Financial tips

Budgeting

Budgeting

A budget shows you if you are spending more or less than you can afford. It enables you to direct your money to where it matters most, so you can stay on top of bills and start putting money towards your future.

It is helpful to look at the money going in and out across a whole year. Include regular payments such as your rent, phone and electricity, car or public transport. It is helpful to us an app or a website to work out your budget, we recommend Budget Planner.

Budget Planner

To work out your budget you should check your bank statements, bills, credit card statements, receipts and shopping dockets, doing this will help you to work out all your expenses. Use your best guess if there is anything you cannot find or if bill amounts vary across the year.

TIP: Download your bank’s App so you can check your bank balance at least 3 times a week.  It may be helpful to download a  Budget Tracking App that connects to your bank account.

Include the money that you receive or are paid over the time period. This could include your pay from your full-time or part-time job, any casual work, your pension, government benefits, child support payments and any money form of investment. If your income is variable, make an estimate based on the past year's earnings.

When working out your money priorities, think about which items you need for your basic living expenses and which are extras or things you could maybe do without if you need to save some money.

Track your spending app

Firstly put a budget in place. We highly recommend you have a read of Money System chapter in You’re the Boss: Money wisdom for life booklet, have a look at Moneysmart Budgeting and listen to Greater Bank Finance Lab - Get Greater at Budgeting.

Once you have outlined your budget, we recommend you start tracking your spending. Easiest way to track your spending is to have an app on your phone. Search for the best application that suits your need. Some applications sync to your bank account, others allow you to add your spending manually, for a list of what is available go to Best Budget Apps 2022.

Help in the community with setting up a budget:

  • Moneycare - Free Financial Counselling is available via phone, face to face and zoom. To book an appointment call 1800 722 363.
  • Saver Plus supports families and individuals on a tight budget to develop lasting savings habits through a financial education program.
Why track your spending?

Major overspending can lead to a debt spiral and severe problems for the future, so keeping track of your spending and sticking to your budget is important.

TIP: Preparing meals at home can save $40-50 per week, reuse dinner leftovers and use the survival stations all over the campuses to reheat your food. Skipping that $4.50 coffee everyday can save you $90 over 4 weeks!

Shop smart
Saving

Easiest ways to save money are:

  • Change bad habits and save the money that isn’t spent
  • Save with a friend and give each other encouragement
  • Save on clothes
  • Find savings on food and groceries
  • Find savings on bills particularly electricity and water
  • Reduce your bank fees

Resources that may be useful:

Utilities and living costs

Utilities

If you have having difficulties paying your utilities bills take a look at this useful guide to services available to assist you.

Steps that may assist in paying your utilities are:

  • Reduce your usage
  • Contact your provider – make sure you are getting the best deal
  • Apply for a rebate or voucher
  • See a financial counsellor
  • Make a complaint

Paying your utility bills

Resources that may be useful:

Avoid scams

Scams & Risks

Ask the right questions

  • What is your name and what company do you represent?
  • Who owns your company?
  • What is your address?

If they avoid answering these questions, the deal they are offering you is probably a scam.

Do your own checks

  • Always do your own research on a company
  • Check the company’s Australian Financial Services (AFS) licence

Protect your personal information

  • Do not give out any personal, banking or credit card information to anyone
  • Check your bank and credit card statements every month
  • Destroy all documents with your personal information on them
  • Choose passwords that are hard to work out and never share your password with anyone else
  • Avoid using the same password
  • Be careful what you post online and, if you can, try to limit what you share.
  • Make sure your privacy settings are up to date on social media accounts and share personal information with ‘friends only’

Secure your computer and mobile device by using private passwords

  • Delete and do not open any unsolicited or suspicious emails you receive, and if you have opened them, do not click on any links in these emails.
  • Enable security settings on your computer and mobile devices and install current anti-virus programs.

Reduce telemarketing calls

  • You can put your name on the Do Not Call Register to remove your name from telemarketing phone lists.

Avoiding scams button to webpage

Work

Work

Finding work

Work for International Students

International students can only work part-time to comply with their student visa conditions.

The Australian Government allows International Students who hold a student visa to work a maximum of 40 hours per fortnight during semester period and unlimited hours during semester breaks and vacation periods. Please be aware this may be modified due to COVID-19.

Be sure to research all the details relating to your permission to work while on a student visa.

Finding part-time work depends on a number of things, including your English language proficiency and your own motivation to actively search work. Remember to bring relevant documents with you to Australia that may assist you to apply for part-time work, such as reference letters from previous employers.

To be eligible to work in Australia you will need to apply for a Tax File Number (TFN).

For more information, please visit Conditions for Working While Studying and Department of Home Affairs Immigration and citizenship.

Minimum wages and enterprise agreements

Be aware of minimum wages and conditions.

Starting Work

Tips on resumes and interviews

To receive assistance with your resume and/or interview techniques either have a one or one or attend a workshop. Go to Careers for more details.

Other help

Other Help

Moneycare - Free Financial Counselling

Moneycare - Free Financial Counselling is available via phone and zoom. To book an appointment call 1800 722 363. is available via phone and zoom. To book an appointment call 1800 722 363.

You’re the Boss: Money wisdom for life booklet is a step-by-step guidebook will walk you through: understanding your money values, budgeting, navigating the Christmas season, insurance, saving strategies and managing life’s changes.

Community services

Find a financial counsellors

  • No Interest Loan Scheme

      The No Interest Loan Scheme (NILS) provides individuals and families on low incomes with access to safe, fair and affordable credit. Loans are between $300 and $1,200 for essential goods and services such as fridges, washing machines and medical procedures. Repayments are set up at an affordable amount over 12 to 18 months. To be eligible for NILS you must have a Health Care Card or earn less than $45,000 a year (after tax). Loans cannot be used for cash, bond, rent arrears, debt consolidation, holidays or bills.

  • Ask Izzy lists local services
  • Samaritans -  32 Brunker Avenue, Broadmeadow, 2292 NSW 02 4922 1509
  • Wesley Financial Counselling Services - 15 Denison Street, Newcastle West, 2302, NSW 02 4915 3688
  • Contact a Financial Counsellor

Accommodation  

TIP: Remember before signing any contract know your rights as a tenant in NSW. 

Fact: There are many different types of accommodation to choose from while you study here at Newcastle. All of them are covered by the Residential Tenancies Act 2010. The Act and the regulations set out a standard residential tenancy agreement that gives rights and obligations to landlords and tenants. The Act gives the NSW Civil and Administrative Tribunal (NCAT) power to hear and settle disputes about residential tenancies, including bond disputes.

Hunter Homeless Connection

Has Local services in Newcastle, supports available for different categories i.e. housing, food, NILS and other helpful resources, just go to: Hunter Homeless Connect Community Directory

Ask Izzy

Find the help you need, now and nearby by searching Ask Izzy.

Saver  Plus

Saver Plus supports families and individuals on a tight budget to develop lasting savings habits through a financial education program.

Cost of Living

Cost of Living is provided by the NSW Government to help ease the cost of living with more than 70 rebates and savings.

Support for International Students

Service NSW and Study NSW have put a page of resources to support International Students.