CHECKLIST – ask yourself these questions

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Student ServicesVisit our website atUNIVERSITYOF http://student.admin.utas.edu.au/services/finances/TASMANIAEmail: [e-mail] GUIDETOFINANCIAL SURVIVALATUNIVERSITYStudent OrganisationContact Student ServicesTUU Hobart: 6226 2495Launceston: 6324 3787SA Launceston: 6324 3757Hobart: 6226 2697North-West Centre: 6430 4999AcknowledgementsThis publication was developed by Student Services at the University ofTasmania. The development team would like to acknowledge the followingsources of information:Credit Union Services Corporation (Australia) Limited, 1998, Stop thatcrisis, bookletation (Australia) Limited, 1997,Budgeting – making it easy, bookletCentrelink, Austudy Payment: The Guide, January 2001http://www.centrelink.gov.au/internet/internet.nsf/filestores/aus0101/$file/aus0101en.pdfThis publication was updated/developed in November 2001.ContentsOverview 1Why you need a budget 1Preparing your budget 2Decide on your priorities 3Some tips for better budgetingand minimising costs 3Do you have a Health Care card? 4Are you coping financially? 5When trouble strikes – talk to your creditors 5Financial counselling 5Is employment an option? 6What is the Student FinancialSupplement Scheme 7Weekly/Fortnightly Budget PlannerAnnual Expenditure PlannerYour Guide to Financial Survival at UniversityOverviewThe majority of university students live on a low income and can experience difficultiescoping financially ...

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• Publié par: Awlau
• Nombre de lectures: 44
• Langue: English

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UNIVERSITY FO TASMANIA Contact Student Services Visit our website at http://student.admin.utas.edu.au/services/finances/ Email: [e-mail] Y OUR G UIDE OT F INANCIAL SURVIVAL TA U NIVERSITY Student Services L H a o u b n a c rt e : s   t    o 6 n 2 :  2    6 6  2 3 6 2 9 4 7  3787 North-West Centre: 6430 4999 Student Organisation TUU Hobart: 6226 2495 SA Launceston: 6324 3757

Acknowledgements This publication was developed by Student Services at the University of Tasmania. The development team would like to acknowledge the following sources of information: Credit Union Services Corporation (Australia) Limited, 1998, Stop that crisis, booklet Credit Union Services Corporation (Australia) Limited, 1997, Budgeting – making it easy, booklet Centrelink, Austudy Payment: The Guide, January 2001 http://www.centrelink.gov.au/internet/internet.nsf/filestores/aus0101/$file/aus0101en.pdf This publication was updated/developed in November 2001.

Contents Overview Why you need a budget Preparing your budget Decide on your priorities Some tips for better budgeting and minimising costs Do you have a Health Care card? Are you coping financially? When trouble strikes – talk to your creditors Financial counselling Is employment an option? What is the Student Financial Supplement Scheme Weekly/Fortnightly Budget Planner Annual Expenditure Planner 1 1 2 3 3 4 5 5 5 6 7

Your Guide to Financial Survival at University Overview The majority of university students live on a low income and can experience difficulties coping financially when trying to cover day-to-day living costs and expenses related to study. This guide has been developed to assist you in planning your finances during your time at university. Budgeting is the key to managing these costs. This guide provides you with some helpful hints, a budget planner and information on where to get help should you find yourself not coping financially. Always allow sufficient funds in your budget for these education-related items:







  Services and Amenities (S&A) fees  Textbooks  Equipment and /or clothing   Field trips, excursions and placements  Photocopying and printing   Internet access and computer requirements  University Library fees and fines   University parking fees and fines Why you need a budget The main reason for preparing a budget is to be aware of all your expenditure. A sample budget form and an annual budget planner are located in this booklet. It can be frightening to find out just how much its costs to live. If your first attempt at a budget comes out in the red, don’t panic. Thi shappens to most people. Take the time to sit down with your partner, if you have one, and look carefully at each item on your list. Think about what items you really need or whether they are just “nice to haves”. Are there any areas where you can make reductions? Can you cut down on some items for a few months until you get over the crisis? Some areas to focus on are lunches, take- aways, entertainment, magazines, gifts and cards, clothing and impulse buying on credit cards. Don’t make your budget too inflexible or too tight. If you do the time will come when you won’t be able to stick to it any longer. Flolow your budget for three months and then look Page 1

Your Guide to Financial Survival at University at it again. Is it working for you? Does it have a little reward for you for sticking to it? Are there any items which can be further reduced or should be increased? Open a bills paying account at a financial institution for paying electricity, gas and water and other recurring expenses such as car registration and insurance, medical benefits, vet fees and school expenses. Promise yourself you will not use the bills paying account for any other purpose. Preparing your budget Fill in your income and expenditure details on the sample budget planner. The aim of a budget is to bring to your attention all the areas where you spend money. When completing your budget, keep in mind the following:









 The budget is based on your pay period – i fyou are paid weekly, work out all your expenditure on a weekly basis. If you are paid fortnightly calculate your expenditure on a fortnightly basis, if you are paid monthly calculate your expenditure on a monthly basis.  If you have children, include the Family Allowance in your income – and any other “extras” such as board.   Write down where you think your income goes. If you aren’t sure about all your expenditure items, keep a record of where every cent goes during one pay period.  In the case of quarterly bills – electrictiy, telephone and other utilities – divide your average bill by 13; divide it by six if you are paid fortnightly; or divide it by three if you are paid monthly.  Likewise for yearly accounts, and repairs and maintenance, divide by 52 if you are paid weekly; divide by 26 if you are paid fortnightly; or divide by 12 if you are paid monthly.   For house repairs allow an amount each year – based on 10 year cycle – to cover repairs to fences, gas, water and sewerage pipes, lawn mower, hot water system, gutters, roof etc.  For car repairs contact your State motoring association for information on how much it costs to run a car – including replacement of tyres, spare parts, servicing charges, depreciation etc.   School costs should include the costs of uniforms, shoes, books, pencils, excursions, and sports fees.  For household repairs allow for the repair and replacement of items within the home over a 10-year period. This includes the stove, refrigerator, washing machine, microwave, dishwasher, TV, video, stereo, beds, furniture, bed linen, curtains, small electrical items, crockery, cutlery etc.  Personal expenses include items such as lotto, donations and hobbies, entertainment .cte Page 2

Your Guide to Financial Survival at University Decide on your priorities Once you have completed the details of your budget, check what it looks like. Determine your goals and see where economies can be made. You may also find it useful to complete the Annual Planner provided in this guide. Using the planner will assist you in identifying your high expenditure months thus enabling you to adjust your budget accordingly. Some tips for better budgeting and minimising costs  Make budgeting a family/household project.   Do your grocery shopping late on a Thursday/Friday night or a Saturday afternoon when goods such as meat, vegetables and bread are often marked down in price. Also use a shopping list to avoid impulse buying.  Try ‘home brand’ products at the supermartk, eas they are not only cheaper but are often a quality brand relabelled.  Make your lunches to take to Uni each day.  Buy only in-season fruits and vegetables, they are normally cheaper.   If you can afford it buy meat in bulk and freeze in meal size parcels.  Seal drafts around doors and windows, this will keep the heat in and lower your heating bills. Also close doors, curtains and windows to reduce heat loss further.














  Shops around to get the best telephone deal and avoid the expense of a mobile phone.  Make sure you get an itemised telephone account when sharing a house/flat with other students. This will help everyone to keep track of what they should contribute for the payment of the account.   Pre-paid phone cards are a good idea.  Spread expenses out as much as possible so they aren’t concentrated in one or two pay periods.  Keep your records in a safe place – bills, certificates, insurance policies and renewals, wills etc.  Open a bill paying account at a credit union, building society or bank.   Set your goals – put needs before wants.  Don’t rely on overtimeo r a second income.  Don’t run for cover if an unexpected illness, accident or mishap occurs.   Keep going – be determined to succeed. Page 3

Your Guide to Financial Survival at University  Stick to your budget but don’t be afriad to alter it if it can be improved.  Before you apply for credit, find out what the repayments are – be sure you still have a surplus at the bottom of your budget, after the new loan repayments are taken into account.   Credit won’t help you beat your budget and it is never free.  Aim to have an emergency savings fund.  If you have children who receive pocket money, encourage them to budget too.  Review your budget regularly. Quite often students find it difficult to stretch the budget to cover the purchase of a lounge or desk when they move into a flat or house. Other budget breakers are clothing, shoes and miscellaneous household items. While you are on a tight budget you may find the following outlets useful.

St Vincent de Paul Society Hobart Hobart Burnie Devonport Launceston Launceston City Mission Hobart Launceston Launceston 212 Argyle Street 151 Collins Street 51 Mount Street 22 Edward Street 247 Invermay Road 61 Paterson Street 13 Main Road, Moonah 351 Hobart Road, Youngtown Cnr Wellington & Frederick Sts Page 4 6234 4244 6234 1510 6431 1125 6424 2295 6326 8611 6331 3573 6228 9542 6343 2115 6331 6999

Family Stores Hobart Launceston Your Guide to Financial Survival at University 115-117 New Town Road, New Town6228 1325 157-161 Invermay Road, Invermay6331 8766 Do you have a Health Care card? It would be a good idea to find out if you are eligible for a Health Care card. The card assists those who are low incomes and helps with day to day living with reductions on electricity, telephone (depending on the provider), car registration and also medical prescriptions. Contact CentreLink to find out if you are eligible. Are you coping financially? If you find yourself answering ‘yes’ to any of these questions, you may already have a debt problem or be about to suffer a financial crisis.







 Are you spending more money than you earn?   Is Illness, loss of a job or personal problems causing you financial hardship?  Are your creditors constantly contacting you to pay overdue bills?   Are you always paying off the minimum balance on your credit cards?   Are you borrowing from family and friends just to manage?  Do you regularly pay interest and service charges on your debts because of late payments?  Are financial institutions wanting overdue payments or threatening legal action?  Is your vehicle about to be repossessed?   Are you behind in your house payments or rent?   Do you need to use your credit card to pay for food?  Are you paying off one credit card with another?   Do you need top up loans to pay your utility bills and car registration? When trouble strikes - talk to your creditors If you are experiencing problems, talk to your creditors straight away. You may feel awkward and embarrassed but it is important to let your creditors know what is happening. Most creditors will be pleased you have called to inform them



about your situation. When they haven’th eard from you, they will think the worst. Page 5

Your Guide to Financial Survival at University Avoiding creditors only puts them off side. Before you talk to them, sit down and work out what you are going to say. Take the time to think about what money you have coming in and what money you are spending. Prepare a money plan so you can make an offer to your creditors that is realistic and within your means. Financial counselling If you are in financial difficulties and it all becomes too difficult, talk to a financial counselling service. Financial counselling services attempt to meet community and personal needs. People from all walks of life and with a variety of problems go to financial counsellors. They include people on pensions and unemployment benefits, fighting to keep their heads above water, and struggling to pay rent, electricity bills and still eat on a restricted income. Most creditors now recognise the importance of financial counselling for customers who are experiencing financial problems. Many institutions refer clients to this type of specialised service. Financial counselling is free and confidential. If you feel you may like to talk to a financial counsellor, call one of the following Anglicare Tasmania offices. Burnie 03 6431 8804 Devonport 03 6424 9382 Hobart  03 6234 3510 Launceston 03 6334 6060 Is employment an option? The Student Employment Service (SES) aims to assist students to find part-time and casual work to supplement their incomes while they study. The service is for students who are currently enrolled at the University and who are registered with the SES. The service acts as a liaison between those in the community who have work to offer (business or private) and students seeking work. We are in the business of helping students to help themselves. How does that work? Details on how to register with the SES and to access job vacancies are available online at the Student Employment Service homepage: http://student.admin.utas.edu.au/services/careers/ses.html Hard copies of positions vacant advertised through the service are displayed in the Careers and Employment areas on each campus. Employment opportunities listed with other job provider organisations are also available. Please contact the Student Employment Officer at your campus for details. Page 6

Your Guide to Financial Survival at University For more information on how the service operates and what it can offer you, please contact the Student Employment Officer on your campus. Students located at the North- West Centre can contact the Student Employment Officer in Launceston for assistance. HobartLaunceston   F T a el x e :  p ( h 0 o 3) n   e 6 :  2 ( 2 0 6 3   ) 2   0 6 5 2 9 26 2511 F T a el x e :  p ( h 0 o 3) n   e 6 :  3 ( 2 0 4 3   ) 3   7 6 8 3 8 24 3785 What is the Student Financial Supplement Scheme? If you are studying full-time in a tertiary course you can get a loan under the Student Financial Supplement Scheme to increase the amount of money you get each fortnight. The Financial Supplement loan is not paid as a lump sum but is paid with your payment in fortnightly instalments. For each $1 of your payment you trade in, you get $2 of Financial Supplement loan. For example, if you trade in $2500 of your Austudy payment over a year, you will get $5000 as a loan. The amount you’ll be required to repay will be $5,000, plus yearly cost of living adjustments. The maximum amount you can trade in is $3500 for a $7000 loan. The minimum amount you can trade in is $250 for a $500 loan. Compulsory repayments of a Financial Supplement loan are required from the fifth year after the loan was received if your taxable income exceeds the current average. There are no interest charges or application fees; although from the year after the loan is taken out the outstanding balance is adjusted in line with changes to the cost of living. Remember, this is a loan and you will have to repay it! If you also have deferred paying your HECS payments the debts can build up. Think carefully. Full details are in a booklet which can be obtained from your Centrelink Customer Service Centre. Page 7