Archive for the ‘Information’ Category
At the top of the page list all sources of income for your pay period.Make sure you include everything, from your take-home pay, youth allowance or other government benefits, to pocket money (you will probably only get this if you are living out of home to go to uni or if you are really good at conning your parents), baby-sitting and other odd jobs.
Not only is it important before you move out of home that you put together a budget that includes all of the expenses you think you are going to face, but you also need to follow it up with an updated and realistic budget when you have moved in.
A budget is basically a table or chart that attempts to balance your income and expenses, and tries to work out how you can save at least a small amount of money. A budget lets you see, in black and white, where your money comes from, where it is going, where you can cut back and where you can save.
Before you start packing your bags or making a final decision to move out of home, you must do a budget. I have heaps of friends who haven’t bothered to take the time to put together a rough budget to help them estimate how much it is really going to cost them to move out of home, and they have really regretted it.
There’s reasonably good news here.
• Full-time students can earn up to $236 per fortnight (before tax) without it changing their allowance.