fixed amount as ‘Savings’ and keep track of your expenditure.
Having a decent insurance plan will help you in emergency situations and you will not be shelling out huge sums of money only because you don’t have insurance. Life insurance for example includes you and your family and protects you from any unexpected financial burden. A lot of students don’t think it is necessary at this stage but in reality, it gives you a lot of security.
The next step in managing your money is to track how and where it is being spent. Understanding your mandatory expenditure gives you room for spending on a few indulgences also. Without this, you will constantly face a shortage of money and wonder where you spent it.
Knowing how much you would like to spend on different things puts you in control of your money. How much do you expect to spend in university and how much you would like to keep for off campus activities? These are the kind of things you should have an estimate for. It makes managing money very simple.
Find Student Discounts
Australia is a place that offers student discounts in abundance and as an international student, this can be a super-saver deal for you! Anywhere you go, try to find stores, restaurants and businesses that offer a student concession. All you need to do is present your student ID to get it while checking out. Not just stores, but even online portals like Amazon offer student discounts, so now you know to what extent you can save on shopping.
Cut the non-essentials
International students in Australia tend to spend more during their college stay especially on unnecessary items that either excite or fascinate them. Consider this a fair warning so you don’t make the same mistake. Identify wasteful expenditure and make sure you are not spending continuously on things that don’t bring much value to you like impulse purchases, memberships, unnecessary offers that make you spend more to get something extra and so on. Remember that everything you can save ultimately goes into your earning and makes you financially stronger.
Look for bargains
Bundle offers on staple items that you buy regularly are a great way to spend economically. Practice finding good bargains on such items and for purchases in general. College supplies are something you will always find good deals on but you will have to look for these instead of just buying from the first place in sight. You can even compare prices online and then make a buying decision. This may sound like a bit of work but it is highly recommended for international students in Australia.
Start managing your money today and you will graduate with a decent net worth!