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 1.55 million people enrolled in higher education over the course of 2022. Of this number, 601, 556 were people starting out for the first time – a 3.2 per cent decrease on the year before.
So, let's look at how they can manage their finances in this new situation.
Second-hand 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 second-hand bookstores for the textbooks and equipment you need. After all, courses won't completely change from year to year: someone should 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 and bus or train fares. 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.1
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
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