The dog ate my bills – how to get by when you’re studying

Analaura Luna

The unofficial motto of students everywhere might be ‘never do today what you can put off until tomorrow’. If an assignment isn’t due right now, it gets tossed on a desk and forgotten. It’s a policy that’s been the cause of many a caffeine-fuelled all-nighter (and the occasional canine-related tall story!), and probably isn’t the wisest way to handle homework – but learning this is part of the fun of being a student! Fortunately, thanks to Commonwealth supported university places most of us can safely discard our student financial statements (usually on top of our unfinished homework) confident that we won’t have to pay anything back until we’re in a position to afford it. But that doesn’t mean that your education is free. Your HECS-HELP loan won’t cover many of the other costs associated with going to uni – textbooks, union fees, equipment costs, the mountain of photocopying you’ll do – and you’ll still have to pay your living and travel expenses. The amount you’ll have to pay will depend on where and what you study, but it’ll rarely be cheap. Putting off your homework might earn you an academic penalty, but if you can’t make ends meet in the long term you might end up with a dunce’s cap instead of a degree.

Everything looks expensive at university and there’s nothing quite like forking over nearly $100 for a book you don’t really want, but there are ways to cut the expenses you’ll incur on campus:

Since 2006 joining a student union has been optional but while union fees can be costly, if you don’t join you may have to pay more for services on campus. Work out how much benefit you’re getting out of your union and see if it’s worth what you’re paying – you might be better off without it.
If you can’t afford internet access (which is essential for many courses) you’ll often be able to get online for free at the university’s computer labs, but you will have to be willing to wait your turn.
Look into buying your textbooks second-hand. Other students are usually willing to sell old books cheaply (and get some of their cash back!), but remember to check which edition they’ve got – previous editions can have incorrect information and different page numbers, which can be awkward when your tutor asks you to explain the reading!

If you’re not sure how you’re going to pay for anything, you’ll need to look into increasing your income. Depending on your circumstances you may be eligible for Youth Allowance, Austudy or ABSTUDY payments – you will have to meet certain criteria, so check out the Centrelink site to see if you qualify. A lot of universities also provide assistance to help students find part-time work, and employment sites like SEEK are always worth a look. Remember not to take on too much work though – you’ll need time to get to that homework eventually!

If you’re already at uni and find you’re in serious financial strife, see if your university offers emergency loans. There are limits on how much you can borrow, but the loan will usually be interest-free for a specified term, so it can be a better option than taking on debt from a financial institution.

Choosing the right living arrangements can also make a big difference to your expenses, but it can be difficult to estimate your day-to-day costs in advance, particularly if you’re attending a university far from home. The cost of living can vary a lot from place to place, but many universities offer information on their websites that will assist you in working out whether your budget can cover living on or near campus, or whether you should live somewhere with cheaper rent and commute.

Getting an education can be an expensive business – after all, you’ll be putting in a lot of hours for no pay! But if you keep an eye on your expenses and access all the options available to increase your income, your time at uni can be one of the most rewarding experiences of your life. You’ll be able to make new friends, go to lots of parties and find out exactly how much you can do in one night when your major assignment’s due tomorrow!

If you liked this article you might also be interested in these other articles about money management:

Simple strategies for increasing your cash flow

Preparing to move out of home for the first time

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Author's Biography

Analaura Luna is an author, wealth adviser and founder of Your Family Your Money. Your Family Your Money’s goal is to simplify traditionally complex financial strategies, demystify financial jargon and debunk common financial myths, becoming every family’s first stop for financial advice, information and inspiration.

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