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.

Accommodation costs

There are many styles of accommodation in Australia but Homestay accommodation can sometimes be the most affordable and safest alternative for international students. Meals are often included in the cost of boarding, and you can truly immerse yourself in the culture by living with a registered Australian family. Prices can range from $110 to $270 per week and single and shared rooms are available.

Food

There are many major town centres and cities in Australia with world-class shopping facilities. It can be cheaper to shop at major supermarket chains by checking out the discount food sections, but quite often than not, there are large farmers markets that produce fresh, local produce on a weekly basis and can have cheap fruit and vegetables readily available. Keep in mind it is cheaper to eat at home, but some major cities in Australia have a huge range of affordable restaurants that cater to the student clientele.

Transport

There are cheaper concession rates for students when traveling on public transport in Australia. Once you have received your student card it is important to discuss with your campus or transport authority the best option for you when traveling by bus, tram or train. Many large cities have weekly and monthly concession rates, which can largely reduce your spending.

Entertainment

It is not necessary to spend a lot of money in Australia on entertainment. There are a variety of public festivals and concerts that are held for free in major cities, as Australia has a large and thriving Arts community across the board. There are many concession rates or cheap nights for movies, amusement parks and even bars that hold student nights with food and drink deals. There are plenty of public parks or National parks to walk and enjoy for free, or require a very small entrance fee.