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Draw up a budget to balance student finances

Thursday, 20 October 2011

Posted by Mozo

Aussies in tertiary education may benefit from getting their student finances in order so they can focus the majority of their attention on their studies.

Figures from the Australian Bureau of Statistics recently showed that the number of people achieving a qualification after leaving school rose from 54 per cent to 62 per cent over the last ten years.

Those who plan to gain new skills and qualifications themselves may want to consider drawing up a budget at the start of the year so they are aware how much they can take out of their student bank accounts each month.

Young Aussies with a clear view of how much they need to spend on rent, bills, travel and books may be able to avoid having to get a part-time job during term-time, something that may interfere with their studies.

Forward-thinking students may want to look into finding a job during the summer months so they have plenty of cash in their savings accounts to support them while they study.

However, for those who find they are short on money, it may be beneficial to compare student accounts to find one with a large overdraft facility to give them some financial breathing room.

Have a question about student banking? Ask the money gurus at Mozo Answers. ADNFCR-1761-ID-800764459-ADNFCR

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