VCA Student Planning and Budgeting- What do I need to know?

Studying at the VCA is a unique experience, unlike a lot of other universities; VCA offers practical programs, which demand full-time contact hours of students. With this type of constraint placed on the student's time, there can be difficulty in holding down part-time or casual work on top of study, especially in and around assessment periods. The VCA recommends that no more than approximately nine hours per week of extra work be undertaken throughout the semesters (This may vary depending on School)

Preparing a budget is the best way to manage and make the most on limited finances. By creating a budget you will be able to:

  • Work out whether you will have enough income to cover your expenses
  • Plan for times in which it may be difficult to earn additional income due to school commitments
  • Avoid unnecessary debt

The first thing you need to do when creating a budget, is to determine exactly what are your *likely costs? AND What your income is likely to be? (This information will need to be gathered before you start.)

*When budgeting and you need to forcast, estimate the most probably answer.

PART 1. What are the costs?
Costs will include:

  • Course Fees
  • Course Costs.
  • Living costs (including establishment costs if you are relocating)

Course Fees
For information about Course Fees please refer to our Student Administration page.

Course Costs
In addition to managing the fee costs students will need to include in their budget their course costs. To obtain these figures students are encouraged to discuss course costs with their School Administrator and Head of Department.
An example of course costs are:
School of Film & TV - Equipment bond, film costs
School of Art - Material levy, paper, tools, art materials and associated costs with producing work and mounting exhibitions.
School of Production - Basic tool kit, production materials, bi-annual trip to Adelaide Festival
School of Dance - Costume, footwear, physio and books
School of Music - Instruments, books and materials
School of Drama - Books
School of Centre for Ideas - Readers

Living Costs
The majority of students will have a good idea about their living costs but many students arrive in Melbourne or will move out of the family home to study at the VCA. For these estimations please refer to "Costs of Living in Melbourne."

Living costs are broken up into different categories and include; establisment costs (one-off costs or annual costs) and on-going costs. For example:

Establishment costs- Bond,Furniture,General Establishment fees ie connection to utilities, Car Costs (insurance/registration) Course Fees, Health Insurance, Clothing

On-going- Rent, Household contribution, Food, Weekly Spending money, Entertainment, Bills,Dependants, Public Transport, Car Costs (petrol), Computer/internet, Loan repayments, Course Costs, Medical expenses,

PART 2. Income?
Income may be derived from a number of sources. The majority of VCA student’s derive their income from:

Once you have all this information gathered you can use the budget template (below) to assist in balancing your budget. If you forcast a serious deficit you may need to seek financial advice immediately! Please come in and see Student Services.

Create a Budget

The University of Melbourne has budget templates which will make it a little easier to do your planning!

Financial Aid- Budgeting

Cost of Living in Melbourne Graph

Once you have a good idea of your course costs and what your income is likely to be, you can refer to the University of Melbourne Financial aid "Cost of Living" graph which will provide information about what typical costs are for; accommodation, bills, transport and food.

 

Case Stories- How do students manage their finances?

Case study one: LIVING OUT OF HOME
Dominique is studying in the School of Music, at a second year level. After experiencing some financial difficulty in her first year, she has decided to prepare a budget to enable her to effectively manage her finances through her second year. Dominique first consulted Student Services for budgeting advice and strategies for reducing her living costs. She was also advised to look at the Melbourne Uni Website for examples of other student budgets. Equipped with helpful advice and information from the website, she then planned her own budget.
Dominique's share accommodation is an average amount at $105 dollars per week. Her TOTAL WEEKLY EXPENDITURE, which includes, Rent/ Bills/ Food/ Transport and spending money was reduced through careful planning to $278-dollars per week. Her INCOME is derived from; a Youth Allowance payment of $165- dollars per week and she will work part-time as a telemarketer to make up the shortfall. Dominique found that she is unable to work more than 8hrs per week without it affecting her studies but needed to work as many hours as this to generate her income.

Case study two: LIVING AT HOME
Mark is about to commence his studies, as a student in the school of Drama. He recently applied for Youth Allowance but was found to be ineligible due to his parent's income. Mark is aware that course demand is high, and that the possibility of working on top of studying would be difficult to manage. Mark has consequently decided his best option is to remain at home with his parents. His parents are also supporting two other siblings and would like him to contribute to household expenses and support himself. Mark's WEEKLY EXPENDITURE includes Bills/Food/Transport and spending money totalling a $100-dollars per week. Mark works at the local supermarket on Saturdays to cover these costs. Mark works approximately 8hrs per week.

Case study three: MOVING FROM A RURAL AREA
Vanessa has recently moved from country NSW to attend VCA, studying Fine Art, she has successfully met criteria for Youth Allowance and is eligible for $160-dollars per week which includes a Rent allowance.
It is the first time Vanessa has lived away from home and she is unsure of what it is like to live in a city. After consulting Student Services for advice, Vanessa and her parents found out about Homestay and thought it would be a good idea for the initial months of study. This option alleviated the stress of finding a place to live, and provided a comfortable surround. The Homestay provided a fully furnished bedroom, provided a cooked dinner through the weeknights and was close to the University. Staying with a host enabled Vanessa to become familiar with city life and accustomed to her study load. To afford the cost which was $220-per week Vanessa transferred her part-time job at Safeway in rural NSW to a local branch, her parents also helped out. Vanessa works two shifts a week, approximately 8 hrs to cover her living expenses. Vanessa also applied for a University of Melbourne Housing bursary which she was successful in receiving, this meant an extra $30- per week for the duration of the academic year. Vanessa also intends to apply for as many Scholarships including a Commonwealth Learning Scholarship.

Survival Guide- Tips for reducing your costs

Food
Make your own lunch instead of buying it. You can save around $30 per week. Cook enough in the evening so that you have left-overs for the following day. You can reheat your food or toast a sandwich at the Student Union or some Schools provide basic kitchen facilities.

Groceries
Cheaper supermarket options are; Bi-low, Franklins, IGA and Aldi. For cheap fruit and veg try going to markets and local strip shopping. Markets include South Melbourne, Preston, Brunswick, Queen Victoria and Box-Hill. Melbourne also has a wide range of speciality supermarkets such as Asian, Italian, Kosher and Halal, buying produce at these store may be far more economic.

Shop at Markets - check the opening hours
The Queen Victoria Market is situated on the northern fringe of the city and is the largest market in the area. The Vic Market contains many stalls selling fresh fruit and vegetables, meat and fish, inexpensive clothing and homewares as well as variety stores and is open Tuesday, Thursday, Friday, Saturday and Sunday. Two smaller inner suburban markets within South Melbourne and Prahran also offer a fine variety of produce.

Markets are great for fresh fruit & vegetables
Wide range of specialty produce
Deli, butcher, fish, organic & fresh produce under one roof

  • Queen Victoria Market - Cnr Elizabeth and Victoria Streets, Melbourne
  • South Melbourne Market - Coventry Street Sth Melbourne (tram no. 1)
  • Preston Market - Murray Rd, Preston (Tram no. 86 - about 1km from tram stop)
  • Prahran Commercial Rd, Prahran (Tram no. 72)
  • Footscray Market - Cnr Hopkins and Leeds Street
  • Box Hill (indoor) Cnr Station Street and Whitehorse Roads (Box Hill Train Station is underneath)


Other ideas

  • Mediterranean Wholesalers - 482 Sydney Road Brunswick
  • Halal Food - Sydney road Brunswick
  • Asian Food Markets - Victoria Street Richmond


Transport
Live within Zone 1, transport becomes more expensive the further out you go. Concession cards are available, they cost eight dollars. You can download an application form or visit your nearest Metlink shop. (Unfortunately our international guests are ineligible for a concession card)

Better still Ride a Bike
Many cyclists ride to work and college in Melbourne
Lots of bike paths (Bicycle Victoria Guide is worth buying)
If you ride a bicycle, you must wear a helmet by law.
Lights & reflectors are strongly advised for your safety
City Traffic can be aggressive.
Bike racks at VCA - Lock Up Your Bike!

2nd Hand & Cheap
Most students have to economise while they are studying.
Check the VCA noticeboards near the Union for cars, computers, musical instruments and home wares.
Pick up a copy of "2nd Hand and Cheap" - a useful guide to bargain shopping in Melbourne (available free from Student Services).

Salvation Army Family Stores - clothes & household goods
Savers - super second-hand clothing stores
Brotherhood of St Lawrence - clothes & furnishings
Unimelb Trader - classifieds for students
Trading Post - classified weekly
Bargain shoppers guide to Melbourne
Markets - Camberwell, Ceres, St Andrews markets
Auctions
Ebay -On-line website

Entertainment
Check the Entertainment Guide (The EG) in The Age Newspaper on Fridays for information about free and cheap entertainment in and around Melbourne.
Borrow DVD's from the VCA Library
Visit Galleries on the weekend
Visit "That's Melbourne" website to find free entertainment
Volunteer at festivals etc to receive free tickets
Visit half-tix located at the town hall on Swanston St for cheap tickets to shows
Many pubs provide free bands and discounts drinks for students

Things to do
Royal Botanic Gardens Moonlight Cinemas until 14th March $11.50 conc.
Twilight concerts Fitzroy Gardens Fri/Sat/Sun til 27th Feb - free
Starry nights (Astromoners)@ Native Garden, Royal Park Fridays 8.30-11pm free
Nature by night Tues & Thurs 8.30pm Fitzroy Gardens - free
Gaslight market at the Victoria Market Wednesday evenings through summer - free

Bills
Gas, Electricity and Water
Conserve energy to lessen the costs of electricity and gas. Keeping warm in winter can cost a fortune with the resultant large gas and electricity bills creating real problems. Rented houses are often uninsulated, draughty and damp, so heating can cost more than it should. To save money on bills and become more energy conscious:

Fill gaps in windows and under doors and make sure open fire places are covered when not in use to stop heat and money going up the chimney. Heavy, lined curtains on your windows can reduce heat loss through glass. Most Opportunity Shops sell good curtains quite cheaply

 

  • Keep doors and windows closed when the heater is on
  • Hot water bottles are economical body heaters.
  • Gas is cheaper then electricity.
  • Turning off lights and appliances when you're not using them can also keep your bills down.


Because most bills (such as bills for Electricity and Telephone calls) arrive only every few months the cost can "creep up on you". Ask the service provider whether you can pay for your bill by instalments, or on a monthly basis. It is then easier to keep track of your outlays. Gas, Electricity and Telephone providers may have payment schemes (sometimes called Easyway Payments) which allow you to pay amounts each fortnight or month.

Health Care Card holders can get a reduction in their gas bill during the peak winter months. Note: to receive a concession, the bill must be in the name of the Health Care Card holder.