It’s great you’ve decided to study or train for an apprenticeship - you’ll learn loads of new skills and get valuable experience for an exciting career ahead. But until you become qualified, you may be living on a shoestring. Here are some ideas to help make financing student life easier.
We know budgeting isn’t the most exciting thing to do. But it can really help you to understand what’s going on with your money so you can stay on top of your finances.
Add up the money you get each week (your income), then subtract what you spend each week (your expenses).
StudyLink has a costs calculator to help you work out your expenses.
If you have money left over (a surplus), that’s great – it means you are staying on top of your finances. If you don’t have enough money to cover your costs (a deficit), you’ll need to either increase your income or reduce your costs to make your budget stretch further.
Start your application for the student allowance or loan as soon as you can, even if you haven’t decided on your courses yet. It’ll help ensure you have the money when you need it.
You'll need a bank account to get a student allowance or loan. You can get a Streamline account with no monthly base or transaction fees as well as an ASB Visa Debit card with no annual card fee to access your account and bank the way you want to.
You've probably got lots going on right now, so we've made it really quick and easy for you to get started. Open an account online now and we'll have you up and running in no time.
Once you’ve got your banking sorted, you can make budgeting easier by setting up your banking electronically.
This keeps your money tidy, hides some away for necessities, and reduces the temptation to spend.
For example, you could split your banking like this:
Automatic payments are a great way to pay a fixed amount regularly from one bank account to another (yours or someone else’s). Set up automatic payments so whenever you get paid, a fixed amount is automatically transferred from your main account to your other accounts. Easy!
Overspending happens fast, so keep track of your money with real-time notifications and/or email.
Your notifications will let you know when your funds are low, or when your bank account is overdrawn. Manage your alerts on the ASB Mobile Banking app or FastNet Classic internet banking.
You could also check your bank balance fast, without having to log in, using the Quick Balance feature in your ASB Mobile app. Here’s how to set it up:
1. Log in to your ASB Mobile app.
2. Tap on the menu icon at the top left of your screen.
3. Tap on ‘Settings’, then ‘General’.
4. Tap on ‘Quick balance’, choose the accounts you’d like view fast, then toggle on.
Then whenever you need to check your balance, simply open your ASB Mobile app and swipe down.