We’ve already looked at how to move to Australia on a budget, but now that you’re actually in Australia, it’s good to look at ways to save money while you’re settling into your new country.

Open a bank account as soon as possible

The sooner you establish a bank account, the sooner you can initiate a savings account and begin building for your future. In Australia, setting up a bank account is a straightforward process, either through a swift visit to a bank or, in some cases, online. You will need some form of personal identification for the application, so make sure to verify the specific requirements beforehand. Typically, a passport or a driver’s license should be sufficient.

Start a superannuation account

A superannuation account, commonly referred to as ‘super,’ is a unique fund designed to accumulate wealth over time to support your retirement. Your employer is mandated to contribute a portion of your salary into this fund, but you also have the option to make additional contributions at your discretion. If you’re self-employed, you’re responsible for making these contributions on your own. This serves as one of the most reliable methods to secure your future in Australia. It’s advisable to conduct research on the various superannuation options and funds available to find the one that aligns best with your needs and goals.

Stay with family and friends

Although not feasible for everyone, it’s advisable to consider staying with family or friends when you initially relocate to Australia. This approach provides you with the best chance to locate accommodation in an area that aligns with your budgetary constraints. Additionally, it offers an opportunity to save some money before making your move.

Create a list of essentials

Understanding the cost of living will take some time. To begin, compile a list of all your essential expenses and conduct research to determine their approximate costs. If you’re uncertain, it’s better to overestimate. Once you have a clear monthly expense total, you’ll be better equipped to gauge how much you can allocate for savings or other expenses. A comprehensive understanding of your financial situation increases your chances of establishing a sound budget. Don’t forget to research the specific region you’ve moved to. Cost of living can vary significantly from one city to another. Highlight factors like housing, transportation, groceries, and healthcare, which can differ greatly between cities like Sydney, Melbourne, and Brisbane.

Use a budgeting app or spreadsheet to track your daily expenses and speak to a financial planner if you’re still unsure on the best way to budget. Review and adjust your budget plan often because it will change the longer you’re here in Australia. While you’re still getting to know what life is like in your new country, hold off on any big expenses until you’ve figured out your budget and your financial goal. Moving to any new place is not cheap, but a good plan goes a long way.