Your Student Finances
Be realistic about your finances. While you are a full time tertiary student it's highly unlikely that you will be able to build savings, purchase property or invest in the stock market. Face it - your finances are likely to be tight. You might have to forego some things (a restaurant dinner, new clothes) so that you've got enough to pay for the essentials (rent, food and books).
Sure it's tough but try not to get sucked into being miserable about your finances. Take stock and develop a budget or financial plan to get you through. It's worth remembering that although your finances are tight, as a tertiary student you're making a very important investment in your future. The time you spend studying now will reap financial, social and personal rewards in the near future and for many years to come.
Develop a Plan
Living on a student budget is not easy. Its worthwhile to give some considered thought to your income and expenses and how you are going to keep afloat financially while completing your tertiary studies. Out of all your expenses, paying your rent should be regarded as your number one priority and should be paid as soon as you receive your pay. Make the effort to complete a plan or budget to help you manage your cash. Go on, do it now. Don't wait until your finances are a problem before you do anything. If you want some free professional help to develop your plan then see a financial counsellor. Centrelink provide a free and independent Financial Information Service that offers an excellent range of information sheets, individual consultations and group workshops in regards to managing your finances. You can contact this service by phone on 132 300 or access information on the Centrelink web site.
Financial Traps
Credit Cards
Credit cards can be really handy but BEWARE, if you're not good at managing your card you could find yourself in financial trouble by over spending. Credit card interest rates vary anywhere from around 15% to over 29%. Add this to the cost of the purchase and you could end up paying a lot more for your new clothes or cool DVD player. Don't forget that many credit cards also charge an annual account fee of around $80 and charge a fee if your repayments are late or you go over your credit limit.
If you do have a card take careful note of when and how much you spend. The most cost efficient way to use a credit card is to take advantage of the interest free days available and then pay out the full amount owing on or before the due date.
Debt
If you get behind in paying your bills don't just ignore it. It's likely to get worse as creditors add overdue fees and charges to your bill. Contact the creditor and let them know that you're having difficulty paying the bill on time. Tell them when and how you plan to pay off the debt. Suggest a payment plan (for example $50 per fortnight). Most creditors will agree to such a plan and won't take further action as long as you stick to the agreement and make regular payments. Be sure to keep any receipts as evidence that you've made the payments.
Remember, having unpaid debts or defaulting on your credit/loan repayments can adversely affect your credit rating. If you're in financial trouble or need more information about managing credit or debt contact one of the following services NOW!
- Credit Helpline - 1800 808 488 - Credit & Debt - general advice
- Consumer Credit Legal Centre - phone 9212 4111 or check out the web site at www.cclcnsw.org.au
- Check out some great "debt sux" fact sheets at Youth Affairs for info to help you avoid debt traps caused by mobile phones, sharing a house, credit cards, cars and insurance.
Gambling
For some people the buzz of gambling and the need for cash can create real problems. Problem gambling can have a devastating effect on your finances, relationships and your studies. Despite what the advertisements say, statistically you've got extremely low odds of ever winning a big haul. People who have gambling problems spend more time and money gambling than they can afford. They are likely to be short of cash within a few hours or days after payday, may make excuses about where their money has gone, may ask to borrow cash from family and friends and have difficulty paying it back by the agreed time. If you have a problem with gambling get help NOW!
For confidential assistance contact:
- Gambling Helpline on phone 1800 633 635 or TTY 1800 633 649
- Gamblers Help on phone 1800 156 789
Check out these web sites for more information:
Tax Time
If you have a part time job or another source of income you'll need to complete a tax return at the end of the financial year. You can pick up a tax pack from your local newsagent.
If you'd like free professional assistance to complete your tax return (and you earn less than $30,000 in the financial year) you can access the "Tax Help" program. Contact the ATO on 13 2861 for a list of agencies that provide free tax help in your area or check information on the ATO web site.
The closest "Tax Help" agency to the University is the Ryde - Eastwood Financial Counseling Service. Contact them by phone on 9858 1377 to make an appointment. Remember to take along your group certificates and a copy of last year's tax assessment if you have one.
Unicom Credit Union
Unicom Credit Union is the proud sponsor of the "Your Student Finances"
site. 
The following information has been provided by Unicom Credit Union for your convenience.
Unicom Credit Union provides a range of financial services, including loans (terms and conditions apply) and daily banking facilities for members. They are conveniently located on site at Macquarie University, Level 0, SAM Building.
You can also visit a branch located at Darlington, Randwick, University of NSW and University of Newcastle. ATMs are available at all branches and various additional locations.
Unicom's services are too many to list here so for more information drop into the branch or visit the Unicom web site. However keep reading to learn a little more about credit unions, gain some hints and tips on minimising your fees or to find out about a great Unicom product available to international students, called Stupac.
What are Australian Universities Credit Union and Co-Operatives?
Many Australians use Credit Unions and Credit Co-operatives as an alternative to banks. At the heart of Credit Union operations is the fact that all surpluses are used to improve interest rates and services for account holders.
The Australian Universities Credit Union and Cooperatives are a group of independent financial institutions that have been part of the Australian university community for over 30 years. Each offers a personalised service and maintains a close relationship with university students and staff.
How are my funds protected?
Funds deposited with Credit Unions are protected by strict prudential standards imposed by government legislation.
Each Credit Union is required to maintain compulsory liquid reserves and to engage an independent auditor to verify its accounts and balance sheet annually.
How to Minimise Fees
Here are some ways you can gain maximum benefit and convenience from your Unicom membership.
ATMs and EFTPOS
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Ensure you have sufficient funds in your account to cover all withdrawals.
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Limit your combined ATM and EFTPOS withdrawals to 7 per month.
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Use our free 24-hour automated telephone enquiry system.
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Just phone (02) 9319 5855 any time day or night to find out your account balances, details of your last ten transactions and whether your cheques have been presented. It's ideal to check if your pay has been deposited or to check your balance before making a withdrawal. - see tips on using voicebank.
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Rather than making numerous small value withdrawals from automated teller machines, combine them into one withdrawal.
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When you make a withdrawal, your receipt will show your new account balance so there is no need to make an enquiry first.
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Take advantage of cash out facilities at places providing these facilities with their EFTPOS terminals.
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Use a Unicom Debit Visa Card for purchases (provided you don't need any cash out) and always ask for the Visa credit option - the Visa credit option is free.
Counter cheques and periodical payments
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Use a Unicom Debit Visa Card or Unicom personal cheque book to pay bills instead of requesting a cheque over the counter at branches.
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Unicom personal cheque books are free, however, there is a fee for each cheque presented.
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Pay regular accounts by using the direct debit facility rather than the periodic payment. The direct debit facility is free.
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Use your Unicom Debit Visa Card to pay for Telstra, Optus and other accounts.
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Use your Unicom Debit Visa Card to pay for goods and services.
STUPAC
Are you an overseas student studying in Australia? You need STUPAC. It's the international access service made easy.
If you'd like simple, easy access to your funds while studying in Australia, Unicom can help via a package called STUPAC.
Just browse through the information below and we feel sure you'll be attracted by the many advantages of STUPAC.
What is Stupac?
Stupac is a unique banking and financial package that frees you from complicated financial decisions during your time as a university student in Australia. Its advantages are in the fast transfer of funds from overseas and a range of personal financial and budgeting services specially designed with your needs in mind. Provided by Australian Credit Union and Cooperatives, Stupac saves you precious time with conveniently located campus offices in universities across the country.
Speedy and reliable transfer of overseas funds
Stupac is linked directly to HSBC's global electronic financial system (Hexagon) through HSBC. Our service allows you to access funds from your Unicom Credit Union account (generally within 24 hours of deposit, although overseas deposits can take up to 3 days to be cleared).
Funds may be transferred from any branch of HSBC throughout the world (you do not need to have an account with HSBC) or from any other bank that has telegraphic transfer facilities.
Just fill in a normal telegraphic transfer form by strictly following our simple instructions (these will be sent to you when we receive your particulars on the attached e-mail or print out and mail in form).
There is no cost for this service other than the bank's normal telegraphic transfer charge.
Before you leave home, transfer money to your Credit Union for your access immediately upon arrival and you won't have to worry about carrying large sums of money, travellers' cheques or bank drafts.
Also, you can use our service to deposit money for living expenses, or to pay your university fees.
Personal financial services
Stupac comes with a range of personal services including savings and investment accounts at competitive interest rates and member chequing facilities. Just ask our friendly and experienced staff for details of any services you require.
Budget advice
Settling into a new environment takes time. To help you manage your financial affairs, Stupac offers special budgeting advice tailored to your individual needs.
Other products & services
A personalised Visa debit card is available for accessing cash at thousands of automated teller machines (ATMs) across Australia and the world - 24 hours a day. The card can also be used to make purchases at stores and obtain cash at specified banks and building societies.
Travellers' cheques, bank drafts, insurance, travel and personal investment services are also available at most campuses.
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