Budgeting Tips For New Migrants in Australia
Moving to a new country is always stressful and when you add in money it becomes even more stressful. In this article we will give you tips on how to budget wisely and how to stretch the money that you do have. The biggest issue that migrants have typically is not having enough income and not having enough savings. Learning how to save money and what to spend your money on is the most important thing. You will need to learn many different financial lessons as you acclimate yourself to Australia but things will work out well for you.
The first thing that you need to know is to not move to Australia if you do not have enough money saved up. We don’t say this because we don’t want migrants in Australia, but because we want you to have a great time while you are here and we don’t want you to struggle. One reality that many people have to face is that they might need to put off their migration to Australia until they have saved up an adequate amount of money for the area that they will be staying in. This definitely is a harsh reality but it is more tough love than anything and it is rational decision-making.
Before you can even start to budget for living in Australia you probably need to know how much money you will really need to have. You can learn this information by researching the area that you will be living in. You need to know how much it cost to rent an apartment, how much food costs, how much transportation costs and you need to know what your likely income is going to be. You need a very strict budget based on these things. And you probably need to save an amount of money that is way more than what you expect to spend.
You need employment. Moving to a place and not knowing where your income is going to come from is going to be very stressful. It is very difficult to budget if you don’t have any income because you don’t have any money to budget. Coming and expecting to only live of savings only works if you have a ton of money and most people don’t have a ton of money. So solving the issue of employment before you get here is very wise.
Lastly, stay away from the luxury things and the things that you don’t really need. Be frugal, look for deals, save more money than you spend, eat at home instead of eating out and entertain yourself at home versus going out to bars and different venues. Make these choices while you are starting out and you will set yourself up for success in Australia. These are the same type of money management skills and behaviors that will benefit you throughout your time in Australia and throughout your life. So don’t see it all as sacrifice but as building equity into your financial foundation in Australia.
Ian Hughes has been in the of banking sector for over 26 years offering mortgage advice, He has been specifically working in the commercial and residential lending sector for over 22 years.