Managing your finances as a graduate

03 December 2015 / Published in Your Money

With the university year coming to a close, there’s no doubt you’re thinking about exams, graduation and finding a job. But what about your finances and your bank account?

Chances are you’ve been living on a tight budget throughout your studies. When that first pay day comes, it can be tempting to blow it in a week. After all, you’ve been skimping while you’ve been studying. But rather than being a time for spending, graduation is actually a good time for budgeting and setting goals. Before you get used to that higher salary, take the time to assess your spending habits, put a savings plan in place and review your banking package.

Our tips for managing your finances as a graduate

  • Set a budget. Having a budget is the best way to manage your money. It’s important to know what you’re earning and what you’re spending so write it all out. Want to know more about budgeting? Read our budgeting tips.
  • Set savings goals. The studentstart of your career is a great time to get in the habit of regularly saving. Think about what you’d like to save for, how much you need and then read how to save towards a goal.
  • Utilise technology & tools. From using Card Control on the ASB Mobile app to tracking your spending in FastNet Classic, there’s a lot you can do with technology to manage your money. We’ve got a lot of great tools for you so make sure you’re signed up to FastNet Classic and the ASB Mobile app.  
  • Consider KiwiSaver. Now that you’re working full-time, you should look into KiwiSaver. The earlier you start planning for retirement the better off you’ll be, so graduation is the perfect time to start. KiwiSaver could even help you into your first home. If you start contributing to your retirement savings from your first job, you won’t feel like you’re missing that portion of your income. The great thing about KiwiSaver is not only do you make contributions yourself but if you’re eligible so do your employer and the Government. Your savings are then looked after by a KiwiSaver provider who invests them. You can read more about KiwiSaver or contact us on 0800 272 738 (0800 ASB RETIRE) to figure out if it’s right for you.
  • Review your student loan. Did you know that in 2014 the average student loan debt was $24,405?1 So it’s likely you’ve graduated with student loan debt. Contact the IRD to chat to them about your student loan; you’ll want to make sure you’ve got the right tax code for repaying your student loan and you can also chat to them about paying your student loan off faster if that’s what you’d like to do. If you’re heading overseas after university, then it’s especially important you get in touch with IRD to find out what your repayment obligations are.
  • Review your banking package. Once you’ve finished your studies, you need to change from a tertiary package. While you’re establishing your career, your finances might be a little tight so our Graduate banking package helps make things a little easier.

What does the package include?

  • A Graduate bank account with no base, EFTPOS or ASB ATM fees and no electronic or manual transaction fees for two years (service charges apply).
  • Up to $2,500 interest-free overdraft for two years.
  • No account fees for the first 12 months on a new ASB Visa credit card.
  • Special rates on a personal loan.

Plus as an ASB customer you’ll get

  • Unlimited access to phone banking and FastNet Classic, making banking more convenient and easier while you’re on the go!
  • Mobile banking services including a mobile app, website, online banking for your smartphone and mobile top-ups directly from your account.
  • The option of getting real-time text or email alerts.

Do you qualify?

  • To apply for the ASB Graduate banking package you need to have graduated from an NZQA-approved New Zealand institution or completed an apprenticeship within the last two years.
  • Want to discuss your banking package? Call us on 0800 803 804 or find ways to contact us.

1 The New Zealand Union of Students’ Associations

ASB’s terms, eligibility and lending criteria apply. Fees and charges apply and after one year, the standard credit card account fee will apply. After two years, standard interest rates and fees will apply.


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