Five Easy Financial Tips for Australian Students

A student’s life can be deadly in two senses: a) you enjoy it fully to experience the real charm of this phase; b) you are short of money and unfortunately under the burden of debt. While the first ‘deadly’ provokes the feelings of adventure, thrill, and entertainment, the second can be a real stress. All students want to make sure that they are never short of money.

It is obvious that students too have many expenses ranging from the most basic ones like utilities and clothing to educational expenses and leisure. The list can often go to luxury items as well. Nothing is easy to learn, but money management if avoided, can turn out to be very problematic. Staying on top of one’s finances is necessary to ensure a better student life and a secure professional career.

The following are top five tips that can help Australian students manage their finances.

1.     Say Goodbye to Credit and Borrowings

A student should spend like a student. Unnecessary purchases often call for borrowings, and then the inability to repay the borrowed amount increases debt. Don’t go for what doesn’t suit you. Stay within limits, especially when it comes to leisure and recreational activities.

2.     Tie Yourself with Budget

It is extremely important for a student to have a budget that bases all expenditures on his/her total income. It does not only give you a roadmap, but will also prevent you from spending in excess of a prescribed limit. There are tools available over the Internet that you can use to budget your expenditures and then keep a track of it.

3.     Save Money to Save Your Future

Consider skipping a delicious Australian cuisine or that newly arrived designer T-shirt in the outlet. Instead, have an ordinary but nutritious dinner and be happy with that old shirt your friend gifted you on your birthday. It may not be pleasant initially, but as you develop the habit of saving often, it will definitely be great for your future expenses.

4.     Avail Student Perks

Whenever possible, avail student discounts and perquisites. Always keep your student identity card when going out, so that you can ask if there is some benefit available for students. It is indeed your right that is highly beneficial in managing your finances.

5.     Save Money on Textbooks

Students buying books from campus bookstores pay at least 50% higher than those who buy used books online. This is not a bad option to go for; after all it saves you money. Besides, you can also sell these books back to the same online market so that others may buy them later.

Student-Finance.com.au is not a credit provider and does not act as a intermediary between any credit providers. This website does not provide Financial Product Advice or deal in the sale of any financial product. If you require this service it is recommended to seek the help of a professional. You should consider your own specific circumstances before making any Financial decision.