Starting at university can be a daunting task. For many it will be the first step towards independence so any help or advice is a good idea to take on board.

For those who have not spent time away from home before, there are a lot of new responsibilities that you must be accountable for – such as your finances. During your first year in halls of residence, you will be helped out quite a bit as the halls of residence offer a lot of support to help you manage your finances better. Utility and electricity bills are included in the rental fee; therefore you only have to pay one all-inclusive bill and the terms of rental are usually only relevant during term times.

However, after your first year, you may decide to move into other independent living quarters. This can be quite a shock to the system as now you will be responsible for paying all of your bills separately: rent, gas, electric not to mention new travel costs. You will be expected to be able to manage your finances well.

4 top tips for managing your finances and ensuring you live a comfortable and worry free student life are listed below:

1. Keep an eye out around campus for signs and posters advertising special offers and discounts for students in shops. You can save on many necessary products this way. Especially when purchasing books and stationery. Always ask if student discount if offered in store before making your purchase and keep an eye out online for any special discounted software for pupils. By purchasing this software you are ensuring that you have the best software available to aid you in your studies but making amazing savings at the same time.
2. During your time in shared housing, it is a good idea to try and time your shopping, cooking and heating with your housemates. By cooking together and shopping together you can really save on electricity and gas costs as well as being able to buy in bulk at the supermarket.
3. Set your finances out in advance of each term by making a note of all of your expenses so you know that you will have enough money to last you the whole term. Expenses may include: rent, utility bills, food, books and travel. Divide the total cost of these over the number of weeks in the term and you will be able to see clearly how much money you have left over per week. By having a clear understanding of your finances, it will be easier to handle any unexpected costs that may come along.
4. Transport can become quite an expensive addition you your university costs. To combat any travel costs spiraling out of control, try and find accommodation close to campus. That way you can walk into your lectures each day. Perhaps bring a bicycle or purchase a second hand one to get you from place to place during term time and consider investing in a bus or train pass in order to visit home at a reduced cost.

Perhaps of all expenses at university the software is the biggest single expense. It is also one of the most important necessities to aid you in your studies. Purchasing specially discounted software for pupils online will dramatically reduce your software costs and enable you to have the best start.

Many parents pay for their children’s college educations or contribute toward the costs. Most young people couldn’t pay for it themselves and it makes sense for parents to help out if they can afford it. The way parents structure that help can make a huge difference in how much their children get out of it.

The Pitfalls

We’ve all seen college students who don’t want to be there. You hear it all the time, “My parents said I need to go to school or get a job.” So they attend some classes, maybe passing, maybe not. They’re wasting their time and the professors’ time, taking up space that could be filled by a serious student, and frittering away Mom and Dad’s money without getting anywhere.

A second problem occurs even with serious students who want to graduate. There is a wide range of prices attached to college educations. A student can get by inexpensively by taking advantage of scholarships, community and state funded schools and many other opportunities. Or they can spend a lot of money on a prestigious private institution. The cheap plan is not always the best plan. Paying more can improve the quality of their education, class availability, internships, and many more factors. Some financial decisions affect the college experience, like whether to live at home and attend community college or live in the dorms. In a perfect world, the student and their parents would weigh the benefits and costs of these decisions. This can be a challenge, though, because the student often puts more weight on the benefits than the costs, especially if the cost is not their problem.

The Solution

Most teenagers are mature enough to make adult decisions if the decisions and the consequences are really theirs. So put the ball in their court. Decide how much you can afford to spend on your child’s education and give them a dollar amount. Then leave it to them to get the right education for them. They have the opportunity to take out loans, apply for scholarships or work a part time job if they want a more expensive education than your amount covers. Or they could scrimp and save, take the least expensive options and use any leftover funds to buy a car or put down on a home after graduation. This allows them to splurge on some things while economizing on others. They’ll spend the money in accordance with what’s important to them, just like an adult would.

Make sure to consider alternatives to traditional colleges, like a trade school or online university. One size definitely does not fit all when it comes to higher education.

If you want to start a business and you have very little capital, bear in mind that statistics show that 80% of small

businesses fail in the first 5 years.  There are many reasons given, the main one being that a lot of new business

owners do not have enough capital to keep their business afloat.

My advice is to start with the basics, and as the money comes in, put it back into the business.  You can start off

from home or a mobile service.  This saves paying rent for a shop.  Use all the free government assistance

available for small business.  Look up on Google ‘Business Enterprise Centers’ and find one in your area.  They

offer courses in Marketing, Budgeting for a Business and Strategies to Improve Profit.  You will find like minded

people at these courses that you can network with, and who knows, they may need your business services in the

future.

For extremely cheap business cards, pamphlets and sometimes offers of freebies, try Vista Print an American

based company.  Do your research first, because if there is somewhere cheaper locally, its obviously a better

option and keeps the money in Australia.  However, when you first start out you are always going to take the

cheapest price.

cheap business cards

There is also a government program called NEISS especially designed to help people start a new business.  If you

are accepted for this program, they will pay you a fortnightly allowance, which works out the same as Job

Search, and you will not have to look for a job whilst on the program.  This allows you to concentrate on building

up your business, and at the same time gives you the peace of mind with a small income.  The program only lasts

for a year and after that you are on your own.  There are a few conditions whilst on this program, like taking out

insurance for the business and having to keep a profit and loss spreadsheet.

It is a fantastic way to learn how to run a business, whilst being paid and not having to look for work, and at the

same time being supported by the government.  Another site for helping you in business from the Australian Goverment is http://www.business.gov.au .

You need to start small.  Have the basic equipment and a small quantity of stock.  It’ll be trial in error to begin

with, but you won’t lose too much money if some of your stock doesn’t sell.  Marketing is very important and can

be expensive.  So word of mouth is the cheapest and most effective way of going about it.  Another free marketing

strategy is your local newspaper or television station.  They may be looking to interview people starting out in a

new business venture.  All you have to do is ring them up and let them know you are about to start up a unique

business and ask if they would be interested in promoting it.

A friend of mine was starting up a bead business.  She called Brisbane Extra who agreed to call at her home and

film an interview with her that later appeared on TV, thus promoting her business for free.  The same goes with

your local newspaper. Take the initiative now and who knows you could have a thriving business in the very near

future.

This is a guest post by Deb Diplock from Woodford Newspaper

It’s Holiday time, which means entertaining the kids.  All kids love Holidays especially when they receive gifts, toys, and a lot of presents.  Let them realized that Holiday isn’t just the time of giving and receiving gifts, it’s also the time to cherish every moment with your loved ones without spending a fortune.

Here are some ways that I can suggest for you to have a good, fun holiday without breaking the bank:

1.    Watch DVD’s.

You can watch a good movie together in your house; just grab some snacks or an ice cream. This way you will have some bonding time with each member of your family.

2.    Outdoor activities.

You can prepare some outdoor activities like, Frisbee catching; kite flying. Kids will surely enjoy this.  You can also do picnics, visit a playground. There are lots of things you can do outside your house if the weather permits. When it’s winter time and snowing, you can build snowmen or organize a snowball, but make sure they are wearing proper clothes so that their toes and fingers won’t get frozen. You can also find a place nearby that you can go skiing or you can check the listings for a nearby sledding runs.

3.    Let them Participate in the preparation.

Bring your kids in your kitchen and let them help in preparing some food, like cup cake, cookies, or cake. Let them prepare some simple food and make them eat what they had baked or cooked. I’m sure they will have fun doing this.  Who knows you might have a good chef someday.

4.    Gift Opening.

You can make their gift opening a lot more fun by adding and preparing some games where the winner wins a wrapped price and in the end everyone has something to open.

5.    Art Crafts.

You can also introduce your kids to art and crafts like making cards, elf hats or reindeer antler. The kids will be entertained, but make sure the craft making is easy, simple and fast because kids gets bored easily.

You can always make your kids holiday fun and exciting without worrying about your budget. Always remember that the best gift that you can give your kids is your time.

About the Author

Andrew is a full time dad trying to keep up with his kids. He spends a lot of his time in toy store to find ideas and educational toys

It is possible to improve your credit card application and raise your chances of receiving an instant approval. Banks are becoming notoriously strict about their lending criteria, so take a bit of time to get your application in order before you apply.

How to Easily Improve Your Credit Card Application

Perhaps the easiest way to complete a credit card application is to apply online. Simply enter your information into the secure online application form for your preferred card provider and you could receive an instant approval.

While this sounds so easy, it’s important to keep in mind that your ‘instant approval’ is actually what the banks call a ‘conditional approval’. This means your credit card application would be approved, subject to you meeting the conditions as laid out within the approval.

Those conditions could include verifying your income details by providing pay slips or tax returns. They could also include requests for more information if you haven’t completed the application properly.

Here are some things you can do to increase the chances of receiving an approval for your credit card application:

Research Credit Cards

Spend a little time researching which type of credit card will suit you best. There’s no point applying for a gold card or balance transfer credit card if you don’t qualify, so aim at one that will suit your needs and that you know you’re eligible for.

Improve Your Credit Profile

To increase your chances of being approved for the credit card you want, you should spend a bit of time making sure your credit profile is healthy. This means catching up any overdue payments or any other credit cards you have that are over their agreed credit limit.

If you’re uncertain of what your credit profile looks like, you can order a copy to see for yourself what’s listed.

Prepare Information

Before you begin filling out your online credit card application, be sure you have all the information you need handy. You’ll be required to fill in your income amount, your employer’s details and list down all of your assets and liabilities.

Fill In the Application Correctly

Take your time and fill out the online application with correct information. If you’ve already gotten all your pertinent information ready, you should have it nearby to reference when you reach that section of the application.

Don’t skip any sections and double check that you’ve spelled everything correctly. Don’t leave any sections blank. Enter either ‘not applicable’ or ‘zero’ instead of leaving something unanswered.

This can speed up the application process, while incorrect information could slow it down while your bank requests verification from you.

This is a guest post by Timothy a personal finance writer for Credit Card Finder.

For each child that you have in Primary or Secondary school (up to the age of 25) you can claim your expenses on the following items:

• computers and laptops and the expense in repairing them and updating them;
• software to run on the computers – this includes word, excel, power point, adobe and virus protection;
• devices used for the computer – USB keys, DVDs, CDs, external hard drives – to save information on and do backups;
• internet connection, including the setup costs (modem) – this is usually on a pro-rata basis.  For example it may be 50 for home and 50 for school.  To can work out the amount by hours on the computer for each person or perhaps by the bytes used to download the different information.
• school textbooks (hire or purchase), stationery (pencils, pens, folders, ruler, stapler, nikko pens, scissors, glue, rubber bands, display books, art books, etc), writing books and any other book you have purchased for your child to use at school.
• Tools of trade – this could be tools purchased by your child if they are doing a school based apprenticeship and needed a hammer or likewise.

It is important to note that if you are claiming the expense on your tax return or you have been reimbursed for it by other means (government grant) you cannot claim it on this Educational Tax Refund (ETR).  So you should decide which is the better means of claiming it – through your tax (usually 20-30% refunded) or through the ETR (50% refunded).

Unfortunately you cannot claim the following:

• school fees – including subject levies (for example the $10 you may have to pay for home economics);
• school uniforms;
• school excursions;
• sporting equipment;
• music instruments;
• tutoring;
• library book fees (including late/lost fees and the fee to bring them into the library);
• bus fares;
• donations and building levies (but these can be tax deductible on your income tax return);
• school photos;
• any membership fees (these may also be a tax deduction on your income tax return).

Make sure when you are collecting your receipts that they are dated from 01 July 2008 to 30 June 2009, and if possible don’t forget any as the tax office won’t allow you to claim forgotten receipts later (even though you can rollover money you spent above the limit – $750 for primary & $1,500 for high school)

You can claim the Education Tax Refund if the following applies to you:

• the Family Tax Benefit Part A was received by you for your children that are attending school (primary and secondary only, not tertiary). Basically if you and your partner are receiving under $100,000 combined income you are entitled to Family Tax Benefit Part A;
• you are caring for the child/ren for more than 35% of the time (that’s 4.2 months or 128 days a year);
• you stopped receiving FTB Part A because your child left school and earned too much money; or
• you were an independent student under 25 years old (which means you were probably on Austudy and had no other jobs).

Just remember that if your child only attended for one day of the year you are entitled to a full 6 months of rebate.

For example:

Lisa finished Grade 12 at the end of 2008 and started Uni in 2009.  She is entitled to receive 184 days of the rebate as she was at secondary school for the period (01 July 2008 to 31 December 2008).

Charlotte started Prep in 2009.  Her mother is entitled to 181 days of the rebate (01 January 2009 to 30 June 2009).

It would be good to point out that if you have a student that is going into Uni next year that they purchase any laptops, etc they will need for uni in the period July to December 2009.  That way they can claim the ETR for their secondary studies!!  Providing they do not earn over $12,287 for the year.

We have all heard about the new Educational tax refund that the Australian government is offering but how do you claim?

Obviously the first thing you must do if you want to claim expenses with the education tax rebate is to keep receipts of all your eligible purchases. Then at tax time, parents can simply claim the refund when they complete their 2008-09 income tax return.

Here is screenshot from a tax return for individuals for 2009. The education tax refund section will be located under the heading of tax offsets. After you have calculated your claim amount you can enter it into the L section shown below.

You can download a copy of this form from the Australian tax department. Tax return for individuals 2009

What time period can you claim for?

You can start keeping receipts for eligible incurred expenses from July 1st 2008.

What form do I fill out to claim to education tax rebate when I am not lodging a tax return

You can still claim the education tax refund even though you are not going to lodge a tax return.  Of course as long as you are eligible for this refund, you simply fill out a form and either send it to the ATO or drop it into one of their shop fronts.

Download the ETR claim form

How do you calculate your education tax refund?

Well this is something that everyone wants to know. It may look easy from the outset, but believe me it can get very difficult.  I found this Education Tax Refund calculator on the ATO website. You would think that working out 50% of something was easy, but in this case its not. For example what if your child was in primary school in 2008 and secondary school in 2009? You would have to do two separate calculations by splitting the amount of days spent at each school.

E-tax online

If you use E-tax to do your tax return online it is so easy to fill in the education tax refund section. You will not have to calculate anything at all. You just fill in the details required, which is not much at all, and then it will be calculated for you. It even calculates what amount you can rollover to the next year. I was shocked at how easy it was.

Who is eligible for this education tax refund?

• If you care for a child that attends either primary or secondary school.
• If you receive FTB (family tax benefit) part A.

Here are some more links with detailed information.

http://www.educationtaxrefund.gov.au/am-i-eligible/

www.familyassist.gov.au

What can you claim on the education tax refund?

• laptop computers and home computers
• computer-related equipment such as printers, USB flash drives, as well as disability aids to assist in the use of computer equipment for students with special needs
• computer repairs
• home internet connections
• computer software for educational use
• school textbooks and other printed learning material, including prescribed textbooks, associated learning materials, study guides and stationery, and
• prescribed trade tools for secondary school trade courses.

More information below..

http://www.educationtaxrefund.gov.au/what-can-i-claim/#EligibleEducationExpense

School uniforms are not included.

Examples of what you can buy to get up to 50% back on the education tax refund:

• You can buy your child a laptop or a desktop computer.
• You can buy a printer, usb stick, printer paper, printer ink.
• Prescribe school books.
• Educational software.

What can you claim for a primary school student?

You can claim up to $375 for a primary school student.

What can you claim for a secondary school student?

You can claim up to $750 for a secondary school student…Therefore in order to claim up to $750 you will need at least $1500 worth of buying receipts.

Make sure you keep all of your educational reciepts. Even if you replace a pencil case, rubbers, books, keep them all…