Make a list of all your necessary spending for the year – rent, food, uni expenses, travel, internet/phone, insurances. Work out your yearly costs and then break it down into weekly/monthly/fortnightly (however often your income is paid) – this is the amount you need to set aside every time you get ‘paid’ and it’s best to have at least 3 months in reserve in case unexpected costs arise.
After you know your income sources (see below) you can then allocate how much is left over to your ‘wants’ and you can then spend ‘guilt-free’ on going out, clothes, or other wants. There’s a great easy to use budget planner on www.moneysmart.gov.au