Budgeting

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A budget is an effective way of organising your money to see:

  • how much money comes in - income
  • how much needs to go out - expenses.

Knowing when income and expenses will occur enables you to plan your spending so that you don't run out of money.

Expenses you need to consider:

  • Recurring expenses - weekly travel, monthly rent, quarterly gas bills
  • Yearly or one-off expenses (course fees, insurance, etc)
  • Unexpected costs such as accidents or illness
  • Lifestyle choices including entertainment and savings.

Preparing a budget

StepsTasksHints
Step 1 Review the cost of living and cost of studying estimates  
Step 2 Work out your income

Include any government support, part time work, tax returns and any allowances such as scholarships, family allowances		 Ensure you check your eligibility for government income support
Step 3 Keep track of your expenses for several weeks

Divide the costs into categories at the end of the period		  
Step 4 Look at the simple budget planners that are available online to help. Pick one that suits or develop your own  
Step 5 Enter your amounts into the income and expenses tables Overestimate your costs slightly, rather than underestimate, so you are less likely to run out of money

Remember to include large annual costs like car registration, course fees and paying tax
Step 6 Assess the income and expenses. Decide what spending limits each month are workable for you If your budget does not seem to work, chat to a student adviser at Monash Connect

It is helpful if you take your draft budget to discuss
Step 7 Stick to your target spending limits and monitor your progress.

If you don't have enough funds, you need to either decrease your spending or increase your income		 Get advice before taking on extra work committments or changing your study load

Changes to your enrolment can affect Centrelink payments and scholarships

Get advice before applying for a loan. For interest-free loans, contact Monash Connect
Step 8 Revise your budget when your circumstances change  
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