Preparing for schoolies is exciting! But one of the main things you need to organise first is getting your cash in order. Check out our list of tips for budgeting and saving for schoolies week.
How much will you need?
Before you can set a goal for how much you need to save, you need to work out how much it’s going to cost. Your budget needs to include your accommodation, petrol, transport and general day to day costs as well as groceries.
Rather than going into debt for schoolies week, it’s far better to save up and continue to watch your money grow in the weeks and months leading up to your trip.
Before deciding on the budget, get everyone together who you will be sharing accommodation with. It is a good idea to work out how much you all want to spend on things as a group, including how much you can all afford per night, and how much everyone should contribute to the household ‘kitty’ to pay for snacks and to keep the fridge stocked up with food.
Tips for saving money on schoolies
If you are trying to stretch your budget, here are a few ways you can make your money go further:
Stay in self-contained accommodation – This will mean that you’ll be able to store food and cook your own meals, which will cut down on your day to day living costs.
Get everyone to buy groceries before reaching your destination. Many coastal areas will jack up the prices of grocery items because it’s a holiday location.
Always shop around for the best price and don’t be sucked in by ‘schoolies deals’, which are often more expensive.
Keep an eye on your phone – When you are out with friends or doing different things you may find yourself constantly reaching for your phone or others will keep asking to use it too. Be wary of this happening, as you don’t want a bill that’s out of hand on your return home.
Set a daily budget for how much you can spend and don’t let yourself go over it. Take the amount you’ve allocated yourself each day out of an ATM and leave other credit cards and bank cards at home if you think you’ll be tempted to overspend.
A great way to avoid excessive spending is to choose a schoolies package that is all inclusive and covers your accommodation, food, drinks and a variety of fun activities to help make the days as fun as possible.
If you’re smart with your money you’ll find that it’ll stretch as far as you need it to, and you’ll have the best schoolies week you could ever imagine!