When starting your search, it is a good idea to understand your financial situation and what you can afford to spend. Rental prices vary from suburb to suburb. Generally, living closer to the Melbourne CBD is more expensive and living in regional Victoria is less expensive.
For recent information about rental prices in Victoria, visit: Department of Families, Fairness and Housing
Knowing in advance how much you can expect to pay for things like transport, groceries, and rent can also help you manage your budget.
Use the Study Australia Cost of Living calculator to calculate your expected weekly spending habits: Study Australia
Make sure to include any costs associated with starting a new rental agreement into your budget. This can include the Bond, any rent you must pay in advance, any furniture you have to buy, and the costs associated with moving.
To find more financial support services (including free financial counselling services), click here.
The Australian government has created simple and user-friendly budgeting tools and guides for public use with their Moneysmart program.
The below mentioned budget planning template enables you to:
Work out where your money is going
Create your own custom items
Change the currency of the template
The simple downloadable excel budgeting planner from the Moneysmart.gov.au program is attached below.
To find additional resources including money managing guides, planners, etc., visit: Moneysmart
Effective Money Saving Techniques
Another important part of budgeting is ensuring you are maximizing your savings and minimizing your budgeting costs for your daily expenses.
Maximizing Savings When Shopping for Groceries and Household Items
Here are some useful, practical, and easily implementable tips and tricks for cutting costs on groceries for graduate students:
Plan your shopping ahead of time (Reduce impulse purchases and make a shopping list to be more organised)
Research to find the best deals for the items you need (while some large chains have lots of locations, there are often other stores that may offer better deals)
One recommendation for supermarket is to consider going to Aldi store. They often have items at reduced prices than other grocery chains
For fresh produce, meats, poultry, and other similar products, another suggestion is to visit Queen Victoria Market (with much better deals on Sunday and Tuesday afternoons)
Keep an eye out for discounts for non-perishable items
Buy ingredients in bulk (buying larger amounts of items such as meats or non-perishable goods) might help you in saving money over time as compared to smaller portions
Meal prep or plan meals (Cooking larger portions/meal prepping for the upcoming week is a great way to not only make your week stress-free, it may help you to reduce spending on convenient albeit expensive meals)
Strategies for Cutting Costs on Your Home Bills
Saving money on your energy bill is one way to reduce your cost of living and help with your budgeting. Some common practices for reducing your energy bills are:
Switch to LED Lighting: If your accommodation allows, consider replacing old incandescent or halogen bulbs with energy-efficient LEDs. They use significantly less power and can help you lower your electricity bill over time
Washing clothes in cold water: Using cold water instead of hot for laundry can also reduce the energy your washing machine uses; saving both electricity and money
Air-dry your clothes: Skip the dryer when you can. Using a drying rack instead helps reduce energy usage and is gentler on your clothes
Adjust your thermostat smartly: Make seasonal adjustments to your thermostat, especially for when you are not home. This practice can lead to major energy savings
Seal in the temperature: Keep windows and doors closed while heating or cooling your space. This help maintaining a stable indoor temperature and prevents your system from working harder than necessary
Maximizing Your Budget When Finding a Telephone Service/Provider
Another way to save money is by reviewing your mobile phone plan. Take some time to compare different providers and plans available in Australia to find one that suits both your budget and usage needs. While major carriers like Telstra and Optus are widely used, there are also many affordable alternatives, including plans offered by well-known retailers such as Aldi. Exploring other options could lead to significant monthly savings.