How to budget for study and apply sooner

Where would you like to see yourself in five years’ time? 

If it’s running your own business, working in a secure job you enjoy, leading a team, enjoying work-life balance, earning enough that you don’t stress about bills, or pursuing your creative passion and making a career of it – today’s the day you can set things in motion.  

Here are seven steps to help prepare for the cost of studying (so you can apply sooner rather than later). 

Step 1: Create a one-to-five-year plan (aka goal setting) 

Where would you like your life to be and what needs to happen for you to get there? Maybe you dream of buying a house, annual trips, or reaching a certain income or role title – use this to motivate you.  

Now, consider the milestones needed to get you to your goals. For example, what will a particular qualification help you achieve from your list, and how long will it take to complete? Mark it all up in a plan that can keep you on track.

Step 2: Create a (realistic) budget  

To work out if (and when) further study is within financial reach, you’ll want to create a budget. While bill-tracking might not sound like the coolest way to spend a Friday night, it is the best way to get you to your goals sooner. 

As part of this process, sit down and track where your money is going (and when it’s coming in!). Highlight: 

• recurring expenses (like rent, internet and groceries) and when bills are due 
• unnecessary spending habits you can limit or cut (like takeaway coffee or subscriptions) 
• upfront and ongoing study costs you'll need for your course, such as textbooks, tools, uniforms and course fees if you aren’t eligible for financial support. 

International student? The Australian Government has a calculator to help you budget for the cost of living in Australia.

Step 3: Adjust your spending to prepare for study 

Now that you know where your money is going each pay cycle, you can better prepare for study. Consider: 

• How much extra money will you realistically need each quarter for study costs? 
• Is there money left over in your budget that can cover these costs, or do you need to plug a gap? 
• What needs to happen before you can comfortably enrol in your desired course? For example: 
  • save $XX for six months to boost your savings kitty 
  • earn $XX more per week to plug the gap 
  • pay off $XX loan or credit cards to free up cash for course costs. 

Make sure your plan of action is realistic, so it is achievable. As most of our courses are shorter than university, any sacrifices (coffee!) are likely to only be short term while you earn your qualification into a new or more rewarding career. 

Step 4: Make a savings plan  

If all your money tracking has highlighted a tight study budget, you may decide to build up your savings buffer before comfortably applying and enrolling. There are simple ways to save money without big sacrifices that take the joy out of life. 

You could try the Australian Government's Moneysmart savings goals calculator to set your goal and see how long it will take you to reach your buffer (and keep your eye on the prize).  

Step 5: Compare study loads and modes

If you need to keep working full time or your budget can’t quite stretch to a full-time course load, you might find a flexible study mode more achievable.  

TAFE Queensland offers a range of flexible study options like part time and online learning that can help spread the cost of study, so it’s more affordable and manageable for your lifestyle.  

Study online 

Online courses provide greater flexibility for when and where you study. Self-paced learning enables you to study at night or in your pyjamas Saturday morning, freeing you up to keep earning money in a full-time day job. 

Study part time 

With TAFE Queensland, you ‘pay as you learn,’ meaning you only pay for the course units you’re enrolled in each term or semester. Part-time study might take slightly longer to complete your qualification, but if it means you can apply sooner, chances are, you’ll still be able to graduate sooner than holding out for the ‘perfect timing’ that could take years more to eventuate. 

Explore our online courses

Step 6: Double check your eligibility for concessions, subsidies and scholarships 

Don’t pay full price if you don’t have to (ever!). As a TAFE Queensland student, there are a range of concessions, subsidies and scholarships you could be eligible for to assist with the cost of study and training. Explore the full range of payment options or check out our eligibility calculator. 

Note that access to subsidised training can change throughout the year depending on government initiatives and priorities, so make sure you check again closer to the time of applying and enrolling. 

Try our funding eligibility calculator

Step 7: Explore a payment plan with TAFE Queensland 

If you’re not eligible for a VET Student Loan or FEE-HELP through the Australian government, you may be able to pay your course fees via a TAFE Queensland payment plan. A payment plan means that you don’t have to pay a lump sum fee when you enrol – instead you can gradually pay for your course fees throughout the duration of your studies.  

Get a quick career boost with our micro-credential courses

If pay-to-access courses are out of reach today, explore our range of free to low-cost micro-credentials, skill sets and short courses that could give you a quick career boost until you’re better positioned for bigger study commitments. 

Remember that investing in your education is investing in your dreams and future earning potential. So, if further study is part of your career journey, be proactive and map out a way you can afford to study without breaking your budget, and you’ll be on your way to making great happen.