Embarking on the new journey of starting University in 2018 is an exciting time; filled with forging new friendships, adapting to a different academic environment and more complex financial considerations. Being launched into University life means that there are more opportunities to spend money, and lose track of your spending habits.

Here are 4 practical tips that I’ve found during my time at university, that might assist you in ensuring that you are financially prepared for the new year.

  • Set a weekly spending budget
  • Consider if you plan to work and study
  • Calculate the expected travel costs for University
  • Plan ways to cut costs

Let’s look at these in more detail:

1. Set a Weekly Spending Budget

Decide on a maximum amount of money you are allowing yourself to spend each week. Factor in that at the very start you will might need to spend more, to buy prescribed textbooks and resources for certain subjects. Overall, you should have an average limit for how much you can spend each week and try not to exceed that specific amount.

2. Consider if you plan to work and study

Depending on your time management skills and the course you have selected, you might decide to work whilst studying. There may be scholarships from your University for academic excellence or economic disadvantage, which are worth looking into to reduce your fees and/or expenses. Think about the financial demands such as paying rent and bills if you are going to live out of home, and whether you need to work (and how often).

3. Calculate the expected travel costs for University

If you plan on travelling via public transport, cut down these costs by getting a student concession card. The alternative that some students take, is paying for a parking permit and driving to University.

4. Plan ways to cut costs

It is expected that you will spend more money than when you were in high school. Think about cutting costs such as bringing lunch to University, using public transport, making your own coffee and buying second hand textbooks.

If you’re interested in learning more about money and personal finance, catch us weekly on the How To Money podcast which you can find on iTunes, or via the online web-player.

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I would love to hear your thoughts in the comments below, on the ways you have gone about financially preparing yourself for tertiary study.

Joyce — HTM Guest Contributor

Joyce is a current university student at Monash University studying Arts/Law. Joyce keeps herself busy with a range of paid and volunteer work, as well as university activities such as debating and mentoring.

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