SRC Guide To Living On Little Money
Money places to get money
If you are a full-time student, and an Australian resident, you ount you are paid depends on how old you are, where you live, and what your other incomes are. If you live away from your family home you may also get a Rent Assistance payment. Check the SRC Centrelink leaflet for more details. If you are a part-time student because of illness, disability, or uni requirements, you might also be eligible for a payment. Talk to an SRC caseworker.
The University offers scholarships (academic excellence), bursaries (financial need), and interest free loans. Check the Uni’s Financial Support webpage for details on the many different scholarships and bursaries available. The Uni also provides 12 month interest free loans. It is a good idea to only take a loan if you are going to be able to repay it, as failure to do so will result in financial sanctions that will restrict your ability to use the library, see your grades, or even graduate.
Money things to consider
Joining your trade union is a great way to have a stable work life. Unions will protect your work rights individually and collectively, and their fees are tax deductible, and also give you other member benefits.
You may have seen advertisements on television showing how easy it is to get a short-term loan. What the ads do not show you is how expensive these loans really are, with fees that cost an equivalent of 45% to 50% interest. The SRC strongly advises you against taking out one of these loans, and instead talk to a caseworker about viable alternatives.
It is great to have interest free periods on loans, and partial payment schemes such as Afterpay, and Ezipay, but the penalties for late repayments can be very high. If you are going to use one of these services, calculate when you will be able to complete the payment, and how much this will actually cost you.
If you are struggling to pay your energy bills, call your energy provider as soon as possible. They can offer a range of assistance, including payment extensions, payment plans, hardship programs, and information about concessions, rebates and other support. You may also be eligible for an Energy Accounts Payment Assistance voucher for a once off payment towards your bill. You can also reduce your bill shock by paying a small amount each week towards you bills.
Pre-paid accounts allow you to monitor your usage and keep track of your weekly spending. Being locked into a contract can reduce the monthly price, but might end up costing more in the long term if you manage to find a better deal, or need to move house. Free alternatives include using the University’s internet to make phone calls and send messages through apps like Facebook messenger, Wechat, and Whatsapp. Keep in mind that some free Wi-Fi providers, e.g., the Uni, cafes, and local councils, will use your private information for their own purposes or sell it on to third parties. Yes, the Uni tracks you when you use their Wi-Fi!
The SRC Legal Service may be able to help negotiate suitable repayments for debts. There are also telephone advice lines including the National Debt Help Line and the Gambling Help Line. If you are struggling with debt we also recommend you meet with a Financial Counsellor to provide confidential assistance in managing and resolving debt. To find one that is free and in your area, go to . Be very cautious to use the services of a debt consolidation agency. Often the interest rates mean that you will never repay your debts, and can lead to bankruptcy.