Budgeting for your first month in Australia

Moving to Australia is an exciting adventure! Between finding your favourite coffee spot and adjusting to new surroundings, managing your financial situation is key to making the most of your experience. Here’s a guide on budgeting tips for your first month to help you settle in smoothly.

Transport Costs

Opt to use public transport such as busses, trams or trains. Public transport in Australia is an easy, and budget friendly way to get around. Grab a reloadable travel card like Myki (Melbourne) or Opal (Sydney) and top it up as you go. Expect to spend around $20 – $50 per week, making it a simple way to explore without breaking the bank!

Keep Takeaway in check

Grabbing takeaway is tempting, especially when you’re settling in or socialising with friends, but it can add up fast.

A typical meal out costs around $15 – $30, and your daily coffee fix is about $6 (but totally worth it for that Aussie coffee culture!).

Budget for one or two meals out each week and try meal prepping to save cash.

🔥 Tip: Look out for places offering student discounts to keep your wallet happy!

Keep an Emergency Fund

An emergency fund is your safety net for unexpected expenses. Think sudden medical bills, a lost phone, or a broken down car.

Creating a separate bank account and allocating a portion of your take-home pay can make a big difference, giving you peace of mind when life throws a curveball.

Work out your Monthly budget

Once you’ve factored in these tips, creating a monthly budget is easier than you think! Use a budget planner or budget spreadsheet can help stay on top of your financial goals.

• Understand your take home pay:
  This is how much money you actually have to work with after taxes – the foundation of your budget.
• Automate your savings:
  Set up direct debits to auto transfer straight into a savings account after pay day. It’s an effortless way to stay on top of your money management.
• Track your living expenses:
  Know where your money goes by accounting for everyday costs, like:
  • Subscriptions: Netflix, Spotify or gym memberships.
  • Credit card repayments: Stay on top of these to avoid debt piling up.
  • Personal loans: Factor in any loan repayment plans or debt repayments.
  • Other outgoings: From phone bills to utilities, keep it all in your budget.

Taking charge of your cost of living expenses helps you stay in control and build a budget that works for you.

With a little financial planning, you’ll set yourself up for success. Stick to your budget, track your spending, and enjoy this exciting chapter!

Ready to make the big move?

If you need help getting your utilities connected sorted, please call MyConnect on 1300 854 478 or use the Get Connected form here!

If you’re still thinking about making the move to Australia, check out these related articles:

• Rental Guide For International Students In Australia
• How Much Rent Can I Afford in Australia?
• Cost of Living in Australia: How Much Does It Cost to Live Down Under?