From long, sandy beaches and vibrant cities to internationally renowned universities, Australia is one of the best places for international students to study. This country has a lot to offer students looking to build a prosperous and exciting career. Even so, studying abroad comes with its own challenges. For starters, money can be challenging to handle, especially because you are in a foreign country and using a foreign currency. Fortunately for you, we have a few tips to help you manage your finances to make the most out of your time studying in Australia.
Make a list of your expenses
The first step to managing your money is creating a list of your expenses. This includes tuition fees, rent, textbooks and equipment, food, transport as well as utility phone bills. Also, take into consideration the costs of dining out or going out with friends and travelling around Australia if you want to explore this exotic country. This will give you a rough idea of how much you need every month and where you can adjust to save some money.
Open a high-interest savings account
Start saving as early as possible. You may even be able to earn some extra money from your savings by opening a high-interest savings accounts. Note that some banks may not pay interest if you don’t make any withdrawals in a given month. Also, they may require you to make a minimum monthly deposit. So make sure to find out this information and seek advice about starting a savings account with your bank of choice.
Get a part-time or casual job
One easy way to earn and save money while studying in Australia is getting a part-time or full-time job. When studying in Australia, the student visa allows you to work up to 40 hours per fortnight. This time is sufficient for you to take up part-time jobs without interfering with your education. Look for part time jobs in restaurants, clothing stores, bakeries, coaching a local football club if you have the skills or babysitting. If your study schedule is tight, consider working once or twice a week to earn some extra money.
Students, whether domestic or international tend to live on a tight budget, which is why it is best to be prepared. Living on a mismanaged budget can make or break your experience studying in Australia. Learning how to budget will help you develop good money spending habits for the time you will be studying abroad and provide you with some extra money for trips and entertainment.
Some of the easiest ways to save some extra money include seeking out second hand or e-textbooks and preparing your meals at home instead of eating out. Initially, budgeting your money may seem difficult, but it gets easier with time. Once you create your budget, it is important that you stick to it.
Save on money exchange and transfer costs
From assessing exchange rates to navigating bank fees, receiving money abroad can be a tricky affair. Most banks tend to charge you for whatever service they provide, making it an expensive affair. Without enough information on money exchange and transfer costs, you can easily outspend your means through these transactions. So, make sure to keep an eye on any hidden fees or charges that may not be apparent at first.
Using money transfer service providers like DeeMoney, which promises 0% commission and competitive exchange rates is an important aspect to consider. DeeMoney is a local money exchange and international money transfer company in Thailand that facilitates money transfers all over the world quickly and securely, which is ideal for sending large amounts of funds to cover major expenses like tuition and housing. The DeeMoney app allows Thailand students studying in Australia to have continued financial support as family and friends back at home can send money to them at any time conveniently.
While it may seem like a cliche, studying in Australia is a once in a lifetime opportunity. Make the most out of this experience by ensuring that you manage your money well down to the last cent. Note that there is no one right way to save money. Instead of relying on just one method, try out the different tactics outlined above and watch your savings add up!