careernav.

Think about your cost of living at the moment. It’s likely to be fairly small if you’re living at home with your parents or guardians.

They pay for things like:

• insurance
• food and other groceries
• rent or mortgage payments
• energy costs, water
• possibly your new clothes
• school books and fees
• driving lessons

You may not even think about these expenses. On one hand this is good, but on the other it means you don’t know how much life really costs.

If you plan on going to university or TAFE you’ll have to pay a surprising amount of money. And no, not just on the upfront fees. You can temporarily ignore them with a Higher Education Loan Programme (HELP) debt.

You might be up for:

• course fees
• student union fees
• specialist course materials
• text books and stationery
• a laptop and mobile internet connection
• credit for printing and internet connection on campus
• transportation costs
• lunch and coffee
• not to mention shouting a round of beers and other social expenses

This all adds up very quickly, especially since you have to pay most of it in the first few weeks of semester one.

But that’s not all. Uni related costs aren’t the only things that suck your bank account dry.

If you’ve bought a car there’s:

• rego and insurance
• roadside assist membership
• service costs and
• the cost of petrol

If you end up sharing a place with other students, your accommodation costs will include:

• your share of the rent,
• your share of the outgoings (electricity, gas, and water)
• any necessary furniture
• food and groceries

If your parents are willing to spring you the money, you’re luckier than you realise. As for those of you who don’t have this luxury, you have to find other sources of funding and cash flow. Getting a part-time job is a good start - although it does cut into your social life. Without it, you’ll be hard pressed to afford a social life at all!

This summary of costs may have you freaking out, or casually waving your hand through the air in a carefree ‘it’ll-all-take-care-of-itself’ fashion. So just to make the costs somewhat more concrete at this point, here’s a table to give you some approximate figures:

That final figure is scary, but not necessarily factual. You can, eliminate a section or two entirely. Here’s how.

A Roof Over Your Head

If it’s possible, don’t move out of home while you’re studying. It’s not uncool to live with your family to save money. Almost every uni student understands a financial crisis. Besides mum’s cooking is probably a whole lot better than yours will ever be. Some of your friends living in a shared house may actually beg to move in with your parents too. You may still be asked to contribute to the finances of the household. But overall, it will still be cheaper than supporting yourself with a full-time study load.

Getting Around

Check if public transport can get you to uni. It’s much cheaper than driving, especially since as a student, you are entitled to a concession rate. And for future reference, car parking is hugely expensive at uni, and unless you’re there before 9am (regardless of whether your lecture starts at 2pm), it’s near impossible to find or jag a spare park. Many students miss the first half of a lecture, simply because there was no parking anywhere. Weigh the above motor vehicle expenses with a bus, train or tram ticket that might cost you $20 maximum weekly and your decision is practically made for you. Just keep on good terms with Dad to borrow the keys on weekends.

Keeping Your Expenses Down

In terms of personal expenses, don’t stop socialising. You need to balance study and work with time out with friends. But if necessary, don’t buy that new jacket just because your old one needs a dry clean. Visit your local op-shop or ‘Vinnies’ instead to find some hidden treasures. If mobile bills are your enemy, then text or wait until you get home and use the landline.

Government Allowances

If you do find yourself struggling, look into Government Allowance schemes. You may be eligible for Youth Allowance, Austudy, ABSTUDY or perhaps Assistance for Isolated Children. To be eligible for Government Allowances, you usually have to either be employed or actively seeking work. But chances are, if you’re having financial difficulties, you’re going to have a job or be looking for one anyway.

It will come as a surprise how much everything costs, but it’s not impossible to get by. You just need to be careful with your income, and learn how to prioritise your spending. Try to take advantage of alternatives while you’re at uni. After living on a budget with your thoughts constantly darting to your bank balance, entering the workforce on a full-time income will be a magical change.

What about the HELP debt I hear you ask? That’s the topic for another day......stay tuned.

If you’ve got other suggestions on financial strategies to get you through uni, jump onto the Forum.