Money Management /

4 financial tips for people heading to university

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With most universities kicking off the year in full throughout February, there are sure to be a lot of people entering the tertiary-education lifestyle for the first time.

According to the Department of Education and Training, there were 1.37 million people enrolled in higher education here over the course of 2014. Of this number, 569,064 were people starting out for the first time – a 5.8 per cent jump on the year before.

With an increasing number of people heading to higher education, let's look at how they can manage their finances in this new situation.

Secondhand savings

Textbooks, stationery and supplies can take their toll on your budget in a big way. One money-saving trick can be to check out Facebook groups and secondhand bookstores for the texts you need. After all, courses won't completely change from year to year: someone will have the books you need, without the brand-new price tag.

Don't forget the transport costs

If you're living off-campus, you're likely going to be taking public transport or driving to university. This is another cost that can prove significant over time, whether it's petrol, bus fares or even fines for trying to sneak onto a tram. Factor these expenses into your advance budgets, and think of them as additions to your rent.

Cut down on your fees

A lot of banks will offer accounts with cash incentives and the like, but you need to look for something that suits you in the long term. For example, the IMB Everyday Unlimited Kick Start Account comes with no monthly fees, and it won't cost you to use our ATMs wherever you are.

Those little costs can really sting at the end of the month, so picking an account that serves your best interests is key.

Work it out

How are your time management skills? If you're up for it, working part time can give you a lot more financial freedom to get out and about, even saving money as you go. Finding something flexible can help you build up a savings account balance while also experiencing everything the university and city has to offer.

The further you get on in your studies, however, the less time you might have. It's important to balance work, life and education.

The transition into higher education is a huge one for anyone. A new living situation, a new lifestyle, a new challenge. With the right financial advice and bank accounts that support your needs, you can at least cross money off the list of things to worry about.

Apply for an IMB Bank Kick Start Account Package

Source

https://docs.education.gov.au/system/files/doc/other/2014_student_summary.pdf

https://www.vu.edu.au/campuses-services/student-support/financial-advice

https://www.moneysmart.gov.au/life-events-and-you/under-25s/studying/living-on-a-student-budget

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IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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