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Budgeting

A budget is an effective way of organising your money to see:

  • how much money comes in (income)
  • how much needs to go out (expenses)

Knowing when income and expenses will occur enables you to plan your spending so that you don't run out of money.

1. Expenses you need to consider

Recurring expenses

Weekly travel, monthly rent, monthly handphone and internet bills

Semester, yearly or one-off expenses

Course fees, insurance, etc

Unexpected costs

Accidents or illness

Lifestyle choices

Entertainment and savings

2. How to prepare a budget?

Step 1

Review the cost of living and cost of study estimates

Step 2

Work out your income.  Include family allowances, any government support and/or any scholarships

Step 3

Keep track of your expenses for several weeks.  Divide the costs into categories at the end of the period

Step 4

Prepare a spreadsheet and enter your amounts into income and expenses separately.

Step 5

Assess your income and expenses. Decided what spending limits each month are workable for you

Step 6

Stick to your target spending limits and monitor your progress.  If  you do not have enough funds, you need to either decrease your spending  or increase your income/fund

Step 7

Revise your budget when your circumstances change

3. Cost of Study

During your time at Monash, you can expect to incur some or all of the following study-related costs:

CostDetails

Frequency

Application Fee

Fees payable for undertaking a course at Monash University Sunway campus

Once only

Registration fee

Once only

Tuition fee

Every semester

Amenities fee

The cost of services provided to students

Every semester

Miscellaneous fees

For example academic transcript, student letter, replacement ID card, graduation ceremony

As and when necessary

Hospitalisation and Surgical Insurance

Compulsory for all International Students

Every semester

Textbooks

You can by these new or second hand

Every semester

Course or unit related costs

For example laboratory coats, art and technical equipment

Once or every semester

Field trips, excursions and placements

Some courses may require you to undertake field trips, excursions  or placements. Some of these may require cost from you; e.g., travelling  cost.

As and when necessary

Photocopying and printing

Photocopying and printing charges will apply. To help get you started, a one-time RM15 credit will be provided to all new students

As and when necessary

Library fines and penalties

Fines for overdue or loss of library materials

As and when necessary

Parking on campus

On campus car park is available at monthly rate or pay-per-entry depending on location

Monthly or daily