A guide on how to budget and manage your money as a student

Stretch Your Dollar

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1 Surviving on a student budget

2 On campus services to assist you financially

3 Finding it hard to pay your books?

4 Do you need assistance with your studies?

5 Do you need help with your course or enrolments?

6 Emergency loans

7 Workbook

8 Activity 1: TRACK

9 Activity 2: COMPARE

10 Activity 3: PRIORITISE

11 Activity 4: ACT

12 Six simple tips to saving money

13 Other services to assist you financially

14 Loans and grants

15 Op Shops

16 Financial literacy

17 Useful contacts

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This booklet has been created to show students who are struggling financially how to STRETCH their dollar.

It also includes some helpful tips on support services offered at Murdoch University.

Aspects of this booklet were originally published in the Murdoch University Student Guild’s Making It Stretch Guide.

This booklet is to be used in conjuction with the MoneySmart Managing Your Money Guide and Murdoch University’s Budgeting Workshops.

Surviving on a student budget

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Scholarships

Scholarships are a means of financial assistance designed to help students to successfully complete their studies. They do not need to be repaid.

Murdoch offers scholarships for:

• financial hardship

• indigenous students

• relocation

• specific schools/courses

• academic excellence

• Honours & Postgraduate study

For details on all the scholarships Murdoch has to offer, head to the website: www.murdoch.edu.au/goto/scholarships for school specific diagrams of scholarships you may be eligible for.

Murdoch University Senate Scholarship

This scholarship was developed by the Murdoch University Senate to assist students who are facing financial and/or personal hardship with some of the costs associated with studying.

There are multiple scholarships available.

$3,000 in total, paid over two semesters.

Eligibility:

• be an Australia citizen or permanent resident

• enrolled at Murdoch full-time (or have exceptional reasons for part-time)

• be in financial and/or personal hardship

On campus services to assist you financially

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The Guild Book Subsidy Scheme

Domestic undergraduates on a low income can apply for a Guild Book Subsidy Scheme voucher EVERY semester! You can apply online here: www.the-guild.com.au/student-assist/book-subsidy-scheme/

MUPSA Book Subsidy Scheme

Postgraduate by coursework students who pay the SSAF fee can apply for a Murdoch University Postgraduate Student Association (MUPSA) Book Subsidy Voucher. You are only eligible for one voucher per year. For more information on application dates and how to apply: www.mupsa.the-guild.com.au

MISA Book Subsidy Scheme

International students who are guild members are encouraged to apply for the Murdoch International Student Association (MISA) Book Subsidy Voucher. You are only eligible for one voucher per year. For more information on application dates and how to apply, email: international.assist@the-guild.com.au

Finding it hard to pay for your books?

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The Centre for University Teaching & Learning (CUTL) can help you make the most of your study

University study can be challenging. The key to being successful is to be proactive, engage with the ideas in lectures, follow up your research interests and put time into reading and discussing your thinking with your fellow students and lecturers. Your timetable may not be filled with classes to attend but that time is there for you to pursue your independent study. There are only three main tasks at university, reading, writing and thinking so make sure you allocate time in your schedule for all three! If you want to improve your academic skills come to one of the workshops offered each semester by CUTL.

The habit of study

One habit that will help you succeed as an active life-long learner is setting a weekly ‘catch up’ meeting with yourself. If possible do it at the same time each week and set your goals for the coming week. Always give yourself credit for your achievements, and spend a moment telling yourself that you are doing well! Mostly, we tend to be far too hard on ourselves and we are usually doing better than we think!

Time per-unit of study

On average, each three credit point unit requires you to devote the equivalent of 10 hours of study on it each week. This includes both face-to-face activities (lectures, tutorials, laboratories) and independent study. If you are taking a full- time study load (4 units) you will need to invest approximately forty hours of study each week in order to succeed and do well. However, if you are new to a subject area or if English is your second language, then you may need to put more time into your study. Managing your time is crucial to being effective in your study.

CUTL contact details:Telephone: (08) 9360 2142Email: CUTL@murdoch.edu.au

Do you need assistance with your studies?

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Student Advisors offer tailored support to all undergraduate students at Murdoch university. They can assist you with :

• Being a first point of contact for personal & academic support

• course advice and enrolment assistance

• direct you to mentor sessions and/or study groups to keep you up to date with events on campus

• information about and referrel to other university services and support

Student Advisors (SAs) are located throughout the University, so this means you have your very own contact person who can assist with your questions and issues directly, and who can refer you to the appropriate person or service you need to help you get through those first bumps in the road of your learning journey.

Need to contact your student advisor?

• School of Arts ArtsAdvisor@murdoch.edu.au

• School of Education EDAdvisor@murdoch.edu.au

• School of Engineering and Information and Technology EngITAdvisor@murdoch.edu.au

• School of Health Professions HealthProAdvisor@murdoch.edu.au

• School of Law LawAdvisor@murdoch.edu.au

• School of Management and Governance MAGAdvisor@murdoch.edu.au

• School of Psychology & Exercise Science PsychExSciAdvisor@murdoch.edu.au

• School of Veterinary and Life Sciences VetLifeSciAdvisor@murdoch.edu.au

Do you need help with your course or enrolments?

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Are you struggling to pay this weeks rent?

The Student Centre has Emergency Loans available to students on a case-by-case basis. Application forms can be found on the website.

Loans must be paid back within one year. If loans are not paid back, results will be withheld and students will be unable to graduate.

Please note: These loans are not available to international, OUA, MIT or OnTrack/K-Track students.

Student Assist

The Murdoch University Guilds Student Assist team are able to provide Emergency Assistance in the form of vouchers for students struggling financially. Contact studentassist@the-guild.com.au or call 9360 6432 for more information.

Food Bank

Are you unable to buy food this week? The Murdoch University Student Guild has a Food Bank in operation located within the Guild Offices, assisted by FoodBank WA.

Emergency Assistance

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Managing Your Money Quiz

Before you start the budgetting activities, take a moment to do the MoneySmart Managing Your Money Quiz to see how much you know about managing your finances already!

www.moneysmart.gov.au/tools-and-resources/ quizzes/managing-your-money-quiz

The link can also be found in your workshop resources.

Activities:

• Activity 1: TRACK (See pages 4-6 of the MoneySmart Guide)

• Activity 2: COMPARE (See pages 7-12 of the MoneySmart Guide)

• Activity 3: PRIORITISE (See pages 13-22 of the Money Smart Guide)

• Activity 4: ACT (See pages 23-26 of the Money Smart Guide)

Workbook

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Read Step 1 of the MoneySmart Managing Your Money Guide

Option 1:

• Download the MoneySmart TrackMySpend App.

• Enter, to the best of your ability, all of the expenses you have made this week.

Option 2:

• Get a piece of paper from the instructor.

• Write down, to the best of your ability, all of the expenses you have made this week.

Dont forget:

Include everything from your rent to your daily cup of coffee.

What’s your total?

I’ve spent $_______ this week.

Activity 1: TRACK

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Read Step 2 of the MoneySmart Managing Your Money Guide

Option 1:

• Go Online to the MoneySmart Budget Planner.

• Take 10 minutes to enter in the total ingoing and outgoing amounts during a month to month basis.

Use this weeks costs as a base line!

Option 2:

• Open the MoneySmart Budget Planner Excel sheet provided to you by the instructor.

• Take 10 minutes to enter in the total ingoing and outgoing amounts during a month to month basis.

Use this weeks costs as a base line!

Dont forget:

Be honest with yourself! This information is only for you so try and be as accurate with your real life expenses as possible.

What were your results?

I am spending less than my income

I am spending more than my income

Activity 2: COMPARE

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Read Step 3 of the Money Smart Managing Your Money Guide

For every item that you spent on the Budget Planner in Activity 2, make a post-it note with the title and the amount that you spent each month.

Now, take those notes and stick them on to the corresponding buckets on pages 14 and 15 of the MoneySmart guide.

Choose: SWITCH or SAVE

If your budget planner showed you that you are spending more than you are earning OR if you wish you were saving more.

Take each sticky note, starting from the right hand column and choose to:

SWITCH

Can I change this for something cheaper? e.g. can I get a cheaper gym membership?

SAVE

Can I get rid of this so that I can save more money? e.g. do I really need coffee every morning?

Activity 3: PRIORITISE

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Read Step 4 of the Money Smart Managing Your Money Guide

Option 1:

• Download the MoneySmart TrackMyGoals App.

• Decide on a goal you want to achieve (travel, car, laptop), enter how much it costs and how much you can now save a week.

Option 2:

• Go online to the MoneySmart Savings Goals Calculator.

• Decide on a goal you want to achieve (travel, car, laptop), enter how much it costs and how much you can now save a week.

With the new savings you’ve made, how long until you can see the benefits?

______ days/weeks/months

Activity 4: ACT

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1. Save your loose change, putting aside your spare change at the end of each day quickly amounts to a nice little emergency fund.

2. Never purchase expensive items on impulse, think over each purchase for a couple of days until you’re sure.

3. Take advantage of discounts that are available at shops and incentives your workplace might have for you.

4. Use your hourly pay as a way of measuring the need of the item you’re buying. If you earn $20 an hour, is a $1,000 iPhone really worth 50 hours of work?

5. Get your shopping delivered! It saves time, petrol and stops you from making impulse buys whilst at the store.

6. Make short term saving goals that seem more achievable. Put away $20 a week instead of $1,000 for the year. It’s all about perspective.

Six simple tips to saving money

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Where to find work?

Murdoch Guild – Casual Staff

The Guild often recruits students at our outlets across campus. If you are interested you can apply online: www.the-guild.com.au/work-for-the-guild/

Murdoch University Careers and Employment Center

A professional support service available to all Murdoch students to facilitate career development for all years of academic study. http://our.murdoch.edu.au/Careers-and-Employment-Centre/

Gumtree Australia

Gumtree often has casual work available that fits the time constraints of being a student. Make sure that you check that the employer has an ABN and is allowed to employ people in Australia. www.gumtree.com.au

SEEK Australia

SEEK is Australia’s #1 job search website. This site is great for professional services positions but other roles can be found there as well. www.seek.com.au

Shop Local

Shops, restaurants & bars often advertise for staff in their window so don’t be afraid to walk around with your resume and say hello!

Other services to assist you financially

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WA No Interest Loans (WANILS)

Murdoch Guild is an approved member agent for WANILS, a not-for-profit organisation providing financial assistance to Health Care Card holders.

Loans between $200 and $1,500 are available to purchase essential household items such as white goods and where need is demonstrated other items.

Contact the Guild’s Welfare assist officer for more details: welfare@the-guild.com.au

HUGS (Hardship Utility Grant Scheme)

If you are having trouble paying your residential utility bills, this scheme may be able to assist you:

Email: hugs2@cpfs.wa.gov.au Phone: (08) 9222 2739 www.dcp.wa.gov.au/servicescommunity/pages/hardshiputilitygrantscheme(hugs).aspx

Loans and Grants

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There are a number of opportunity shops located close to Murdoch – these are a source of quality, low-cost clothing and household items.

Anglicare

Shop 1, 142 High St, Fremantle(08) 9335 5271

Salvation Army

1-3 Hayden Court, Myaree(08) 9330 3592

Good Sammy

4/147 High Rd, Willetton(08) 9259 4600

Red Cross

1B/62 Archibald St, Willagee(08) 9337 9255

St Vincent De Paul

Unit 4/67 Mccoy St, Myaree (08) 9330 5770

Op Shops

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You are now more equipped to study without the stress of your finances looming over you. This workshop will hopefully have helped you to implement strategies in your life that will take away some of the financial stresses that you might be undergoing. You should start seeing the differences soon, so that you can focus on your studies. Always remember that your studies are working you towards a more successful and empowering future.

Keep in touch!

We hope that you will keep in touch with the Student Financial Support Office. Feel free to organise a meeting with a member of our team to discuss the progress of your saving and to help you stay on the right track.

Financial Literacy

For more information, please contact:

Student Financial Support

Visit us in The Student CentreEmail: sfso@murdoch.edu.au Telephone: (08) 9360 2733

Scholarships

Visit: www.murdoch.edu.au/goto/scholarships Email: scholarships@murdoch.edu.au Telephone: (08) 9360 2733

Guild services

Visit: www.the-guild.com.au Email: studentassist@the-guild.com.auTelephone: (08) 9360 2158

MoneySmart

Visit: www.moneysmart.gov.auTelephone: 1300 300 630

In association with ASIC’s MoneySmart and the Murdoch Student Guild

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