Cost of Living in Australia

Cost of Studying in Australia

Living in Australia and life in this content is not high, but make sure to have a budget and stick to it to ensure that you will be financially good:

 
Money

Cost of living and budgeting

For many international students arriving in Australia makers the first time they have ever been away from home and leaving their parents, now comes the responsibility on your shoulders.  It can sometimes be stressful, but if your on a budget it can be quite easy to survive.  
Remember you have some income from your 20 hours job a week, again do not rely on that money to survive, but it does help.


Make sure to Research before you arrive

Besides your tuition fees, accommodations cost will be your biggest financial burden, rent, if you decide to purchase a second hand vehicle, all the appliances that goes into your apartment, but just how much are you willing to pay for what you want.  Prices on locations can very from where you want to reside, if you choose to live on campus, how much will that cost? If you want to go off campus, live off campus? If you want a dorm room with a partner or a solo apartment and where do you want it located? All these questions should be considered when you’re trying figure out your budget before hand.

Remember that cost varies from state to state so you might want to look into prices such as public transportation, mobile phone plans, electricity, gas, water, telephone, food, text books and anything you believe you might want to invest in.

 
Below is a guide to estimate how much you might generally pay for items in Australia from the student guide of the Australian goverment.

Prices listed in Australian dollars.

Loaf of bread $3.50

Milk (1L) $1.60

Can of Coke $2.20

Rice (1kg) $1.60

Big Mac $3.95

Large take-away coffee $3.50

Sandwich from café $6.50

Bag of basic groceries $30

Cinema ticket $10+ (student discount)

CD purchase versus music downloads $25 v $1.99 (iTunes)

Gym membership’s $10–40 a week

DVD rentals $7.00 overnight (new release)

Professional sporting events $30+

Clubs, pubs, nightclubs $15+ cover charge


Items exclude fresh fruits and vegetables, meat, bread and dairy products.  GST (goods and services tax) is automatically included in the ticket price of the items previously mentioned.

For bigger items, such as televisions, computers just shop around; you can always find sales and good deals.  

 
Put yourself on a budget

The best way to avoid falling into financial stress is coming up with a budget and following it.  Here’s a list from the Australian government study guide to help:

• Make a list of the items you need to pay on a weekly base, on a monthly base and see if you can set up an automatic payment from your bank account on the due date.  
• If you don not set up direct debits, make sure to pay your rent and utilities on time, late payments include extra charges next time.
• Try and give yourself a budget to live on, on a weekly basic, and try and stick to it.  
• Be aware of how much money you have in your account at all time.
• Don’t use a credit card if you can avoid it.  
• If you purchase items online, use a debit card (like a credit card) or Bpay (paying through your savings account)
• Minimize the fees your bank charges by only using one ATM and minimize the amount of withdraws you make and use.
• Live economically.  Be aware of the choices and items you are purchasing.
• Look in free street press magazines; you can pick them up in places like music stores, cinemas for free upcoming activities, concerts, art exhibitions, sporting activities and festivals.
• Shop second hand; sometimes it’s the best way to find really great deals on vehicles and on clothes. Shop around.
• Don’t leave the light and water running while is not in use, this is an easy way to spend unnecessary money.
• Remember to hand the house phone up if not in use that way the batteries are recharged.
• Do not leave your phone charger plugged into the wall when is not recharging your phone.
• Do not leave the TV on when not watching.
• Remember you can unplug all appliances that are not in use and later on plug it back in when you are ready to use them again.  This is a great way to save on some extra change every week, and appliances generally do not get messed up.
• Do not have your computer or radio on while not in use.

 

Banking and insurance

You will need to open a bank account when you arrive in Australia, it is recommended to open it immediately that way any money you do have can be deposit and when you begin working you can talk about the option of direct depositing.  

There are a dozens of banks you can choose from, all slightly with different fee and interest rate structures but all offering the same services.  You can visit www.infochoice.com.au for more information.

Normal working hours are from 9:30am to 4:00pm Monday thru Thursdays and 9:30am to 5:00pm on Fridays.  Some banks open on Saturday mornings and on Sunday and public holidays remain closed.  Automatic teller machines (ATMs) work 24 hours a day. Most stores and supermarkets also have Electronic Funds Transfer at point of sale (EFTPOS) terminals where you can pay for goods directly from your bank account and make cash withdrawals.

At the bank you are required to show your documentation, ID, passport, birth certificate and something that has your current address (such as a copy of your tenancy agreement).  

As an international student you will need to show your student visa.  If you are under 18 years of age you also might need to show not only a school photo ID but a letter from your school principal too.

When opening your account, advise your bank of your Tax File Number, It will help you avoid higher tax rates on the interest you earn.


Credit cards

The most common cards are Master Card, Visa, Bankcard, American Express and their affiliates.  It is not necessary to carry large amounts of cash with you.


Transferring funds

You can transfer money by bank drafts or checks and telegraphic transfer.  Bank located overseas takes a couple of days to arrive and can be up to 10 business days to clear in an Australian Bank.  Telegraphic transfers clears in a shorter amount of time but are more expensive, while checks take about five business day to clear.

 
Tipping

Tipping is not customary in Australia and service charges are not added to accounts by hotels and restaurants.  Tipping will be up to you and your choice if you prefer to or not.  You can tip food and drink waiters up to 10% of the bill for good service.  And taxi drivers do not and are not required to be tipped.