Where does my money go?
Ever asked yourself what happens to your money!
Tracking your daily spending on a mobile app is the simplest way to understand where your money goes.
Personal spending apps
Your app will record and categorise every spend you make.
Apart from helping to see where you may be able to save, you can use your app data to create a fortnightly/monthly/annual budget. You can set spending limits by expense category in some apps, or by total cash-flow in others.
Some banks are now offering their own spending apps for their clients. Check if your bank already has an app which will link your bank account, your income, your credit card etc. to your spending app.
Independent and trusted Australian money-comparison websites, such as Mozo and Canstar present reviews on a number of local and international spending apps. Some apps are free, such as Pocketbook or Mint, whilst others may ask for a small fee in return for a more functionality.
Either way, we highly recommend this as a way to monitor your personal finances and receive help with budgeting, expense tracking, credit monitoring, and bill prompts.
Many apps will link to a budget planner. The Australian government online financial guide, MoneySmart, offers a very user-friendly budget planner with variable settings for intervals and currencies. We recommend you try it out by entering your estimated income and estimated costs into the budget work sheet. You can email the budget to yourself at any time.
Come and see us at Financial Assistance should you need additional guidance.
Your money and scams
We all want to know that we are managing our money effectively and protecting ourselves from scams. To feel more secure about your choices on managing your money, check out MoneySmart and the financial tools they provide. Its free!
Planning for how much money you really need
Cost of studying
If you have to plan for your tuition fees from your income, then check the costs of each subject, and plan ahead:
- Course fees information published by University fees office
Cost of living
Living away from home will bring with it multiple new costs. You'll find many cost of living guides for Sydney on the internet. How much money you will need depends largely on your choice of accommodation, as the primary cost for most students. Here is a UTS scenario:
Costs associated with living in Sydney such as accommodation, food, text books, etc
Student Financial Calendar
Refer to our Important dates page for important dates related to tuition fees
- warns you of recent scams
- links you to the latest info and tips on all matters about money