Manage your money and budget

How to budget for international students

How much do you spend on rent, transport, bills, groceries and entertainment? And how much income do you receive a month? Getting this information from your bank statement or mobile app is a vital part of managing your money.

Record your income over a month and then subtract your monthly expenses. If you are spending more than you earn, you can use a budgeting app to help take control of your spending. Learn more about budgeting apps on the financial help for students page. The Australian Government has also created a budget planner resource on the MoneySmart website (opens external site).

Visit our cost of living page to find out how much money you need in order to live in Sydney.

Open a local bank account

By opening a bank account when you arrive in Australia, you will avoid international fees and high exchange rates. Some Australian banks like Westpac and Commonwealth Bank have accounts that cater to new overseas arrivals. Other banks like HSBC have accounts where you can use currencies other than Australian dollars. You may have to visit a branch to verify your identity and open your account.

Plan ahead

Knowing when a big expense is coming up will help you to plan for it. Keep track of important dates such as when your uni fees are due and put them in your calendar - remember to turn on an alert too! To find out more about your fees see UTS international student tuition fees.

Deals

Shop around for the best deals on phone and internet plans, or utilities such as electricity and gas. Often, companies will give you a discount if you sign up to more than one service. You can sometimes get a discount with energy providers if you set up a direct debit payment, so check before you sign up!

Shopping tips

• Make a list before you go grocery shopping – and stick to it!
• Buy essentials in bulk, such as rice or grains as this is cheaper than buying small amounts often.
• Go to a local supermarket and avoid convenience stores.
• Buy fresh fruit and vegetables that are in season (you will notice the price difference across the year). Markets can be cheaper, especially late in the day when prices are reduced for a quick sale.

Visit the UTS Financial Assistance Service for support and advice on financial matters, and check out their self-help resources section.