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Sunday, April 27, 2014

Financial Management Tips for Married Individuals Still in School

Returning to continue your education is a common scenario for Australian adults. After all, merely finishing year 10 won’t give you a very good chance at securing those amazing job prospects. If you’re a married man or woman though, you’ll need to think carefully about your financial situation. Fulltime study won’t leave much time for bringing in an income meaning that much of the burden will be placed on your partner. To reduce the stress here, it is important to follow these simple steps.

Careful Budget Is Required

Since your finances will be rather limited, it’s important that you sit down and figure out what you can spend each week so you don’t end up running out of money too soon. Simply work out how much money your partner is earning while you’re studying and then tally up any expenses that you’ll have to cover during this time. Include regular costs such as utilities and rent plus estimates for groceries, public transport, entertainment, etc.

Support Is Out There

One good piece of news is that there is copious assistance for adults. Within your region, there is likely to be plenty of financial aid for mature age students. This can come from varying sources too, so we’d recommend that you look for the following:

· Government assistance
· Corporate & private grants
· School scholarships

By applying for as many of these as you can, you may end up with some extra cash to help out while you are trying to graduate from high school.

Loan Management Is Essential

If you happen to have any debts before going back to study, we’d recommend that you sort these out and reduce the repayments and interest beforehand. Firms such as Smartline Home Loans have mortgage advisors on call to talk with you. In this way, you can find out which credit options are more affordable while you live a reduced income life at school. Talk to these consultants and work out which loan options fit in with your budget.

You should also be aware that some debts may affect others. For example, if you wish to take out a student loan to get through school, this may prevent you from taking out a mortgage later on. Thus, you should be careful to read over the terms and conditions and determine how soon you can pay everything back after you’ve graduated.

Proper Insurance Is Important

Finally, it’s important to consider some sort of financial protection while studying. Since you have less income, you have fewer options if an emergency occurs. Thus, it will help to consider coverage for aspects such as health, home & contents or your automobile so that you can get some level of support if the worst happens. The good news is that you can find student insurance from schools and private firms so you get a chance to compare each and see which one is better. When reading over the terms and conditions, you should look out for the following aspects:
· How much the monthly premiums will be
· How large the deductible is
· What compensation you will get
· Which scenarios you’re covered for

Finding a policy that fits in with your proposed studying routine is essential. In this way, you’ll get the protection that you need without burdening your loved one with excessive premiums that they simply can’t afford.

This short guide should give you the basics of how to return to school as a mature age student. Managing your money in the right manner will ensure you can graduate without being distracted by financial difficulties or placing your partner under too much pressure.

About the Author:
A company whose vision is to set the benchmark as Australian mortgage brokers, Smartline is one of the leading providers of home loans in the country with their network of over 300 advisers.