Post: #1

You're a young student living with two roommates. You're paying around $600 a month for your share of rent. You're tuition fees ($27k-36k depending) are on interest free inflation adjusted loans which you don't have to pay till you graduate and get a full time job. You're going to be going out a lot but aren't going to be drinking. You don't intend on saving any money for the long term until after you finish studying which is 3, maybe 4 years away. Your first $18.2k is tax exempt. How much income would a person in that situation need to survive assuming they wouldn't have any parental support? I've done my own estimates, but I want some extra opinions.

Thanks in advance.

Post: #2

the biggest item on that list, tuition, can often be alleviated with scholarships and financial aid. is uni really that pricey in aus? you could go to a top us school for that money. i sure as hell would

Post: #3

Ignore tuition costs. Like i said in the op i dont have to pay a cent of them till i graduate and they're interest free. Tuition fees are low here even for elite universities, the most expensive degrees are $9k a year and our bachelors are only 3 years and double degrees are 4. The $27-$36k figure was for the total interest free debt i'd have to start repaying after i graduate and start working full time.

I'm only talking rent, bills, food, clothes, phone/gym/internet etc and going out money, tuition wont be a concern for years and by that time i'll be able to pay it off. i wont need or have a car. i'll be working part time during semester and full time during breaks. I will probably get a small government allowance but i dont know how much at this stage so lets assume i wont get a cent. Any estimates? Are there any budgeting rules that certain cost should be x% of income?

Post: #4

If you really can do without the car, it gets much more predictable. Car expenses can be kind of random. Unforeseen repairs, speeding tickets etc.

As well as your monthly budget, consider setup costs. You'll need furniture, appliances (fridge, washing machine), kitchen utensils, sheets, things like that.

If you get this handled in advance, you can keep your initial spend down to a minimum. Borrow unused stuff on extended loan. When Xmas time rolls around, let your family know what gifts are going to be most useful for when you move out.