Tips for Maintaining a Budget

Some of the common financial pitfalls for students include:

• Starting University with a debt - you will have amenities fees to pay, and books or equipment to purchase.
• Underestimating the cost of study.
• Credit cards - using your credit card without considering the monthly repayments and interest.
• Mobile phone bills - limit calls to free time or use a pre-paid plan.
• Living away from home - If moving out of home, consider the everyday essential items that just appear at home that you don't think about such as toilet paper, soap, washing detergent, toothpaste. These things become your responsibility as well as food, utility bills and the major one, rent. (Don't move out of home unless you absolutely have to.)
• Shared housing - being left with the rent or bills if someone moves out unexpectedly. Make sure that all names appear on the lease and utility accounts.

For more information please visit: http://adm.monash.edu.au/financial-aid/

Gloria Kennedy,
University Community Services