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Budgeting for Study in Australia

Budgeting for Study in Australia

Budgeting for Study in Australia
Table of Content

Australia is a beautiful land with a rich culture and diversity. It is counted among the most popular destinations in the world for hosting international students.  Seven prestigious universities in Australia rank in the top 100 among other universities in the world. But, with being popular it is also an expensive place to live and study. If you are planning on to study in Australia, then get ready to deal with all the expenses. To enjoy your academic experience in Australia, managing finances is essential. It is one of the most challenging tasks.

Tuition Fees for International Students

As per the data collected by our experts we have come up with an approx figure of the total tuition cost. These figures may vary depending upon the course and university you opt for.

  • Undergraduate Courses- AU$36,400 (~US$26,150) to AU$43,680  (~US$31,380)
  • Master’s Degree- AU$20,000 (~US$14,400) to AU$45,600  (~US$32,760)
  • Doctoral Degree- AU$14,000 (~US$10,060) to AU$80,136  (~US$57,800)

The tuition fee in Australia is usually calculated per unit basis and not per year. Fees differ for students studying in different courses. There are several band structures in the Australian fee system. Choosing different units from different bands will leave you with a difference in the course fee. With academic charges, some universities in Australia also charge Student services & Amenities fee. It can approximately come out to be AU$298 (~US$214) and even more. Students need to cross-check this with the universities they are opting for.

Living Cost for International Students

As a student applicant, you have to show a minimum amount of money in your account for living costs.  The minimum is AU$20,290 (~US$14,600) per year and can vary. The other day to day expenses includes food, phone, electricity, gas, car, public transport, entertainment, fitness, etc. The minimum of these bills comes out to be AU$311 (~US$224) per week. We have compiled some amazing student budgeting tips which will help you pull through the expenses in Australia. 

How to create an overall Budget?

The foremost step is to prepare a budget plan. Here is how you can do that.

  • Check available funds- Before blindly applying to universities, check how much money you have or can arrange by the time you have to show it as proof. Knowing this will help you prioritize your expenses later.
  • Look for the right Universities- You must apply for scholarships. This will help cut down the study cost. If you are not eligible for any scholarships, then search universities you want and apply as per your pocket.
  • Convert currency- Convert your county's currency into Australian currency and check out the budget again.
  • Figure out expenses- Next, you need to break down your expenses like tuition cost, accommodation cost, food, transportation, books, etc. It is crucial to keep aside 10% of your budget cost for emergencies.

International Students are expected to show the full amount for their accommodation costs. Be clear with the expenses which are visible beforehand. If you get an assistantship, be sure to check what it will cover, and how much you will be paying from your pocket. In the case of fellowship or scholarship, it is important to be clear about the portion of taxes. Include taxes in your budget.

How to manage your Budget in Australia?

Once the series of planning your budget comes to an end, next is to hold and maintain your budgets. To actualize it, start implying the tips given below.

  • Make weekly plans- Divide your budget for every week or month. This is the only for channelizing your budget in the right direction. This will give you a brief idea of how much money you can spend on extra activities like traveling, entertainment, etc.
  • Keep an eye on supermarket special offers- It will help you shop groceries and other items at cheaper rates. Don't waste your money on buying unnecessary things just because they under offers.
  • Using Student Card helps- You get to save a few bucks with your student card in Australia. You may get discounts on public transports, retail stores, sports games, movie tickets, etc. Don't miss any of these opportunities.
  • Look out for part-time jobs- You can do various part-time jobs like babysitting, tutoring, etc. These earnings will help cover extra personal expenses.
  • Get active - If you find the need to save some money, then start walking or riding a bike to cover small distances. For this, you must leave early from your place. It will be fun and a good form of exercise for you.
  • Cook your food at home- Rather than binging on food outside, start cooking your favorite food at home. This will save a lot monthly.
  • Think of a cheaper entertainment option- Being a fun lover is ok. But when you are out of budget, then finding out replacements become important. Why not plan a movie night at home with friends? You can put on your favorite music and cook your favorite food at home. It is definitely going to help you.
  • Look out for weekday student offers- There are some restaurants and bars which offer cheap food and drinks on weeknights to students visiting them in groups. Isn't it astonishing?
  • Make realistic decisions- If you really want to save money and stay in your budget, then you need to spend wisely. For example, you can't just rent a car when it's not in your budget. If you can earn money for it through part-time jobs, then it's great.
  • Go for second-hand options- Australia provides you an ample amount of options to buy second hand. It can be electronics, books, vehicles, furniture, etc. There are garage sales as well.

Conclusion

Living as a student in Australia has both its Pros and Cons. The essential thing for a student is to manage budgets. Following our budgeting tips for study in Australia will bring out a real difference. Now you know how to create a budget and then how you can wisely manage it. The cost of study in Australia is high, but with some budgeting techniques, you can rest assured. Pre-plan things. Choose your university wisely and be careful with the amount of money that you can invest in your study. Don't overdo as that might create issues in the future. Students can easily opt for part-time jobs in Australia. But if it is more than a part-time job, then your visa may get abolished.

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