Tips for Managing Money

The Accommodation Options Section Covers:

• Boarding
• Share Accommodation
• Renting
• Accommodation Tips
• On-Campus Accommodation

The Tips for Saving Money- Food Section Covers:

• Tips re Food

The Tips for Saving Money- Travel, Computers & Mobile Phones Section Covers:

• Transport - Cars
• Transport & Travel Tips
• Mobile Phones
• Mobile Phone Tips
• Computers
• Tips re Computers

The Tips for Saving Money- Shopping, Entertainment Section Covers:

• Shopping
• Shopping Tips
• Entertainment
• Entertainment Tips

The Money Traps - Don't get caught! Problems & solutions Section Covers:

• Bank Charges
• Credit Cards
• Credit Card Tips
• Rent-to-own Plans
• Purchases wth Interest-free Periods
• Debts
• Tips regarding Relationship Debt/Guarantors
• Gambling

The Emergency Financial Support Section Covers:

• Financial Support - within UWS
• Financial Support - outside Agencies

Accommodation Options

If you can, live at home – it’s a sensible way to keep your costs down. If you need to live away from your family home, accommodation will be a major expense, so it’s important to consider all your requirements and look at all options before deciding what type of accommodation you will choose. Things to consider:
Suburb:  do you need to be near a bus route or train line to get to uni? Do you need to be near a shopping centre? The amount of rent you’ll have to pay will vary considerably from suburb to suburb in Sydney.
Type of accommodation:  do you want to share with a family, one person, other students? Do you want food included or to self-cater? Do you require furniture? Will you need to sign a lease? If so, do you understand your obligations?

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Boarding
The costs of boarding with a family will vary depending on which meals are provided, whether you have one room with an ensuite or a couple of rooms, etc. Sometimes if you do work around the home (mowing, cleaning) you will receive a rent reduction.
Things to check:  whether you need to supply linen and towels or any furniture; washing and ironing arrangements; telephone arrangements; is there a facility to connect a computer modem; are there restrictions on visitors; do you feel safe/happy/comfortable in the place? Look for boarding advertisements in local papers, on noticeboards at uni, and at the Student Association.

Share Accommodation
Many students living off-campus choose to share a flat or house with others. The person who owns or has taken out a lease on the property will usually interview potential flat/housemates, and costs of rent, electricity, gas, telephone and often food will be shared. Look in local newspapers or at the Student Associations and on noticeboards on each UWS campus.

Renting
Real Estate Agents have listings of houses and flats to rent, either at their offices or online. Before you leave home, collect two or three character references (from school, work, or someone in the business community). These can assist when applying for rental accommodation, as Real Estate Agents need to assure landlords that their property will be looked after.
If you are taking out a lease, startup costs will include a Tenancy Agreement, bond of four weeks rent (six weeks if the property is furnished), plus two weeks rent in advance.  A two bedroom unit with a rental of $200 per week would cost $1415. If you have trouble finding these initial costs, the Department of Housing’s RentStart program may be able to assist. Phone (02) 9821 6111, see the Dept of Housing website for addresses of local offices at www.housing.nsw.gov.au or look at the RentStart policy.
Make sure you understand all the paperwork when you are signing a lease, as these are legal documents.
Other initial costs will include connection fees for electricity, gas and telephone. Some utilities providers will allow you to pay the connection fee with your first account, or may waive the fee if you set up a direct debit on your account.
If the property is unfurnished, you will need a basic amount of furniture, furnishings and kitchen equipment. Often this can be brought from home or purchased second-hand at opportunity shops or garage sales.


Advice from the NSW Office of Fair Trading:
If you are thinking of moving into a unit or sharing with friends then you need to know your rights and responsibilities. When moving in:

• You must be given a copy of the Residential Tenancy Agreement – a legally binding contract
• You must be given a copy of the Renting guide (a Fair Trading publication) – read it carefully. It’s on the web at http://www.fairtrading.nsw.gov.au/corporate/publications/publications_propertyandtenancy.html
  
• You must be given a Condition Report which is part of the Tenancy Agreement and describes the condition of the place. Take your time to fill it in properly.
• You must give the landlord a copy of the Condition Report filled in with any added comments within 7 days of receiving a copy of the agreement
• You might have to pay a bond to your landlord (which must be written in the tenancy agreement) and the landlord must lodge it with the Renting Services Branch of the Office of Fair Trading
• The premises must be in a clean and reasonable condition.

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When you have moved in, make sure you:

• Pay the rent on time
• Take care of the place
• Contact the landlord if there are any repairs needed – put it in writing
• Do not alter or make additions without the landlord’s written permission
• Do not change locks without the landlord’s written permission
• Do not interfere with the peace, comfort or privacy of your neighbours
• Ask the landlord’s written permission before you let someone else move in
• Start your own renting file to put all your letters and receipts together in one place.

During your tenancy you have rights to:

• Full use and quiet enjoyment of the rented property
• Reasonable security
• Have repairs carried out in a reasonable time
• Get proper notice when the landlord or agent wants to visit, 2 days notice for repairs unless repairs are urgent and 7 days notice before an inspection
• Be given 60 days written notice of a rent increase.

Do you know your rights?
Sandy and Nakita were best friends who shared a house together and had just recently had an electrical fault in their house. They had tried for hours to contact the landlord about the problem, but there was no answer. They started getting worried about what to do because most of their food in their freezer had started to defrost, no lights could be used in the house and they couldn’t cook food. Hours of trying to contact their landlord turned into two days of relying on take away food and candles, not being able to keep anything cold in the fridge, as well as having no heating during the night.
Nakita and Sandy were not aware of their rights as tenants and this would have made the difference from living out of an esky in darkness for two days, to living their life as normal. Had Nakita and Sandy read the Renting Guide, they would have known that:

• the repair problem was actually an “urgent repair”
• they could have contacted any properly qualified tradesperson chosen by the landlord, which is written in the tenancy agreement
• they could have paid up to $500 for the repairs and claimed it back from the landlord within 14 days
• they could have contacted their nearest Fair Trading Centre for information on what to do
• they could have applied for an urgent hearing with the Consumer, Trader and Tenancy Tribunal.

For more information about your rights and responsibilities as a tenant contact your nearest Fair Trading Centre on 13 32 20, or visit their website at www.fairtrading.nsw.gov.au/realestaterenting.html

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Accommodation Tips

• If you’re eligible for the Youth Allowance ‘away from home’ allowance, you may receive extra benefits such as rent assistance. Check with Centrelink.
• Before you leave home, find out what you will need to bring with you. If living on-campus,you may need sheets, towels, and pillows or cooking utensils, plus stationery and personal effects. Bringing these from home will reduce your costs.
• Negotiate meals, parking, sharing of expenses, visitors rights before you agree to rent, share or board.
• Don’t buy a heater that is cheap to buy but expensive to run, such as fan heaters. Air conditioning is also an expensive form of heating. Keep doors and windows closed when the heater is on. Or put on an extra jumper or use a blanket to warm up rather than using a heater.  Don’t leave heaters on overnight – if the bedroom is very cold, buy an electric blanket.
• Seal drafts around doors and windows to keep the heat in.  A cheap, stick-on foam sealant can be bought at any hardware store, but should be fixed in place by the real estate agent or landlord.
• Close window coverings in the summer to block out heat conducted through the windows.
• Ask your telephone company to bill you monthly rather than quarterly. It’s easier to pay a smaller amount each month than a large sum every three months. If you find it easier, use your electricity and gas account nos. to pay an amount each month as well, so that you’re not surprised by a big bill at the end of winter. It can be expensive to have utilities reconnected.
• Keep a writing pad and pen near the phone, so that when anyone makes a call, they can record it next to their name. This makes it easier to divide up the bill.  Be aware of off-peak times to make STD calls. If you like to speak to your family regularly, ask your parents to call you a couple of times a week. Try to save up your news for these calls.
• International phone cards are the cheapest way to make overseas calls – check which brand will give you the best deal for the country you’re calling.
• Write emails to friends or family overseas or interstate, rather than phoning them.
• If you use the computers at uni to check and send email, this will cost you nothing.
• You can rent a phone with an incoming call line only, except for 000 emergency calls, if you have a concession card. Telstra call this service ‘InContact’.
• Wait until you have a full load before running washing machines or dishwashers. Use cold water in your washing machine, with cold water detergents. Always try to dry clothes outdoors rather than in a clothes dryer.
• If you know you will be tight on funds, contact your landlord and tell them in advance. If you’re a good tenant, they may be willing to offer solutions. If you are having difficulty paying electricity, gas or phone bills, contact the supplier as soon as possible to negotiate a payment plan.
• Be aware of your tenancy rights and obligations. Contact the Department of Fair Trading for advice by phoning 13 32 20 or visit their website at www.fairtrading.nsw.gov.au/realestaterenting.html

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On-Campus Accommodation

Related Links

• Accommodation

Tips for Saving Money - Food

It can be very easy to spend a lot of money on feeding yourself.  You will need willpower and common sense to keep to a food budget, but it’s worth it for the savings you can make.

Tips re: food

• Make a shopping list before you buy groceries, with meals for the week/fortnight/month ahead in mind, and stick to the list!
• Don’t go grocery shopping when you’re hungry – you’ll tend to buy more of everything, not just food.
• Shop less frequently, and do without unnecessary items until the next shop.
• Try to eat a well-balanced diet, as medical bills and being sick could cost you more than healthy food. By eating at home, you’ll save money and improve your cooking skills.
• Eat breakfast every day. This will stop you spending money halfway through the morning because you’re starving. It’s also much better for your metabolism, and will help you lose weight if you eat sensible breakfast foods such as cereal, toast, fruit or yoghurt.
• Try not to eat out, or just keep it to once a week.
• Take-away food may be quick and convenient, but it is often full of fat and costs a lot more than the equivalent food made from scratch at home. Making pizzas or hamburgers at home will be healthier and much cheaper than buying them from a fast food outlet.
• Taking your lunch and snacks to uni will save you hundreds of dollars a year. If you need a chocolate hit some days, wrap up some chocolate biscuits and bring them to uni, rather than buying an expensive chocolate bar.
• If you really hate cooking, make lunch your main meal of the day, and buy a healthy hot lunch from the uni cafeterias. Then, have lunch-type food for dinner, such as sandwiches, noodles or soup and toast.
• There are microwaves on each campus, usually in the uwsconnect cafeteria, where students can heat up food brought from home.
• When in the supermarket, think twice about reaching for the name brand products at eye level on the shelves.  These companies pay the supermarket for the premium position on the shelf. Cheaper products of similar quality are on lower or higher shelves.
• Try generic brands – often they are cheaply packaged versions of name brands. For basic items such as flour, sugar, milk and cheese there will be little, if any, difference in taste.
• Generic brands of medications (e.g. painkillers, antacids, vitamin supplements) bought from the supermarket are much cheaper than brand names bought from a chemist.  By law, generic drugs must contain the same ingredients as the brand-name drugs.
• Supermarkets often mark down the prices of perishable items such as meat, fresh breads and fruit & vegetables at the end of the day, particularly on the weekends.
• Buy fruit juice in concentrate packs, which are cheaper than regular strength packs and easier to carry.
• If an item you use regularly is on sale, buy multiples and store them (e.g. toilet paper, toothpaste, soap, cooking oil, pasta, rice, canned food).
• Don’t assume that a large sign in the supermarket drawing attention to an item automatically means it’s on sale.  Sometimes this is only a means of selling a slow-moving item.
• Buy fruit and vegetables in season – they are the cheapest.  For items out of season, usually it’s cheaper to buy the frozen or tinned variety.
• Try not to shop regularly at the corner store or convenience stores (e.g. those attached to service stations), as they are usually more expensive. Find out which is the cheapest supermarket in your area. ALDI stores are cheaper than other supermarkets, but may not stock everything you want.
• If you want to buy in bulk or shop less frequently (e.g. monthly) but don’t have a car, do your grocery shopping online. There are a number of websites such as ShopFast, Woolworths and Coles, all of which have specials just like regular supermarkets. You pay for delivery, but once you set up your standard order, it can save you time.
• If you buy in bulk, split fresh items into smaller, airtight containers so that the entire quantity stays fresh.
• Set up your own co-op with friends:  purchase fruit and vegetables in bulk from the markets (Parklea, Flemington, Haymarket), then divide them up between households.
• Store dairy foods and vegetables (except for potatoes and onions) in the refrigerator, and fruit in a cool, well-ventilated dry place. Once packets have been opened, keep their contents fresh by storing them in sealed containers such as bottles, jars or plastic containers. For items that will be used fairly quickly, make the packet airtight by putting a peg or elastic band around the opening.
• Freezing bread (including rolls, foccacia, etc) and milk is a good way of ensuring that food is not wasted, and that you have the basics if you run out. Freezing leftovers also makes sure they’re not wasted. 
• Don’t defrost food on the bench or kitchen sink, as this allows bacteria to grow. Put frozen food into the fridge to defrost overnight, or defrost in the microwave immediately before cooking.
• If you have leftovers, make sure you refrigerate them soon after cooking, so that bacteria are stopped in their tracks. Rice is particularly susceptible to bacteria, so put that leftover fried rice straight in the fridge. Be careful with meat as well.
• If you’re really in trouble and can’t afford to buy food, the Welfare Officers on each campus may be able to provide assistance. Go in person to see their staff.

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Tips for Saving Money - Travel, Computers, Mobile Phones

Transport—Cars
A car is an expensive but often necessary form of transport, especially if you need to travel between campuses or live away from the bus/train routes to uni. 
If you need to buy a car there are many options, including car dealerships, private sales via classifieds or friends, or at auction.  In all cases, make sure the vehicle has had a REVS check. If REVS advises you that there is no encumbrance (interest, or loan registered against the car), you can pay $13 for a REVS certificate which confirms your enquiry. If there is an encumbrance, the borrower (usually the registered owner) cannot sell the car without the lender’s permission. You can contact REVS in on 13 32 20. You can also conduct your own REVS inquiry online at www.revs.nsw.gov.au

Transport & Travel Tips:

• Think carefully about whether you can manage without a car. The NRMA estimates the cost of running a car at between $119 and over $414 per week, depending on the type of car. See www.mynrma.com.au/operating_costs.asp
• If buying a used car, a useful inspection checklist can be found at http://www.moneystuff.net.au/Default.aspx?tabid=163 Joining the NRMA is a good idea. Roadside assistance can save a lot of stress, particularly for women. ‘Basic Care’ membership starts at $87.30 per year.
• It is important to get your car inspected professionally. If you’re buying a car worth thousands and you’re not sure it’s roadworthy, it could be well worth the money. The NRMA website www.nrma.com.au has tips about buying cars.
• Shop around for car insurance. Premiums often vary considerably between insurance companies, especially for young drivers.
• Try to pay car insurance premiums monthly rather than yearly. It’s easier to pay a small amount each month than a large amount once a year.
• A manual transmission car will cost less than an automatic and give better fuel economy. A manual car often needs less maintenance.
• Learn the basics of car maintenance – checking tyre pressure, oil and water levels could save expensive repairs in the long run.
• If you shop at Woolworths or Coles, use their fuel discount voucher when buying petrol.
• Car pool (share the cost of petrol and parking), use public transport, ride a bike or walk wherever possible, to reduce expenses such as fuel, insurance and wear and tear on your car.
• Full-time uni students are entitled to rail and bus concession passes. There is one form for a rail pass, but each bus company has a separate application. Forms are available at Student Centres.
• Buy TravelTen tickets to save money on bus fares.
• If you buy a rail pass after 3pm, you can use it for seven days, plus the day you bought it, so it lasts for eight days.
• International Student Identity Cards save you money on rail travel outside of Sydney, and gives other discounts. They cost $18, and are available at STA Travel offices.  You need to take a passport-sized photo, proof of age and proof of full-time status.

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Mobile Phones
There aren’t many people without a mobile phone these days. If you’re not careful, though, they can be very costly. If you have limited funds, it is recommended that you buy a mobile outright (or perhaps ask for one for a birthday/Christmas present), and use prepaid credit. This way, you can keep your phone expenditure under control. Be careful of excessive charges for downloading pictures, ring tones, etc.
While some plans sound attractive, the reality is they bind you to a contract for a minimum of 12 months. If your phone is stolen, lost or damaged, your contract still continues. The only way to terminate a contract is to pay it out in full.
If you do choose a plan, make sure you’re aware of all costs, including monthly charges, peak and non-peak calling times, costs for calls to mobiles with the same or different carriers, extra charges for voicemail and ‘Thru Connect’ type services. Don’t give in to sales pressure to sign a contract or buy immediately.  Take your time and make sure you understand the document – there will always be another super-special deal.

Mobile Phone Tips

• See tips about home phones/landlines in the ’Accomodation Tips’ section.
• Most second-hand stores (e.g. Cash Converters) sell mobile phones – make sure the store has refund and warranty policies.
• PhoneChoice is an independent website that has the latest information on all types of telecommunications needs. See www.phonechoice.com.au
• Sometimes it’s cheaper to call a friend for a minute rather than sending 10 SMS messages to find out where someone is.
• If you need to make a long phone call to a landline/home phone, find a public phone instead of using your mobile.

Computers
It is impossible to avoid using a computer if you are a university student. Academics will request that essays be typed rather than hand-written, the university administration will contact you via email, and much research these days is done on the internet. If you are able to be on campus outside your class times, you can take advantage of the computers in the computer labs and libraries on every UWS campus to do your work. Be aware that they may not always be available when you need them, though.  Lunchtimes are particularly busy in the libraries.
If you decide you need to purchase a computer, make sure you consider all the options. A new computer will be obsolete in around three years and is an expensive purchase. You may decide to use the university computers for your on-line work (internet and email) and purchase a second-hand computer and printer for word processing of assignments only. You may want to have the flexibility of working from home when researching, and will need a modem and up-to-date internet software. Or you may need a computer with a large hard drive and plenty of RAM to support specialised software programs for the course you’re doing.
A keen computer salesman will often try to sell you more than you need. If you’re not sure exactly what you should buy, speak with friends who have similar needs, or approach the teaching staff of your School to find out what you will require. 

Tips re Computers

• Spend more money on the main system (the processor, memory, monitor, disk space) than on other accessories (printer, CD burner, scanner) that you don't need immediately. You don't really want to run out of hard disk space within a short period.
• If you’re buying a new system, buy from a reputable dealer who has been in business for a while, has good back up support and offers a decent written warranty for the system.
• Broadband offers fast and reliable online connection, but it can be an expensive option, so check all the start-up costs carefully before signing up.
• Second-hand, refurbished computers are available at good prices and with warranties through a company called bargainseeker. You can order online at www.bargainseeker.com.au and they will deliver the next day.

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Tips for Saving Money - Shopping, Entertainment

Shopping
As a student with limited finances, the reality is that you won’t be able to wear the latest designer clothes, have the funkiest haircut, or buy your boyfriend or girlfriend expensive jewellery for their birthday. With some imagination, though, it’s possible to shop wisely but have some fun too.

Shopping Tips

• Differentiate between luxury and necessity.
• Think about why you want to go shopping. Do you need to buy something, or are you bored or depressed? There are other ways to manage boredom than spending money – chat with a friend, go for a walk, listen to some up-beat music, do a crossword, read a book…
• Any money left over soon accumulates. If you can save your spare change each day and then put $5 away each week, you’ll have $250 at the end of the year.
• Shop around. Taking the time to compare prices will save you money. A salesperson may offer you a better price when you say you are comparing prices, especially for expensive items.
• When there are buy one, get one free sales, go shopping with a friend and split the cost.
• Take advantage of sales, particularly ‘percentage off’ sales at discount or department stores which cover a wide range of goods.
• Work out how much you can afford to spend and take only that amount shopping so that you won’t be tempted to blow your budget.
• If you have a credit card, leave it at home when you go shopping to avoid impulse buying.  A credit card should be kept for emergencies only.
• Seconds stores, discount warehouses, factory outlets and markets have great clothes bargains. It’s possible to get name brand jeans, tops, etc for $10 or less. Some UWS campuses have markets each week.
• Think about buying goods second-hand. Check opportunity shops, second-hand stores and community newspapers for furniture, bedding, cutlery and other kitchen items, bicycles, cameras, etc.
• Buy underwear, t-shirts and socks at discount department stores such as Big W, Target, Kmart or Best & Less.
• Garage sales often have budget-priced quality items for furnishing/decorating the home, if you have a keen eye.  It’s best to arrive early before all the good things are snapped up.
• Don’t underestimate the utility of a few bricks and a plank of wood as bookshelves. Decorate solid cardboard boxes with scarves to use as a bedside table.
• STOP SMOKING!! Add up the amount you spend on cigarettes, and imagine what you could do with that money if you saved it over a month/a year.
• Plan ahead for birthday and Christmas presents – if you see something on sale that would suit someone you buy a present for, get it and put it away. Chip in with friends to buy presents, so that you get something decent without spending too much.
• Instead of buying a present, make something.  Bake a cake or biscuits or make chocolate truffles, make up pots of oil with fresh herbs, knit a scarf, put together some photos into a book or frame, give a manicure or massage...
• Don’t forget your student concession card – it never hurts to ask if there’s a student discount.

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Entertainment
A student’s life should include some relaxation time away from study, but there are ways to enjoy yourself without blowing your weekly budget in one night on the town.

Entertainment Tips

• It doesn’t cost much to kick a ball around with friends.  If you already have a ball, it won’t cost you anything!
• Check out the activities offered by clubs and associations at uni – they’ll usually be low cost.
• uwsconnect on each campus often have cheap or free entertainment – bands, trivia nights, etc.  Get involved!
• The uwsconnect gyms on campus (Bankstown, Campbelltown, Kingswood and Hawkesbury) are cheaper than other gyms.
• Don’t forget to use your student ID card to obtain concessions at movies, sporting events, tourist attractions and theatres.
• Greater Union and Hoyts Cinemas have reduced-price movie tickets on Tuesdays – check out your local cinema and go to the movies then. If you hate to miss a movie on the big screen, ask relatives/friends for movie ticket vouchers for birthdays or Christmas.
• Check the Metro Guide in the Sydney Morning Herald on Fridays for information about cheap or free entertainment in and around Sydney. There are loads of free festivals in Sydney, with music, cheap food and free entertainment.
• Learn to say no when you can’t afford to go out. Staying home with a good book is a cheap way to relax.
• If you enjoy reading for relaxation, join your local council library– it’s free and they often have CDs and videos as well.
• Find a free local newspaper that contains a television program guide. Use this instead of buying a guide.
• Drinks are half-price during Happy Hour at bars, clubs and hotels. Be aware, though, that drinking twice as much won’t save you any money!
• A cheaper alternative to watching the game at the pub is to have friends over to watch the game on TV, with everyone bringing a share of snacks and drinks.
• When you go out, take only the amount of money you’ll need, plus perhaps $10 for an emergency taxi.  If you don’t have spare money, you won’t be tempted to overspend.

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Money Traps - Don't get caught! Problems & solutions

Being short of money can sometimes force students to take desperate action. However, many options of quick and easy finance can often end up being more expensive in the long run. Some can land you in serious financial trouble.

Bank Charges
Banks make their money by charging us for the use of their services – it's their business. Banks will often have accounts tailored to students that don’t require a minimum balance and have no monthly account-keeping fees. However, standard charges will still be applied if you use services such as over the counter transactions and asking for additional statements. Be aware that withdrawing money from any ATM that is not your bank’s will cost you in fees – from $1.00 up to $2.50 per withdrawal depending on the bank. Check these charges, and also be aware of how many free transactions you are allowed each month.

Credit Cards
Credit Cards can be very dangerous to have if you are on a tight budget, as it can be extremely easy to charge money to them but hard to pay off the balance owing plus the interest. The best thing to do as a student is not to own a credit card at all. However, if it becomes a necessity for you to own one, here are a few tips:

Credit Card Tips:

• Pay your account in full each month whenever possible.
• Take advantage of any 'interest free' period.
• Use your card for purchases only, not cash advances. Try to save the card for emergencies only. Leave it at home when going shopping, to avoid impulse buying.
• Use debit cards, i.e. where money is deducted straight from your bank account. Remember that department store cards might have higher interest rates.
• DON'T treat credit cards as 'money on tap'.
• DON'T buy something on credit that you wouldn't have bought for cash.
• DON’T be fooled into thinking that making the minimum monthly repayment will prevent interest accumulating.
• DON'T ignore the warning signs such as reaching your credit limit or needing to use your card for a cash advance.
• DON’T take up any offer to increase your credit limit – these offers are sent to everyone with a credit card, even those having trouble making their monthly payments.  Stick with the lowest credit limit you can.
• Personal loans can be a good alternative to credit cards. The interest rate is often cheaper and encourages a more disciplined way of paying a loan, if you're tempted to only pay the minimum required on your credit card account.

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Rent-to-Own Plans
It can be tempting to undertake a rent-to-own plan. However, these plans can actually cost you four times more than paying for the item outright. Also, missing or being late with any of your payments can result in the rental store knocking at your door and taking back the rental item, as well as keeping all the money you have paid off.

Purchases with Interest-Free Periods
Interest-Free Periods on buying expensive items can be a great way of finally getting some much needed furniture or appliances. However, there are some things you should know before getting into a plan like this.
These loans are only interest free if the loan is completely paid off in the time stated – usually six months. If you don’t pay it off within the six-month period, you may be required to pay interest from the day the loan was taken out, not just the amount outstanding at the end of six months.
Some retailers will use the expression: ‘No payments for six months’. However, this also refers to an ‘interest free’ loan which means that if you don’t pay the loan until the seventh month, you will be charged interest for that whole seven month period.

Debts
If you are having trouble paying back a debt, don’t ignore it – it won’t go away! Your first step should be to contact the creditor (the person or company that you owe money to) and let them know. If you don’t, the creditor may commence legal action against you. If you can’t return the goods, try to organise a repayment schedule that you’re capable of paying.
Sometimes you can arrange a moratorium on the debt, which is a period where instalments don’t have to be paid. The drawback is that the money will still need to be repaid eventually, so the length of the contract will be extended. Make sure you get any variations to a contract in writing.
If a creditor does not agree to a variation of payment, you can ask the Fair Trading Tribunal in NSW to order the creditor to do so. Forms and information are available through the NSW Department of Fair Trading by phoning 13 32 20 or on their website at http://www.fairtrading.nsw.gov.au/.
Many people find pressure from creditors or debt collectors unpleasant or distressing. Debt collectors are allowed to visit you in person, contact you at work, or contact family and friends to find out where you are. However, once they’ve made contact, they are not allowed to harass you by intimidating you, threatening you, using abusive, offensive or discriminatory language, or threatening to disclose your loan information to government agencies or third parties. The Australian Competition and Consumer Commission has set guidelines regarding debt collection: see www.accc.gov.au/content/index.phtml/itemId/5959/fromItemId/7128.  You can also complain to the police if you feel threatened.
If you’re confused or worried, seek professional advice from a financial counsellor:  at UWS, you can see a counsellor at Student Support Services, a Welfare Officer or contact Credit Line on 1800 808 488.

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Relationship Debt (also known as Sexually Transmitted Debt)
Relationship debt is where someone becomes involved in another person's loan or debt because of an emotional attachment rather than obtaining any benefit themselves.
If you take out a loan in joint names with your partner, a member of your family or a friend, it means you have become a co-borrower. This makes each of you responsible for the whole debt. If your partner asks that you sign papers for their new car, stereo or the expansion of their business, be aware that you may be required to pay for the entire amount if your partner stops making payments. In a default situation a finance lender will normally go after the person with the highest income or more assets, or the one who can be found at the time.
There is no legal requirement that you and your partner must both become co-borrowers to secure a loan or that both signatures are required on a loan contract.  You do not have to sign any document unless you are borrowing the money for your own use or unless you are going to own a share of the item for which you are borrowing money.
You may be asked to 'go guarantor' for your partner, friend or relative. Going guarantor means that you will guarantee that the payments on a loan will be made (even though you are not the borrower or the co-borrower). You are legally bound to pay back what is owed on the loan, if the borrower can't or won't. The lender can sue you for your house, savings and other assets to pay the debt. If a guarantor is required, you should question why the financial institution does not have confidence in the person’s ability to repay the debt.
Again, if you’re confused or worried, seek professional advice from a financial counsellor:  see a counsellor at Student Support Services (contact details overleaf) or staff at the Student Association (contact details next column) for a referral, or contact Credit Line on 1800 808 488.

Gambling
If you’re spending more than you can safely afford to lose on gambling, you’re spending too much. Other signs of a gambling problem:
If you’re preoccupied with gambling, e.g. reliving past gambling experiences, planning the next gambling venture, or thinking of ways to get money with which to gamble.
If you’re gambling as a way of escaping from problems or to relieve feelings of helplessness, guilt, anxiety, depression.
If a pattern of "chasing" one's losses has developed, with an urgent need to keep gambling to undo a loss or series of losses.
Contact the Wesley Gambling Counselling Service for free, confidential help.  Their website lists phone numbers for local offices: www.wesleymission.org.au/centres/gambling.

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Emergency Financial Support

Financial Support—within UWS
Counsellors are located within Student Support Services on every UWS campus.  All counsellors are accredited psychologists or social workers. Their services are free and confidential.  Counsellors can provide information, assistance and referrals to financial assistance outside UWS. They can also help with personal concerns, study problems and course-related issues.

Welfare Officers on all UWS campuses may be able to assist with small interest-free emergency loans, and in some cases, may be able to offer other emergency assistance. 

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Financial Support—outside Agencies
Anglicare Welfare Services: can provide emergency food hampers. Contact Head Office on 9895 8000 for your closest office.

Australian Competition & Consumer Commission:  has comprehensive information on consumer rights on their website, including debt collection, scams, credit card surcharges, medical and health services. See www.accc.gov.au/content/index.phtml/itemId/3667 The ACCC information line phone number is 1300 302 502.

Community Legal Centres:  are non-profit community organisations set up to assist people in their local areas to access legal services. Community Legal Centres offer free legal information and advice about all types of legal problems except commercial matters. They are located in suburbs across Sydney, including Campbelltown, Merrylands, Richmond, Katoomba and Liverpool. Locations are listed on the web at http://www.naclc.org.au/

Credit Line: provides a number of services to people in financial difficulties, such as face-to-face financial counselling, a Credit Helpline, and legal advice related to finances abd gambling. They don’t lend money. Offices are in Surry Hills, Fairfield, Sutherland and Penrith. Phone the city office on 9951 5544 for more details.  Credit Helpline phone number is 1800 808 488.

Financial Counsellors’ Association of NSW (FCAN):  Financial Counselling is a free community service which assists people who are experiencing financial difficulties or who need information relating to credit and debt. The FCAN website lists contact details for accredited financial counsellors in Sydney at http://www.financialcounsellors.asn.au/

Law Society of NSW: has ‘fast answer’ pages on its website covering agreements/contracts, business, debt, family, injuries, neighbours, police, property and wills. See www.lawsociety.com.au/page.asp?partID=6599

Legal Aid Commission of NSW:  Legal advice is not means tested and you do not need to apply for a grant of legal aid to get free legal advice. Advice is usually limited to about 15 minutes so lawyers can see as many people as possible. If you need more than legal advice, the Legal Aid Commission may provide a lawyer to help with your case. This is called being granted legal aid, where you may be helped by a legal aid lawyer or, in some cases, a private lawyer.
Family law advice is available without an appointment at head office in Sydney. To get telephone advice or information, call the LawAccess NSW legal help line on 1300 888 529. You can also get legal advice or information via the internet by going to the LawAccess NSW website at www.lawaccess.nsw.gov.au and sending them an email.
For locations of Legal Aid offices and further information, telephone the Sydney city head office on 9219 5000 or online at www.legalaid.nsw.gov.au

Mission Australia:  offers financial counselling , phone 4628 0211;  For further information see their website: www.missionaustralia.com.au

NSW Department of Housing:  provides ‘Rentstart’, financial assistance with beginning a rental tenancy. Phone 9821 6111. 

NSW Office of Fair Trading:  can help to resolve issues related to your rights as a consumer, covering business, shopping, home building, motor vehicles, real estate and renting. Call 13 3220 for all fair trading enquiries, including office locations. They have a website for Youth issues at www.fairtrading.nsw.gov.au/youth.html

The Salvation Army:  offers material aid including food vouchers, clothing, furniture, bills, medical expenses, etc. People requiring emergency relief should contact their nearest community services centre (located in suburbs across Sydney) to make an appointment. Clients are assessed according to need and resources available at the centre. Phone 1300 363 622 Australia-wide for location of community services centres and further details.

The Smith Family:  offers emergency help for families or individuals in a crisis (e.g. for people on low incomes, it can be a major problem if the washing machine breaks down). Assistance comes as cash for food or for meeting unexpected expenses. Clothing and blankets may be supplied. If the electricity, water or telephone is about to be cut off, The Smith Family can provide vouchers. These Energy Accounts Payment Assistance (EAPA) vouchers are supplied by the Department of Energy and can be used to pay electricity and water bills. The Smith Family’s NSW State office is at Parramatta: phone 9895 1233 for further information. Retail outlets are located around Sydney.

St Vincent de Paul Society:  Vinnies have Retail Centres all over Sydney for cheap, second-hand clothing and furniture. Among their many other services, they have budget counselling services across Sydney, and a counselling program for gamblers and their families at East Sydney. Enquiries phone Head Office on 9560 8666, or visit the website at www.vinnies.org.au

Wesley Gambling Counselling Services:  provides specialist counselling for problem gamblers and their families. They have offices in Surry Hills, Sutherland, Penrith abd the Northern Beaches. Call the Sydney office for details on 9951 5566, or check the website at www.wesleymission.org.au/centres/gambling

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Related Links

• Dollars & Sense