Each day, thousands of young people from Nepal enter Australia, Canada, the USA, and Japan through the Tribhuvan International Airport. These young people are the top foreign education spenders and support Australian educational export. According to statistics, Nepalese students spent 2.6 billion Australian dollars on their education in Australia.
As the adult in the household, you will be responsible for managing everything, including grocery shopping and trash disposal. So, here are some tips to help you manage your money as you start to work in Australia:
1. Set aside money for necessities
The first thing to do is to list the necessities. It’s important that you have enough money to cover expenses like rent, utilities, electricity, etc. Put money away for all the requirements as soon as you have enough money to cover your monthly expenses. This will make backup money to use in the future.
2. Try to buy items in bulk
When you buy food and other needs in large, you may save a lot of money. When you purchase something large, you have access to numerous discounts. You can get by if you set aside a day at the beginning of the month to buy non-perishables.
3. Rent instead of buying furniture
When it comes to home furnishings, renting is preferable to purchasing. Furniture purchases can into more of a liability than a benefit. Renting is preferable to buying when you intend to move out of your home because it will be difficult to transport them around. You may rent furniture from a number of websites.
4. Make a fund for entertainment
You do realize that you can still have fun while being responsible, right? You must create a fun fund as part of your budget. While you’re at it, make an effort to keep to your spending plan throughout the week so you have money for entertainment on the weekends.
5. Save and invest
Set aside at least 10% of your income at the beginning of the month for savings and investments. To avoid using this money, you can invest it using the option of auto-debit at the beginning of the month.
Setting up a budget is a wise and good idea, especially if you live alone. Decide how much you will need to spend on what at the start. This can help you choose which expenses you should cut back on and which ones you can afford to increase.
7. Book flights tickets in offers
Tickets should always be purchased in offers. You can save a ton of money by doing this. The offers and benefits from your credit card can be used here.
8. Make your own meals rather than ordering in
Try how to cook a few simple things if you aren’t an expert. Everyone should have a fundamental understanding of how to cook. Additionally, you’ll save a lot of cash because the restaurant and delivery of meals may be very costly and unhealthy.
9. Try to limit your credit card usage
Although a credit card is a helpful tool, if you don’t use it wisely, you could end up in serious difficulty. You must watch out that you are not using your credit card excessively in this situation. By using credit cards to make purchases, you can also earn rewards that you can utilize to save money on things like hotel and flight reservations.