Length: 20-30 minutes

Outcomes

After this lesson, you will be able to: Create your own budget Plan for the costs of studying as a student

After this lesson, you will know: What the cost of studying is How to create a budget for your lifestyle

Summary

The cost of studying is something that many students may not think about when they begin university. This module will look at what some of the costs of study may be for you as a student and offer some helpful ways for you to identify your costs and ways to manage your budget or seek help. It is also helpful for figuring out how much time you will need to dedicate to working and to organise your time better.

Note: every student will have a different cost of studying. This is due to the different subjects, different lifestyles, and different situations that we come by. This is module is meant as a guide, if you are looking for professional advice, please contact Student Welfare.

The cost of studying

When you begin studying at university it is important to be aware of the costs you may incur as a student. These costs may range from highly visible (academic fees) to the every day (food & drinks). These costs include:

Compulsory fees:

• Academic Fees – These are the fees you will need to pay to study and will differ depending on the place you hold (eg. Commonwealth-supported, Domestic Fee paying, International or Non-award). If you are a Commonwealth-supported student, you will be on the HECS HELP loan scheme. For more information on the individual fees, you can check the Unifees website (http://mq.edu.au/unifees/). For Non-award students, you can check the Centre for Open Education Fees website for your information. (http://www.mq.edu.au/pubstatic/courses/non-award_study/fees/)
• Student Services and Amenities Fee – This fee gives the university additional funding to provide student services and facilities that are not academic. These include wellbeing and support services, clubs and societies, accommodation and food and beverage operations as well as learning and teaching activities within the university. For more information, visit the website (http://www.studentadmin.mq.edu.au/fees/ssaf.html).

Other University costs:

• Textbooks and course notes – Depending on your subject, you may need to purchase one or many textbooks and/or course notes for your unit. These are the basis for your texts and readings that will help you prepare for your classes. You can find out which textbooks and course notes you will need using the Co-Op Bookshop website (http://www.coop.com.au/bookshop/action/DataSubjSelect).
• Transport – If you are going to be using some sort of transport to get to Macquarie, you will probably need to factor in some costs. You can find out more about the various ways to get to Macquarie and the associated services and costs on the Transport site (http://www.mq.edu.au/on_campus/getting_to_macquarie/). If you are planning to buy a parking permit, or park on campus, make sure you read the rules to avoid any parking infringement fines!
• Food and drinks – Whether you will be eating on campus, at the nearby Macquarie Centre, or bringing food from home you will probably need to factor in how much you will be spending on food and drinks at university. A few helpful hints if you are trying to save money, Macquarie has several microwaves for you to use to heat up your food and several water springs around campus to refill drink bottles.
• Stationery – A trip to the local newsagent or stationery shop is a good way to get yourself prepared for your classes. Figure out how you will be taking down your notes, whether a notebook or pad is your preference or a laptop/tablet. Make sure you always have spare pens and writing paper, as well as some way of organising them. The university shop also sells stationery for those times when you do forget your stuff though!
• Additional requirements for your subjects – Depending on your subject, you may be required to purchase other equipment or attend excursions and field trips. You will usually find out in your first class about these requirements.

Additional expenses:

• Clubs and societies – You can join any of the student clubs and societies during the first week of university for a small membership fee that helps to provide the club with a bit of money to host events or activities throughout the semester. These clubs and societies are a great way to meet new people and explore your interests. For a list of student groups, check out this website: http://mq.edu.au/on_campus/get_involved/student_groups/
• Sports and Gym membership – Macquarie boasts one of the best-equipped sports and recreation centres in Sydney and is available to students via a membership. If you are interested in taking fitness classes, participating in a casual sport, working out at the gym or simply want to see what facilities and classes are on offer, head over to the Macquarie University Sport and Aquatic Centre website for more information: http://www.mq.edu.au/on_campus/sport_and_recreation/sport_and_aquatic_centre/
• Library fees – As a student you have complete access to the Macquarie University and are able to borrow books and resources from it as needed. However, there may times when you will return a book late or something happens to the books and you may be charged a fee for this. Make sure that you pay off any Library fines as outstanding fees may stop you from enrolling into subjects, getting your results or even graduating! For more information about borrowing from the Library, check out the Library website (http://www.mq.edu.au/on_campus/library/borrowing/).

Living expenses

For students living out of home, planning to, or for students who are arriving from overseas or relocating to live on campus, it is important to keep in mind that you will also need to keep in mind your own living expenses. A good guide to these living expenses can be found on this website: http://www.mq.edu.au/future_students/international/why_choose_macquarie/studying_in_sydney_australia/cost_of_living/
How much will I need?

If you are working to support yourself, looking to move out, planning to save up or simply want to know how your current lifestyle is going, a budget is a great way to get a really good snapshot of your situation.

If you want more information managing your finances, please contact Student Welfare who will be able to help you out with professional advice and help as well as inform you of the various support they offer.

Macquarie University offers several scholarships that are available to new and current students. For more information on these, visit the Scholarships website. (http://students.mq.edu.au/opportunities/scholarships_and_prizes/)

Macquarie University also has dedicated support services that can help you with specific requests:

• Accommodation (http://students.mq.edu.au/support/accommodation/home/)
• Career Service (http://students.mq.edu.au/support/careers_and_employment/) and,
• Welfare Service (http://students.mq.edu.au/campus_life/campus_wellbeing_support_services/welfare_service/)

Tips on money matters

Here are some helpful hints from Student Welfare, remember if you need any information or help regarding financial matters, contact them at welfare@mq.edu.au.

• If you are moving to Sydney, and will be renting from a private landlord, you will probably need about $2000 to pay for a bond, rent-in-advance and set up costs, on top of regular day-to-day expenses.
• Take action early about your financial circumstances- come and see a Welfare officer early in semester. The later you leave it, the less options there may be to assist you.
• If you will be providing your own meals, then try to learn to cook some basic food that you enjoy. Cooking your own food is one of the easiest ways to keep your expenses under control.
• Be careful about signing up for contracts for a mobile phone or the Gym. Sometimes pay-as-you go is the best option, until you have your finances worked out.

For local students:

• If you think you will be eligible for Centrelink benefits, then make sure that you apply for Centrelink benefits that you may be eligible for as soon as you accept a place at Macquarie. It can take up to 3 months to process a claim, so the earlier you apply the better!
• Even if you only get a small amount of financial support from Centrelink, you may be eligible for other financial assistance such as scholarships. Come and talk to the Welfare officer about your situation, to find out more.

For international students:

• International students need to apply for a scholarship before they start their degree at Macquarie. Check out the international scholarship information online to find out more.
• If you are renting, make sure that you get a receipt for your bond money and rent that you pay. If the landlord will not give you receipts, then please keep a record of what you paid, and come and see a Welfare officer to discuss your situation.

Diagnostic

Download this Budget Tool/Use this online tool and see what your financial situation.

Questions:

1. I am: a) living at home b) living on campus c) living off campus but out of home
2. I have a: a) casual b) part time c) full time d) no – job
3. I am planning to work: [ ] days
4. I am planning to study: [ ] days
5. Budget calculator