Whether you’re a university student or a top line executive, knowing how to create a budget and stick to it is an extremely important skill to have in life – particularly if you don’t have a lot of money to begin with.
A budget tracks incoming revenue and outgoing costs, and allows you to make changes to your lifestyle if you find you’re spending money in non-essential areas.
If you’re about to start tertiary study you might want to write up a basic budget on the various costs associated with university.
It’s okay if you don’t understand the full range of costs associated with university from the outset; the point of this exercise is not to deter you from attending university but to help get you started thinking about money.
For example, some of the basic costs that might be associated with university are:
Also factor in additional costs such as socialising, clothes and the occasional trip back home during the holidays.
The Australian Security Investment Commission (ASIC) have created a number of resources specifically for Aboriginal and Torres Strait Islander people on their Moneysmart site. These resources cover such area as budgeting, what to do if you get in trouble with credit cards and even how to find your lost superannuation.
Moneysmart Indigenous – money tips for Aboriginal and Torres Strait Islanders
Moneysmart Under 25s – living on a student budget
The Commonwealth Bank Student Budget Calculator is a simple tool to help you plan your budget.