There are many ways you can work out how to live on a student budget. Firstly, make a list of everything you currently spend your money on. You can do it based on your spending each week, fortnight or month. This list should give you an idea of where your dollars go and it may also give you some ideas on where you can save.
Here at Student Assist we can look at your budget with you and see which areas you are able to save in. Remember, cutting out one coffee per day could save you $1530 per year! Sounds like the price of a holiday or a flight somewhere exotic. Try to bring your own lunches to uni whenever you can and save the coffees for a once or twice weekly treat.
The MoneySmart Budget Planner, produced by the Australian Securities and Investments Commission, provides an excellent online budget calculator which is quite comprehensive for students.
If you are experiencing financial difficulties and would like to receive free independent financial counselling, you can contact The Financial Counsellors Association of Western Australia on 1800 889 364 (free call) or (+61 8) 9325 1617.
For more information check out UWA’s Guide to Dealing with Centrelink