Like an Adult: Manage your Money
Students are notorious for being broke. But even if you’re scraping by each week, there are probably things you can be doing to better manage your money.
1. Get the best deals
Do you have the best available deal on insurance, car registration, banking, superannuation, phone credit? You could be saving hundreds of dollars by reevaluating your deals at least once a year. Canstar is a great place to start.
2. Make a budget and stick to it
Making a budget means being able to cover all your expenses and save. It doesn’t matter whether you work with a weekly, fortnightly or monthly budget, or if you use an app, spreadsheet, or Kikki-K planner. MoneySmart is a useful resource for learning to budget and has a handy (free!) TrackMySpend app.
3. Be frugal
Evaluate your spending habits. Do you really need to buy so many books, or could you get a library card? Are you really using all your subscriptions? Are you making lunch at home and taking it to work? This doesn’t mean you can’t still splurge. But you might be spending more than you need to and every dollar has value. Besides, op shopping, sharing with friends and Gumtree can be lots of fun.
4. Know your rights and ask for what you’re worth
Make sure you’re getting the most out of your work. When appropriate, ask for a pay rise. At a bare minimum, make sure you’re being paid as you should be. Check your pay slips and know your rights as an employee.
5. Avoid debt
Don’t get trapped by credit cards and other debt. You can’t save money when you’re busy paying off interest. Live within your means.
Want to get more info and advice? FUSA is hosting How To Adult on 9 May, which will cover tax, income support, rights at work, budgeting, real estate, employment, health insurance, superannuation, and health and welbeing.