Planning a Budget for Study in Australia

Transcription

1 Planning a Budget for Study in Australia To begin the process of determining your personal study abroad budget, you should cross-reference this guide with Preparing to Study Abroad, Money Matters and the Australia program fees listed on our website, The information in this guide was compiled by our Australia office and is based upon personal experience and student feedback. Despite years of experience, however, we have yet to create a perfect budget. If you re honest with yourself about your expectations and lifestyle, this guide will give you a good idea of how much money you will need abroad. Note: All prices listed in this guide are in U.S. dollars unless otherwise stated. Tips for Determining your Budget When figuring your budget, enter the minimum amounts on which you think you could manage. Estimate a second set of figures that are more generous. Include money for items such as restaurant meals, personal expenses, entertainment and vacation travel. You might be able to afford the more generous projection. If your resources are limited, go back and make adjustments based on questioning of what you really need, what would be nice to have and what you can do without. Your final budget should fall somewhere in the middle. The budget worksheet (see last page) estimates costs for your study abroad experience and has three parts: fixed expenses, which are expenses prepaid in the United States in U.S. dollars; variable expenses, which are mainly in Australia and include start up and semester costs; and vacation expenses, which are expenses for your university vacations in Australia and at the end of the program. We also have added a line where you should enter your personal resources, from which you will subtract your estimated expenses to determine a budget. Fixed Expenses All students have the fixed expenses of the program fee, housing deposit and transportation to and from Australia. Others could include the Tuition Payment Plan enrollment fee, tuition differentials and transportation from the host university city at the end of the semester or year in Australia. Program fee: Use the Services Included in the Program Fee information in Money Matters to determine what is included in our program fee. Remember that your $500 program deposit is credited to the fee. Housing deposit: All students pay a separate $300 housing deposit which is refundable at the end of the program, less any fines, damages or outstanding debts in your name. We will send a bill for this deposit to your designated billing address before your departure. Transportation costs: Enter the cost of travel from your home city to Australia. Transportation from Sydney to your host university city and back is included in the price of a group flight ticket. Independent travelers should budget for the cost of air transportation from orientation in Sydney to your host city. Tuition Payment Plan (not applicable to all students): If you use the monthly payment plan through Tuition Payment Plan, enter the plan enrollment fee, which is $55 for the year or $35 for the semester. You may not be eligible to participate in the plan if your home university pays all or part of your IFSA-Butler program fee.

2 Tuition differentials (not applicable to all students): Many Australian universities charge higher tuition for subjects such as music. The IFSA-Butler program fee sheet provides specific fee information for your particular university. You will not be billed for supplemental fees until after you have registered at your Australian university. Overload fee: Some Australian universities may charge additional fees to students who take more than the full course load. These universities do not always inform IFSA-Butler in advance about the overload fee. If you plan to take an overload of credits in Australia, investigate the possibility of fees, which are your responsibility if they occur. The Student Handbook that you will receive during orientation discusses a full course load so you can avoid overloads and their related fees. Meal plan bills (not applicable to all students): Some university residence halls carry mandatory meal plans. If you are assigned to one of these residence halls, IFSA-Butler will send a meal plan bill to your designated billing address six to eight weeks after your arrival. To determine if your housing might have a meal plan, consult the program information included in this mailing and your Australian university s fees on our website. Cost of medical, travel and personal property insurance: While in Australia, you will have medical coverage through an IFSA-Butler group medical plan and the Overseas Student Health Cover (OSHC), both of which are included in your IFSA-Butler program fee. It is your responsibility to make sure you are properly insured to travel and study abroad, so also look into personal property and travel insurance as well. Passports: The fee for obtaining a U.S. passport is $135 or $110 for renewing an expired one. If you already have a U.S. passport, ensure that it is valid for six months past the time you will be in Australia. Australian student visa: All students must obtain an Australian student visa before departure. You may not enter Australia on a tourist visa. The exact fee for obtaining an Australian student visa varies according to the exchange rate, but the cost is around AU$535. Your IFSA-Butler program advisor will instruct you on how and when to obtain this visa. Variable Expenses Personal items: Estimate what you will spend on clothing, a new backpack, travel items, etc. You will want to bring comfortable, color-coordinated clothes and shoes suitable for walking and outdoors activities. Students studying in Melbourne should consider bringing an extra set of going out clothes, as most restaurants and clubs are dressier. See the Packing section of Preparing to Study Abroad for more information. Note that past students report clothing is more expensive in Australia than in the United States. Keep an eye out for frequent sales to find items at a bargain. Orientation and country life weekend/adventure days: Transportation and most meals for orientation and the country life/adventure experience days are included in our program fee, but you might want to budget $30 40 for snacks or souvenirs for each excursion. Textbooks: Textbooks are even more expensive in Australia than in the United States and used books are hard to find, so Australian students rarely purchase textbooks. Instead, Australian students usually are required to purchase selected readings at copy shops on campus, and to use books and articles placed on special reserve in the university libraries. Budget at least $250 per semester for reading materials and other learning resources. Emergency reserve: Consider keeping a credit card or a cash reserve of $ set aside should an emergency arise while you are abroad. Meals: Students can expect to spend AU$160 per week on food. Your food expenses will, of course, depend on your own habits, preferences and whether or not your housing includes a meal plan. Students tend to spend more freely in the first couple of months and often call home for extra funds.

3 Some Australian dormitories have mandatory meal plans, usually including up to 21 meals per week. IFSA- Butler will send any meal plan bills to students designated billing addresses after the student has arrived in Australia. If your Australian housing has no meal plan, you have the option of preparing your own meals and/or eating on campus. Campuses are serviced by a wide range of subsidized cafés, restaurants and snack bars. Additionally, most student houses have kitchen facilities for those who prefer to cook their own meals. A great way to get to know your flat mates (and save money) is to share the cost of purchasing food and preparation of meals with them. Cooking can be inexpensive if you are careful and plan ahead; shop at farmers markets or chain supermarkets rather than small convenience stores for better deals. Take advantage of seasonal fruits and vegetables, as they are less expensive than those out of season. Local transportation: Students studying in Sydney, Melbourne or Brisbane should be prepared to commute to classes, either on foot or via public transportation because the university housing in these cities is often scattered. The cost of commuting is your responsibility. Consider purchasing a monthly transportation pass if you will be studying in a large city. Depending on your host city location and housing situation, you could spend up to $30 per week on transportation to classes, shopping and entertainment. Personal expenses: Personal expenses can range from $30 60 per week on items other than food, entertainment, communication and commuting costs. These additional expenses may include toiletries, batteries, laundry, postage, school supplies, photocopying, etc. Most major U.S. brands of toiletries are readily available in Australia, although students recommend stocking up on certain items, such as contact lens solutions, makeup and beauty products, before leaving the U.S. because they can be quite expensive abroad. We recommend that you purchase all electronic items such as hair dryers, curling irons, CD players, etc., after your arrival in Australia because of the differences in voltage ( V). Dual voltage items ( ) are ideal if you can get them before you leave home. Entertainment: Students ideas of entertainment are understandably varied. Sydney and Melbourne students have many options when it comes to entertainment, but prices can fluctuate daily. Students estimate spending $30 65 weekly on entertainment in Sydney and Melbourne, $35 50 elsewhere. Past students report the cost of alcohol as being much higher in Australia than in the United States and that they underestimated this expense in their budget planning. To save money on entertainment in Australia, consider your university s sponsored events as a source of lowcost activities, sports, films and dances. Also, remember to carry your university student ID card with you for special rates on entrance fees to museums and historical sites, as well as entertainment discounts. Throughout the semester, IFSA-Butler Australia staff members will organize events for IFSA-Butler students. There are four major events and occasional on-campus meetings that are provided free of charge. Gym membership: Unlike most U.S. universities, gym/fitness center memberships are not included in Australian tuition fees. If you plan on using these facilities on campus, budget about $50 a month. Internet: Internet access is considerably more expensive in Australia than in the United States. Most universities now provide free wireless on campus, but there is typically a monthly quota. Some Internet providers offer monthly plans up to $50 per month, while other providers charge per megabyte downloaded. To minimize costs, use the Internet only for research and communication. Downloading movies and music in Australia will quickly increase your expenses.

4 Vacation Expenses Travel: Australian universities have student travel services available on campus and some international offices organize regional trips. All major cities have budget travel services that can provide information and special offers. Also, look in newspapers and on the Internet for travel deals. Consider investing in a guidebook that will cover your particular travel style (Let s Go, Fodor s, Rough Guide, Lonely Planet, etc.). You can save on lodging costs by staying at hostels. While it is usually not necessary to join Hostelling International, members have priority if the hostel is full. For more information, visit Accommodation: Your IFSA-Butler program fee pays for housing from the program start date to the program end date. Students who remain in Australia between semesters are responsible for arranging and paying for their own housing. Meals: While traveling, you will probably consume most of your meals in restaurants, so consider the cost of restaurant meals and beverages when planning your budget.

5 Average Costs of Commonly Purchased Items in Australia Now you re ready to begin your budget planning. The cost estimates in this guide are in Australian dollars. To calculate the value of the U.S. dollar to the Australian dollar, consult the business section of any major newspaper, any bank branch or the web at Grocery Items Milk $4.99/2L Loaf of bread $3.99 Apples $5.39/1.5kg Sugar $1.70/kg Lettuce $2.98 Yogurt $2/200 g Orange juice $4.29/3L Cheese $6.12/12 slices Orange $0.85/each Eggs (12) $3 Potato chips $3.60/200 g Potatoes $3.49/kg Soda (24 pack) $16 Beef/steak $6.24/300 g Coffee (instant) $5/200 g Peanut butter $3.50/500 g Tea (100 bags) $2.65 Bananas $0.90/each Cereal $4.99/500 g Personal Items Contact lens solution $16.18/355 ml Toothpaste $3.19/175 g Shampoo/conditioner $6.46/400 ml Soap (5 pack) $2.58 Box of 20 tampons $5.38 Deodorant $3.72 Toilet paper (6 pack) $2.71 Dishwashing liquid $3.22/500 ml Laundry detergent $7.54/1.5 kg Letter to the U.S. $1.80 Entertainment Cup of coffee $3.50 Movie adult $15.50 Movie student $12 Beer (bottle) $7 Wine (glass) $6.50 Restaurant meal $10-30 For a more detailed Australian supermarket guide, visit

6 Budget Worksheet Australia Australia program Current exchange rate Fixed Expenses U.S.$ Program fee $ U.S. domestic and round-trip transportation $ Housing deposit $ 300 Tuition Payment Plan enrollment fee* $ Tuition differential fee* $ Overload fee* $ Meal plan* $ Passport and visa fees $ *may not apply to all student Total fixed expenses A$ Variable expenses AU$ Personal items (clothing, luggage, insurance) $ Orientation/farm visit/adventure weekend $ Emergency reserve money $ Meals (not including meal plan, if any) $ Local transportation $ Personal expenses $ Entertainment $ Total variable expenses $ B$ Vacation expenses (Check with travel professionals and/or guidebooks) Travel costs (airfare, trains, etc.) $ $ Accommodation $ $ Meals $ Personal, including entertainment $ Total vacation expenses (convert to U.S.$) $ C$ Total estimated expenses (add lines A, B and C) $ D$ List your personal available resources, such as savings, family contribution, financial aid, summer earnings, etc. Subtract your estimated expenses, and you can anticipate your study abroad budget. Total estimated resources $ Less total estimated expenses (from line D) $ Your study abroad budget $