Australia has always been a popular destination for students anywhere in the world to study. From its universities that ranked amongst the top in the world to lifestyles that are perfect for today’s generation of students, more and more students are choosing to take their studies in Australia. Compared to other countries in the north like the US and the UK, studying in Australia is still a cheaper option for students. Though the cost of living is a bit expensive (but still cheaper than the US), knowing the cost that you may incur while living in the country will help you prepare financially for your studies in Australia.
Thinking about your financial needs while studying especially in a foreign country, can be intimidating and scary sometimes. But worry no more. Proper preparation and good management skills on your finances can help you survive your college life with a little ease. Thinking of a financial plan that is based on reliable information on what to expect far from home in terms of living expenses can be your best weapon to be ready in pursuing your study abroad.
We know how stressful it can be to just think about the financial matter that you have to face while planning for your study in Australia, and to relieve you from such a worry, we are giving you a more detailed picture that you can expect when you are already at Australia studying and living.
The government of Australia is requiring its international students to show evidence that they have money to support the cost of their living and study in Australia to make sure that the students will make the most of their studies and have a safe and enjoyable experience in the country. Although students are allowed to work part-time to earn income that they can use for their cost of living and study, the living costs requirement of the government of Australia ensures that students will not need to rely on their part-time jobs to satisfy all of their needs while in Australia. Year living costs that the government of Australia is requiring to its international student to get a student visa as of October 2019 are:
- AUD$21,041 for students or guardians;
- AUD$7,362 for partners coming with you
- AUD$3,152 for a child coming with you.
You may check Australia’s government website to check and refer to the step by step process of student visa application for more details on how you can show the evidence required to cover your living, studying, as well as your travel cost to stay in Australia.
Your cost of living while studying in a country like Australia will depend on several factors that will include your accommodation, your food, utilities, transportation, and other costs that will depend on how your lifestyle is.
Accommodation is one of the most expensive things you have to consider while studying in Australia. The cost of accommodation greatly varies depending on your location, with apartments in big cities that are most likely to be the most expensive one.
Food is the other thing you will have to consider when making a budget out of your allowance. Eating out regularly in a restaurant will just be beyond your reach as a student, so must learn how to prepare and cook your meal for your own.
Utilities, on the other hand, may cost you around AUD$200 each month, for an apartment that covers 85 square meters. The need for the internet will be another thing to consider, in which case you will have to pay approximately AUD$70 each month.
And as a student, the need to always be on the move will also have to be included in your financial plan. Though public transportation is not that expensive in Australia, there will always come a time that you need to travel for classes and social events that you need to take part in. On average, you can purchase a one-way local public transport for about AUD$4 and an average of AUD$145 for a monthly pass.
Other costs that you may incur and you have to consider before studying in Australia include clothes, your social life, sports activities, among other things that depend on your lifestyle and habit.
