Budgeting

• Ever wondered where all your money goes?
• Having trouble making ends meet?
• Like to know how much money you have to live on and what you're spending it on?

The following information should assist you to:

• Understand the principles of budgeting;
• Construct a budget plan;
• Save money on your weekly commitment;
• Shop smarter;
• Cook and eat wisely;
• Maintain a clean house the cheap and environmentally friendly way;
• Explore avenues to increase your weekly income;

The Principles Of Budgeting

It is absolutely essential that you work out a budget. Begin by making a list of everything you currently spend your money on (be honest!!)

Click here for a budget planning sheet. 

This should give you an idea of where your dollars go and it may also give you some ideas on where you can save.

To assist you to work out where your money is going, record all your actual expenses every day for 4-6 weeks.  Record what you have received in income for that period and examine any difference between your actual expenditure and your budget.  This may help you make any adjustment/s to your budget as appropriate.

The following suggestions may assist you make any necessary adjustments:

Save Money On Your Weekly Commitments

Lunches: To reduce the amount you spend each week on food, bring your own lunches to Uni! It’s amazing how the lunch bill can mount up.

Cooking: If you really hate cooking you could consider making lunch your main meal of the day by buying a hot wholesome meal at the Guild. Dinner could then be something like toast or sandwiches, soup or fruit.

Rent: If the amount you pay on rent represents a significant portion of your income you can always explore the possibility of moving to cheaper accommodation or sharing with more friends/students. Dividing household expenses between a few people usually works out cheaper.

Incidentals: Bills are ongoing! Not only an amount needs to be put away each week to cover things like gas, electricity, water, telephone, and food.  Incidentals like doctor, dentist, entertainment etc. all need to be included in your budget.

Habitual smoking/drugs/alcohol: An expensive, unhealthy and potentially dangerous & illegal habit/s, give them up.

Transport: If you own a car, compare the cost of using public transport to the total cost of running the vehicle. This means adding up the registration, insurance, petrol, routine car services, parking costs and all those expensive unexpected repair bills.

Entertainment: Perth is well served by fantastic beaches, parks, the river and green space, all of which are FREE! Always check out the local cinemas for half price nights or other discount specials. ALWAYS enquire about student discounts.

Shop Smarter

Be strategic about where and when you shop:

• Delicatessens or small grocery stores tend to be more expensive than the larger chain supermarkets. Prices also vary between different supermarkets, even between the same stores in different suburbs. Compare the prices in shops near you and shop accordingly.

• Some local supermarkets have special discount deals at specific times. Some shops offer meat, bread and other perishables at a discount rate near the end of the day. Large supermarkets often have foodstuffs on their shelves that have been discounted because they are near to their ‘use-by’ date. Places like the Subiaco, Wanneroo, Midland and Fremantle Markets offer discounted fruit, vegetables and pastries late on Sunday afternoons.

• Within the metropolitan area there are several food shops that sell food below normal retail prices. Eligibility is usually in the form of proof of a Health Care Card. Details are available on the Student Services website If you don’t have a car, make a few trips to the shops during the week so that you can buy as much as you can carry. Some supermarkets can arrange free home delivery of your shopping so check this out in your local stores.

• Some grocery stores are also online so you can shop for items without leaving your home.  Most sites will allow you to search for particular products or just cruise the “virtual” aisles. You then decide if you would prefer to pick up the goods from the store or have them delivered. Remember that there is usually an extra charge for this service (and there may be minimum order limits) and you are relying on someone's selection eg fresh fruit.

• For furniture and household equipment look in op shops, secondhand stores and swap meets and investigate the “For Sale” columns in the weekend newspapers. The Quokka also usually contains a lot of household items and even has a “free items” section. The old rule of "buyer beware" applies. However, good bargains are there for the asking. The key is to be flexible and creative when haggling.

• Make sure you compile a SHOPPING LIST before you hit the shops and then stick to the list.

• Buy in bulk where practical. This often works out cheaper over time than buying several smaller items. If freshness is a problem then you can split up packages into smaller, sealed containers. However, do not be fooled into assuming that larger packages are always better value. Do a quick calculation of the relative prices per unit or unit weight. There is often a surprising variation, even within the same brand.

• Look for specials and bargains in newspapers and junk mail.  Look for the specials in the store and be willing to try a new brand that is on special. Make sure that the “specials” are genuine, and never buy an item that you do not need simply because it is on sale.

• Don’t be afraid of the generic supermarket brands.

• At certain times of the year particular fruits and vegetables can be expensive, so at those times consider alternatives such as frozen or tinned fuit and vegies.

• Shopping while you are hungry WILL be a disaster. Hungry people are more likely to spend more money on things (not just food) that they don’t really want or need.

• Be strategic in what you do with your purchases:
  - Store dairy foods and vegetables in the refrigerator and fruit in a cool,  well ventilated dry place. Once the packets have been opened, store all dry foods such as pasta, rice, nuts and flour in sealed containers such as bottles and jars. Meat can be frozen as long as the freezer is reliable; thaw in the fridge as needed.
  - Freezing bread and milk is a good way of ensuring that food is not wasted and that you have the basics when you run out. NB: You can also freeze leftovers, especially soups and stews.

Cook and Eat Wisely

• Eat breakfast every day. This can save you lots of money because you are less likely to develop major hunger pangs mid-morning and rush out to fill up on snack foods. If you live with others you can make a large pot of porridge or muesli for very little money. If you can’t stomach breakfast first thing in the morning, bring some fruit and bread with you to Uni. Dried fruit and nuts are also good to ward off hunger pangs and give an instant energy boost.

• Make your own lunch. Buying lunch every day will cost you about $50.00 per week. You will be more likely to be motivated to make your own lunch if you have a variety of interesting sandwich fillings and other items on hand at home. Think ahead when you shop. Bread can be bought on the weekend and frozen – thaw overnight as needed.

• Maintain a balanced diet. A varied, balanced diet will help to keep you well and ensure that you have the energy and power to think and study effectively. Avoid junk food, because it is not only costly but low in nutritional value. Try to achieve a workable, healthy balance.

• If you hate cooking, consider eating your main meal at one of the Guild outlets, where the food is simple but wholesome, and having a smaller meal for dinner.

• Learn to do some basic cooking. It is expensive and often unhealthy to depend on pre-prepared, frozen and take-away foods. Home cooked soups, stews, curries, stir-fried vegies and rice in all its forms go a long way and are quick and easy to prepare. Packets of rice, pasta and noodles usually include cooking instructions.

Maintain a Clean House the Cheap and Environmentally Friendly Way

Cleaning agents are among the most expensive items to buy. If you do not want to use the tips below, at least rationalise the cleaning agents you buy. Usually, one or two cleaning products will do for the whole house. The tips below use inexpensive, readily available materials and will help you to save money. Most are distinctly more environmentally friendly than the “conventional” cleaners.

Bathroom

Bath and basin: Wipe over or scrub with bicarbonate of soda on a damp cloth, then rinse and wipe over with white vinegar on a damp cloth.

Ceramic tiles: Wipe with white vinegar or with cloudy ammonia on a damp cloth, then rinse. If bleach is needed to clean mould from tile grout, use diluted plain bleach rather than expensive mould treatments. However, bleach is very toxic so be careful, and NEVER mix chlorine bleach with products containing ammonia as it emits dangerous fumes.

Mirrors: Clean with a damp ball of newspaper dipped into white vinegar.

Toilet: pour one cup of white vinegar into the bowl, leave overnight then scrub with a brush the next day. Wipe the outside of the bowl, seat and lid with white vinegar.

Kitchen

Refrigerator, sink, benchtops: Wipe with bicarbonate of soda on a damp cloth and then with white vinegar.

Oven: To clean oven, mix half a cup of cloudy ammonia and one cup of water in an ovenproof bowl. Place the bowl in a warm oven for 10-15 minutes (the dirtier the oven is, the longer you leave it). Scrub off burnt-on grime with bicarbonate of soda and wipe with a clean damp cloth.

Burnt saucepans: Make a strong solution of bicarbonate of soda and water. Bring to the boil and let simmer.

Burnt food and grease on stovetops: Make a paste of bicarbonate of soda and a little water. Paint on to the dirty marks and leave at least overnight. Using the stove in the meantime is fine – in fact the warmth helps the process. Wipe with a clean damp cloth.

Floors: Use dishwashing liquid as the detergent. Rinse and then mop with vinegar for shine.

Wine spills on carpets: immediately sprinkle with salt or bicarbonate of soda to absorb the stain, then vacuum.

Explore Avenues to Increase Your Weekly Income

Part time Work: Consider whether you may be able to fit in a few hours a week of paid work into your schedule. Even just 3 hours a week of babysitting or gardening can give you an extra $45 a week (or $2340 a year) which can go a long way. The Casual Jobs Board in the Careers Centre (in Student Services 2nd floor Guild Village) has a wide variety of jobs advertised all year. For a small investment of $5 per year you can access many job opportunities. Make sure you do not over commit yourself to paid work at the expense of your studies. Be realistic about what you can undertake given your study load and other commitment.

Centrelink Payments: Periodically review current Centrelink policy to make sure you are receiving all the payments for which you are eligible. You can do this quite simply by telephoning the Centrelink hotline (13 24 90), visiting their website (www.centrelink.gov.au ) or calling into a Centrelink office.

Vacation Work: This is a great way to make money without having to juggle work with study commitments. By being available for full time work you can often source a wider variety of jobs.  Visit the Careers Centre to review current vacation work opportunities.

Further Assistance

Come and see a Student Financial Aid Officer to discuss your budget and other financial options, including Student Loans. You can collect a Student Loan Scheme pamphlet and application form from Student Services at anytime. To make an appointment to meet with the Student Financial Aid officer please telephone Student Services reception desk on 6488 2423.

Student Services
2nd Floor, South Wing, Guild Village
Telephone: +61 8 6488 3547
student.finance@uwa.edu.au