A budget is an effective way of organising your money to see:
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:
Recommended steps:
| Steps | Tasks | Hints |
|---|---|---|
| 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 |
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| Step 4 | Look at the simple budget planners that are available online to help. Pick one that suits or develop your own |
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| Step 5 | Enter your amounts into the income and expenses tables | Over estimate your costs slightly rather than under estimate so that 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 Health and Wellbeing. 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 commitments 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 Health and Wellbeing |
| Step 8 | Revise your budget when your circumstances change |