If this is your first time leaving away from home, planning for everyday expenses can be daunting. It is important that you maintain a realistic budget by understanding the costs that you are likely to face as a student in Sydney. To manage your income and expenditure, a budgeting tool can be used.
If you are an international student, you must comply with financial obligations set by the Department of Home Affairs. As a single student, you must be able to show that you have money to cover your living costs of at least AUD$20,292 to AUD$21,041 per year. This will equate to approximately AUD$1,691 per month. The actual cost will vary depending on your needs and choice of lifestyle.
Below are a list of major expenses items that you will need to include in your weekly budgeting:
- Utilities and communication (electricity & gas bills, mobile phones and internet bills)
- Food and groceries
- Travel and transport
- Entertainment and socialising
- Academic needs (eg. study materials, stationery, printing & photocopying)
- Childcare and schooling costs (if you have school aged dependants)
The Study in Australia website provides estimated costs for living and studying in Australia.
- The Insider Guides Cost of Living Calculator provides a useful tool to help you with estimating your cost of living based on your desired lifestyle (accommodation arrangements, transportation options, entertainment activities etc.)
- A budgeting tool by the Australian Securities & Investments Commission (ASIC) enables you to work out where your money is going, create your own items and change the currency (if applicable).