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Finance - Budgeting

Let's face it, budgeting can be a pain especially if you are working on a very low income as most students are. The less money you have to live on, the greater the necessity to budget.

Budgeting enables you to make the best use of the limited resources you have.

It helps you identify where your money is going and sometimes this can be rather revealing! In essence, budgeting involves planning ahead of time so that when you get a telephone, gas or electricity bill, you don't feel you have been "hit" by them.

Rather budgeting enables you to anticipate such mundane expenses and requires that you prioritise your wants. It gives you control of your money, rather than letting it control your choices.

Budgeting – the Power of Planning Podcast

To view this informative podcast press the play button below (not advisable for dial-up users)


Attached are a Sample Budget and a Budget Planner.

It is important that you work out your own budget. You can use the attached Budget Planner and see how things stack up for you. Hopefully your expenses do not exceed your income. But, what if they do? What could you do if your expenses exceed your income?

  • Can you remove any of the expenses? (Do I really need it?)
  • Could you reduce some of the expenses? (Take lunch from home rather than buy at the cafe)
  • Could you handle a part-time job?
  • Could you ask your family for some (more) money?
  • Could the Youth Allowance/Austudy Advance Payment help?
  • Would a Student Loan be of any help?
  • Would you consider being a part-time student for awhile and working full-time? This may allow you to accumulate some savings.

Budgeting Tips

Make a list of all your regular, unavoidable expenses (essentials) and estimate what you are likely to incur for these items. This would include such things as gas, telephone and electricity bills, food, rent, and transport costs. Having done this you now know how much you have left for other types of expenses.

What does this add up to? Based on your income, does this leave you with any funds? Hopefully it does, otherwise you are likely to have some difficulties covering other expenses that you will incur such as books, clothing and entertainment.

Make a list of other expenses, some of which will be avoidable and some that will be necessary, which you are likely to incur. Estimate the cost of these.

If your expenses exceed your income, have a look at the section on Money Saving Tips and Concessions. There may be ways you can save money that you may not have considered.