The best way to avoid falling into financial stress is coming up with a budget and following it.  Here’s a list from the Australian government study guide to help:

• Make a list of the items you need to pay on a weekly base, on a monthly base and see if you can set up an automatic payment from your bank account on the due date.
• If you don not set up direct debits, make sure to pay your rent and utilities on time, late payments include extra charges next time.
• Try and give yourself a budget to live on, on a weekly basic, and try and stick to it.
• Be aware of how much money you have in your account at all time.
• Don’t use a credit card if you can avoid it.
• If you purchase items online, use a debit card (like a credit card) or Bpay (paying through your savings account)
• Minimize the fees your bank charges by only using one ATM and minimize the amount of withdraws you make and use.
• Live economically.  Be aware of the choices and items you are purchasing.
• Look in free street press magazines; you can pick them up in places like music stores, cinemas for free upcoming activities, concerts, art exhibitions, sporting activities and festivals.
• Shop second hand; sometimes it’s the best way to find really great deals on vehicles and on clothes. Shop around.
• Don’t leave the light and water running while is not in use, this is an easy way to spend unnecessary money.
• Remember to hand the house phone up if not in use that way the batteries are recharged.
• Do not leave your phone charger plugged into the wall when is not recharging your phone.
• Do not leave the TV on when not watching.
• Remember you can unplug all appliances that are not in use and later on plug it back in when you are ready to use them again.  This is a great way to save on some extra change every week, and appliances generally do not get messed up.
• Do not have your computer or radio on while not in use.

You will need to open a bank account when you arrive in Australia, it is recommended to open it immediately that way any money you do have can be deposit and when you begin working you can talk about the option of direct depositing.

There are a dozens of banks you can choose from, all slightly with different fee and interest rate structures but all offering the same services. You can visit www.infochoice.com.au for more information.

Normal working hours are from 9:30am to 4:00pm Monday thru Thursdays and 9:30am to 5:00pm on Fridays. Some banks open on Saturday mornings and on Sunday and public holidays remain closed. Automatic teller machines (ATMs) work 24 hours a day. Most stores and supermarkets also have Electronic Funds Transfer at point of sale (EFTPOS) terminals where you can pay for goods directly from your bank account and make cash withdrawals.

At the bank you are required to show your documentation, ID, passport, birth certificate and something that has your current address (such as a copy of your tenancy agreement).

As an international student you will need to show your student visa. If you are under 18 years of age you also might need to show not only a school photo ID but a letter from your school principal too.

When opening your account, advise your bank of your Tax File Number, It will help you avoid higher tax rates on the interest you earn.

Credit cards

The most common cards are Master Card, Visa, Bankcard, American Express and their affiliates.  It is not necessary to carry large amounts of cash with you.

Transferring funds

You can transfer money by bank drafts or checks and telegraphic transfer.  Bank located overseas takes a couple of days to arrive and can be up to 10 business days to clear in an Australian Bank.  Telegraphic transfers clears in a shorter amount of time but are more expensive, while checks take about five business day to clear.

Australia offers various affordable options for accommodation, food, transport, and entertainment, ensuring international students can balance their budgets while enjoying their time in the country.

Accommodation Costs

Australia offers a variety of accommodation styles, with Homestay often being the most affordable and culturally enriching option for international students.

• Homestay: Live with a registered Australian family and immerse yourself in the culture. Meals are often included in the weekly cost.
  • Prices range from $110 to $270 per week, with single and shared rooms available.
• Other options include shared apartments, university housing, and private rentals.

Food

Australia’s cities and towns provide world-class shopping and dining options.

• Groceries: Shop at major supermarkets or explore local farmers’ markets for fresh and affordable produce.
• Dining Out: Many cities have budget-friendly restaurants catering to students.
  • Tip: Cooking at home is often cheaper than eating out.

Transport

Australia has reliable public transport systems, and students can take advantage of concession rates for significant savings.

• Once you receive your student card, inquire about discounted rates for buses, trams, and trains.
• Many cities offer weekly or monthly passes at reduced rates, helping you save on commuting costs.

Entertainment

Australia offers a variety of low-cost or free entertainment options:

• Free Festivals and Events: Major cities regularly host public concerts, festivals, and art events.
• Discounted Activities: Look for concession rates for movies, amusement parks, and bars with student deals.
• Parks and Nature: Visit public parks and national parks for free or for a minimal entrance fee.

By exploring these options and taking advantage of student discounts, you can enjoy an affordable and enriching experience while studying in Australia. Let the combination of savings and cultural immersion make your time unforgettable!