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Is this enough Money?

Travel Forums Australia / New Zealand & The Pacific Is this enough Money?

1. Posted by Mikeyrt (Budding Member 4 posts) 1y

Hi everyone!

A friend and I are planning on flying to Australia and starting in Adelaide and working our way around the east coast to Darwin or Cairns in the coming October. However, like most of us I am concerned whether I will have enough money! We plan to work on a working holiday visa 417 so the funds will grow but we would like to know whether our starting budget and our idea is practical and won't leave us stranded too quickly!

This is how I have worked it out for myself! the funds are doubled for everything, for the car being £800, meaning we have a £1600 budget (3200aud) and it would be great if someone could please correct any mistakes I may of made!

£5000 starting in which, £950 will be removed for flights there, visa and insurance! ( maybe covered by our life insurance already? maybe? )
£4050, removing £600 for a flight back!
£3,450, we plan on purchasing a car (3200aud, £800 each) between us and have worked out roughly that we will spend £450 on fuel (40mpg,6Lper 100KM, 10,000km at 1.375cent)

The reason for the car is that we can sleep, travel and live in it! Cheaper than a youth hostel! However we haven't calculated the insurance, so if anyone could give us a guideline that would be great! :)

So this leaves after, Visa, Car+fuel, flights there and covered for one back and insurance plus a £200 give or take = £2450!

Is £2450 each enough for food and extra costs that may occur, have I missed anything? we plan to live on a tight budget, alcohol will be bought cheaply or not at all! we are going to adventure, and we want to remember it!!

Any advice on this would be great as I think I have worked it out right, but I am often proven wrong!!


PS - £150 for a youth hostel while we get a car etc. Give or take £200 will come in handy!

[ Edit: Edited on 15-May-2015, at 04:23 by Mikeyrt ]

2. Posted by Megan_3 (Budding Member 64 posts) 1y


That definitely seems like enough money. I wouldn't book a flight home because you'll never know where in Australia you'll be at the time. I came home from Sydney in January and booked my flight a week before it left for about £400.
You can always work on your journey and if you do get stuck you can always find work for food and accommodation to save your money.
I only rented cars when I was out there but I'm sure that insurance is actually covered when you buy the car. You can also find other backpackers who need lifts places and then share the cost of fuel with them which will help out.


3. Posted by nick_c (Budding Member 2 posts) 1y


I'm looking to go to Oz in September 2015, i've looked into getting a car out there and after reading Megan's post and looking online it looks like the insurance is included with car registration.

Please see below from Wikipedia, the part in bold is what Megan refers to.

In Australia CTP is a state based scheme and only covers personal injury liability.

Comprehensive and Third Party Property insurance is sold separately to cover property damage and cover can be for events such as fire, theft, collision and other property damage.

Third Party Property Insurance covers damage to someone else's property or vehicle, but not your own vehicle.

Third Party Property Insurance with Fire and Theft is the same as above, but will cover your vehicle in the event of fire or theft up to the value stated on the policy

Comprehensive Insurance covers damage to your own property or vehicle as well as someone else's.


Compulsory Third Party Personal Injury Insurance is commonly known as CTP insurance, and is linked to the registration of a vehicle. It travels with the vehicle ownership when a vehicle is sold and already registered. CTP insurance does not cover vehicle damage, it covers the vehicle owner and any person who drives the vehicle against claims for liability in respect of the death or injury to people caused by the fault of the owner or driver. It covers the cost of all reasonable medical treatment for injuries received in the accident, loss of wages, cost of care services and in some cases compensation for pain and suffering.

In New South Wales and the Northern Territory Compulsory Third Party Insurance (commonly known as CTP Insurance) is a mandatory requirement and each individual car must be insured when registered. A 'Greenslip,'[2] another name by which CTP Insurance is commonly known due to the colour of the form, must be obtained through one of the five licenced insurers in New South Wales. Suncorp and Allianz both hold two licences to issue CTP Greenslips – Suncorp under the GIO and AAMI licences and Allianz under the Allianz and CIC/Allianz licences. The remaining three licences to issue CTP Greenslips are held by QBE, Zurich and Insurance Australia Limited (NRMA). APIA and Shannons and InsureMyRide Insurance also supply CTP insurance licenced by GIO. In addition to the Greenslip, an additional car insurance can be purchased through insurers in Australia. This will cover claims that the standard CTP insurance cannot provide. This is known as a comprehensive car insurance.[citation needed]

A similar scheme applies in the Australian Capital Territory through AAMI, GIO and NRMA (IAL).

In Victoria, Third Party Personal insurance from the Transport Accident Commission is similarly included, through a levy, in the vehicle registration fee. A similar scheme exists in Tasmania through the Motor Accidents Insurance Board.

In Queensland, CTP is a mandatory part of registration for a vehicle. There is choice of insurer but price is government controlled in a tight band.

In South Australia, Third Party Personal insurance from the Motor Accident Commission is included in the licence registration fee for people over 17. A similar scheme applies in Western Australia."

I think you may need to check how long is left on the insurance when you buy a car.

Prices of cars are pretty expensive comapared to the UK, you would probably expect to get something older than 2000 for 3,200 AUD.

When are you going? I'm interested to hear how you get on with the car search.


4. Posted by gaptraveller (Budding Member 36 posts) 1y

Let me know how your car search goes nick/megan, interested in doing the same...