Budgeting is estimating what you can afford to spend based on your income.

It is absolutely essential that you work out a budget. A budget will allow you to see where you are spending your money and what you can save in case of emergencies or planned expenses.

How to budget

You should first begin by making a list of everything you currently spend your money on.You can do it based on your spending each week, fortnight or month. This list should give you an idea of where your dollars go and it may also give you some ideas on where you can save.

To assist you to work out where your money is going, record all your actual expenses every day for four to six weeks. Record what you have received in income for that period and examine any difference between your actual expenditure and your budget. This may help you make any adjustment/s to your budget as appropriate.

FIDO's Budget Planner, produced by the Australian Securities and Investments Commission, provides an excellent online budget calculator which is quite comprehensive for students. The Financial Aid Officer also has a budget planning sheet.

Cost of living

To help with your budgeting, you may need a general idea on the cost of living.

The information provided gives an estimate of the average cost of living for:

• living in a residential college for 35 weeks and returning home during vacation periods
• sharing a house or flat off campus
• living in homestay accommodation

All estimates are based on the assumption that you have deferred or have already paid for your University fees. Use of public transport is assumed.

These tables are provided as a guide only. There may well be other costs for you as an individual that have not been included. Students should also refer to the relevant faculty handbook or contact the department direct to ascertain additional study costs.

Reducing expenses 

There are a number of ways to save money in your every day life. They include:

• Income - avenues available to start earning or to increase your regular income.
• Shopping - look carefully at what you buy and where and when you shop.
• Eating - cooking and eating wisely.
• Housework - using environmentally-friendly and cheaper alternatives. 
• Credit cards - reducing debt by avoiding using a credit card.

There are also many ways to save on commitments such transport, incidentals and rent.