The New Year is a time that many Australians are preparing themselves for the hard-working yet exciting year ahead at University.
But what many people don't realise, especially those going to Uni for the first time, is how much it's going to cost. From buying your lecture books, to travelling each day to and from campus, it all adds up!
Although going to Uni is quite often the first time in many of our lives that we taste independence, it can also be very financially frustrating and limiting, as many have to rely on parent or government support.
That said, lots of uni students' work while studying, but for the majority any money that comes in just as quickly goes out on living expenses.
The National Australia Bank suggests one of the first things you should do in your tertiary years is not get hung up about being a "poor" student. Think of the time you spend studying as a valuable investment and aim only to keep your head above water financially.
Of course, even doing that can be hard which is why budgeting is so crucial. It's really important to know exactly how much you can afford each week, for things like entertainment and food, to ensure you don't wind up graduating with a massive debt.
If you're strapped for cash and need some extra money, especially in the lead up to the start of uni for things like books and fees, you might want to consider getting a person loan.
Now, before you rush into getting a loan, make sure you've considered all your other options. For example, can you work some extra hours over the next month, so you can save up the money rather than borrowing it? Or if it's an amount you know you'll be able to pay back in six months or so, it might be cheaper to get a credit card that offers a honeymoon rate.
It's also important to find a loan that suits your needs. For instance, ask yourself how much money you'll really need to survive the next six or 12 months.
And don't just settle for the first loan you see. Shop around! I always reckon it's best to do your homework and examine the entire package on offer. You should be asking the bank what fees are payable up-front, whether there's any ongoing administration charge, whether you can pay the loan out early without incurring any penalty and whether you can make additional payment to the loan along the way.
If you do decide that a loan is right for you while you're struggling your way through uni, apply one at a time. Lenders may get worried if they see a lot of activity on your credit record and be less likely to sign you up.