Thursday, 25 August 2011
Posted by Mozo
Aussies heading to university may be concentrating on their future studies, but it is also important to spare some time to consider student finance options before going into higher education.
Budgeting is the most basic step of financial planning, yet it is crucial for establishing whether any additional income is needed and what should be done with the money that is already in a bank account.
Those who work out that they might be short on cash may want to consider getting a part-time job while they are studying, or alternatively forward-thinking students could benefit from finding employment over the summer and putting cash away.
Individuals could also save money if they take care with their student banking choices, for example by selecting an account with a suitable overdraft and attractive rates of interest.
For example those who are concerned that they do not have enough money to see them through the year may benefit from getting a large overdraft to ensure they can focus their attention on their studies rather than their student finances.
Recent figures from the Australian Bureau of Statistics revealed that the proportion of Aussies with a qualification gained after leaving school rose from 54 per cent to 62 per cent over the last ten years.
Have a question about student banking? Ask the money gurus at Mozo Answers.