Managing Your Money - Expenditure

It is not cheap to be a full-time student, particularly if you need to move out of home or move to the city from a rural area, interstate or overseas. If you're starting or considering a course at university, check the Cost of Living Estimates to help you understand the kind of costs involved in life as a tertiary student.

To control your finances, one approach is to divide your income and savings into 'chunks'. This will help you meet regular costs and plan for future bills, while still using some of your cash on social and recreational activities. For example:

• Regular costs (rent, food, transport, etc): 60%
• Fees: 10%
• Bills (electricity, gas, telephone, etc): 15%
• Spending money (entertainment, clubs, etc): 10%
• Savings for unexpected costs (presents, emergencies, etc): 5%

Remember! This is your budget and it should be based on your values and the way 'you like to live', within the limits of your predicted income and savings. Your expenses will be significantly affected if you, own a car, own a computer and access the internet, smoke, like eating out regularly, drinking alcohol, own a mobile phone, enjoy an active social life, participate in recreational activities, etc. These are all decisions you make, but they will need to be included in your budget, and be paid for while you're studying. They are costs for which you are responsible.