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Student Budget

"What is an optimist?" a boy asked his father.

"An optimist is a university student who opens his wallet and expects find money," answered his father.

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When students live with their parents, they don't notice their expenses and don't plan a budget, as it is just too boring and unnecessary. But as soon as students finish school and go to a university or college, they began to notice how quickly their money runs out. Young people very often don't take into account essentials, such as electricity and water bills, because their parents pay for everything. Starting to look after yourself financially is always an interesting thing. Let's look at what a budget is and how to plan your expenses.

What is a budget?

A budget is a process of planning your income and expenses for a certain period of time. You can make a budget for a month, quarter or year. Next, you must make sure that your expenses don't exceed your income. It is possible that you will have to limit certain expenses or find an additional source of income.

Why is budgeting so important?

Budgeting can help you to see the full picture of your spending, help to establish control over your finances and avoid debt.

How to create my first budget?

First of all, identify your sources of income:

Paid work / Parental assistance / Scholarship payments / Centrelink payments (Youth Allowance or Austudy) (opens in a new window)

Then, determine your expenses:

Clothes / Internet / Textbooks/ Rent room / Phone bill / Water bill / Water bill / Electricity bill / Grocery money / Entertainment / Transport money / Medical and dental bills / General course cost (annual cost) / Car registration, insurance and maintenance / And more, more

As you could already see it’s easy for your expenses to exceed your income! It must also be taken into account that during your studies, you most likely will not be able to work much since it is during this period your education is your highest priority. Education is very expensive, and it will be very sad if you cannot pass any exam or test because you are busy at work.

What tools can help to create a budget?

You can use spreadsheets in Microsoft Excel to create your own budget. It can help you to see your income, expenses and the balance. Entering the data on a daily basis does not take much time. At the end of each month, you can see the full picture of your financial state. Perhaps you will have to rethink your spending or find an additional kind of earning. Visit the WikiHow website to find more information (opens in a new window).

Pocketbook is a finance app that provides a way to organise your budget. You can control your expenses by using the easiest app. Categories such as groceries, clothes and fuel will automatically distribute in the right area by the application itself. Use the app Pocketbook to create your budget (opens in a new window).

You can use the calculator from the Commonwealth Bank to manage your income and expenditure. Enter your data into the table and then calculate the amount. You can find ways to save money by varying the amounts. Use Student Budget Calculator from Commonwealth Bank (opens in a new window).

Where can I earn money?

The trick is that you don't have to spend less, you have to earn more.

In this section, you can find useful information about finding a job, the possibility of being a volunteer, and how to become a freelancer.

Etsy is the global marketplace for creative people who sell their handmade items. If you are a very creative person who likes to create unusual things with your own hands, then you definitely need to look at this international platform where people from all the world can sell their items. Visit the Etsy website to find more information (opens in a new window).

Udemy is a global marketplace where you can find courses and improve your knowledge, and also you can create your own course and sell it. If you have a unique speciality, can play musical instruments, know foreign languages, or understand mathematics well, then create a course and offer it to the public. Create an online course, start to teach other people and earn money. Visit the Udemy website to find more information (opens in a new window).

Teespring is a global marketplace where you can design your shirt and start to sell it. If you are a creative individual who would like to bring your ideas to life, then Teespring is best for you. It is free and easy to use. Be creative! Visit the Teespring website to find more information (opens in a new window). is a global marketplace where you can earn by doing freelance jobs for people. If you are a wonderful programmer, web developer, writer, designer or someone else, then this place is perfect for you. A lot of people are looking to hire you. Find yourself in this great world! Visit the Freelancer website to find more information (opens in a new window)

Where to get help?

Australian Government Department of Human Services (Crisis and special help) 

The Government Department provides a wide range of services for people who need help. If you are in a difficult financial situation, you can apply for income support payment. Don't wait for a serious crisis, ask for help, and remember, this is not a bad life, it is just a difficult moment. Visit the Human Services website to find more information (opens in a new window).


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