Financial Tips for International Citizens in Australia.

We know it isn't easy to manage your finances as an international citizen in Australia. You have to study, go to work (if you are working), and life in general can be very time-consuming. That is why we wrote this blog. This blog will provide general advice (not financial advice), so that it might lighten the load and make things easier for you, international citizens. So, keep reading.

Budget

We know this might be a bit cliché, but budgeting and sticking to it really goes a long way to helping you manage your finances. We know, we know - everybody gives this advice to everybody, but this strategy works. First and foremost, track down all expenses, no matter how small they may be. Then create a spreadsheet to record all of your costs. It is essential that you track where all your money is going.

Of course, if you don’t want to work in a spreadsheet, there are other options out there. Some of them are:

• https://moneysmart.gov.au/budgeting/budget-planner
• https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner
• https://www.quicken.com/resources/calculators/budget-calculator

If you don’t want to use any of them, you can just Google “free budget planner” and use them instead. We recommend that after you have budgeted, print it out and hang it in a fridge so that whenever you get even a modicum of itch to spend more money, you see it.

Deals and sales: “If it is free, it's for me.”

Of course, that saying is true, but it doesn’t necessarily have to be free; it simply means finding deals. Look out for out-of-date products, though; you don’t want to get indigestion. There are various deals available out there; look for them on Craigslist, Facebook Marketplace, CrazySales, etc. If you look hard enough, you can find terrific deals. One piece of advice: always compare products before buying them. Comparing products can really highlight why there is a price discrepancy (if any), whether someone is trying to overcharge you.

Supermarkets regularly offer sales on products. Some farmers' markets also offer cheaper options directly from the source, but one downside is that you may have to go far for them. So, keep an eye out for any savings you can make on those things.

Not only that, but whenever you go clothes shopping, make sure that the store has deals/discounts. Even better, shopping second-hand might be the way to go. Of course, wash them first before putting them on.

And, we nearly forgot something: keep an eye out for the end-of-year sales, Black Friday, and Boxing Day sales, among others.

Student discount

One of the main benefits of being a student is that you receive numerous discounts. Australian universities provide students with a student card that offers discounts on various establishments, including theatres, museums, banks, etc. So, make the most out of your student card and use it whenever possible.

Eating out or Bringing Your Own Food?

Eating out can be your best friend if you live in an area that offers discounts to regulars, Bring Your Own (BYO) for drinks, etc. But if you are not that fortunate, bringing your own food from home is your best friend. Whenever you go to a university, picnic, theatre, or anywhere else, get your own food from home and save some of those green babies.

Get professional help

There is nothing wrong with admitting that you need professional help, especially if you are a heavy spender. They can help you organise your finances in such a way that whenever you get an urge to spend your money, they can step in and help you manage that urge. As we mentioned earlier, there is nothing wrong with you; you just are a shopaholic, that is all. Believe it or not, many people get this professional help. So, you are not alone.

And of course, Professional help can also be used by others. Professionals can help you manage your budget; not only that, but they can also help you prepare for an emergency (Emergency Fund), retirement, and all of that good stuff. So, get professional help if necessary.

Professional help does have one significant drawback, though, namely cost. When you are on a tight budget, it might not make sense to hire a professional who costs money. Not financial advice, but we do recommend getting professional help to plan for your retirement. PS, it is always good to read a book or two on personal finance management. We recommend:

• The Psychology of Money
• The simple path to wealth
• I Will Teach You To Be Rich
• Girls That Invest

In conclusion

To sum it up, budget and stick to it, look out for sales and deals (including student discounts), and of course, get professional help if necessary. Good luck.