Looking at the Poll Results for “I won’t Move to Australia Because…” survey I was running on this blog – we had an overwhelming response to “money fears”.

Well, that’s a downright shame—for such an easy fix! I think my experience can help assuage your fears, and help you get what you want.

7 Financial Steps to affording your trip to Australia—without being financially irresponsible

1. Be realistic: Stop worrying that you might not have enough money and start putting in place goals to help you achieve it. How much money do you think you need? Leading Out recommends $2000-3000 for flights and medical insurance costs. Also, $4000 for start-up costs and comfort (and initial Australian travel) money once you arrive in Australia.
2. Flights are So Expensive: Actually, the price of your flight depends on most things: planning. If you come in August, you will be able to CRT (LINK) almost immediately, and United usually has a special price. If you try to come during Peak Times (Dec-Jan; June-July) then you’ll pay a lot more. Also, you can save a lot of money if you book ahead. (Leading Out also has a deal with Flight Centre if you are one of their clients.)
3. How to Start Saving: Put aside $400 each month. Don’t know how to do this? Read about how in the Recent Post Section.
4. What about my Teacher’s Pension Plan? We know how secure the Ontario Teachers’ Pension Plan is—and you probably want to contribute to it every year. So if you work in Australia, are you forfeiting a year of pension contribution? No. In Austrlaia, your employer has to pay 9% of your salary to your superannuation fund (LINK), plus you automatically make contributions. If you plan to leave Australia (not become a permanent resident) you can get this money back, and put it into your CPP when you get home.
5. Can I Expect to Save Any Money in Australia? The main reason you should come to Australia is to see this country. You can hibernate indoors, or stick your head in the snow any of the six winter months in Canada—in Australia you should travel.That said, since I’ve been in Australia, I’ve travelled 12 weeks of the school year for 3 years—and managed to keep money in the bank.How much you save is up to you. Alcohol (not that I’m an anti-drinker) is a serious money waster—drink at home and then go out if drink you must.
6. What About Paying off My Student Debts? If you have a high interest payment back home and need to cover that debt while you are away, it’s not impossible. Sending money back to Canada will cost you money. As a part of your saving plan, put aside money to cover your first four month payments; then with yoru bank, set up your account that so that it automatically debits. Every few months, you can send money back home—all you have to do is plan for that money to go home—it automatically comes out of your alcohol fund—you really won’t miss it – I dare you to tell me different after you have tried this method .
7. Will I get Enough Work? I know what would make me feel better as an answer to this question—statistics…so here are your chances: 75% of Leading Out teachers were placed in a full-time contract in 2008. The other 25% became CRTs (Casual Relief Teachers) and they worked on average 4/5 days between April and November. 100% of Leading Out’s teachers managed to save enough money to travel.

If you liked this post, you should read Saving to go to Australia as well as Living on a Teacher’s Salary in Australia.