Tips for maintaining healthy student finances

Aussies preparing to go to university may want to take steps to ensure their student finances remain healthy while they are studying to avoid the added pressures money worries can cause.

Those who are getting their books together for a year at uni should consider creating a budget by writing down all their expenses for the week and balancing these against any income or money in savings accounts.

The University of Melbourne advises students who think they may have a deficit to increase their income through additional work or reduce their outgoings for the duration of the course.

For those who are forward thinking, saving up money to put in student bank accounts during the summer months may prove to be a financially savvy move.

Selecting the right place to store funds is also an important decision, so budding academics may want to look online to compare student banking options.

These steps may be increasingly important for postgraduates going back to study, as Nigel Palmer, research fellow at the Centre for the Study of Higher Education at the University of Melbourne, recently asserted that these students are below the poverty line when they rely solely on the Australian Postgraduate Awards.

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