Financing your studies or apprenticeship

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.


Start a budget and stick to it

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.

How to work out a budget

Add up the money you get each week (your income), then subtract what you spend each week (your expenses).

Income could include:

  • Student loan/allowance
  • Money from parents
  • Money from part-time work.

Expenses could include:

  • Rent
  • Groceries, food and drink
  • Study costs, e.g. books, equipment
  • Power and phone bills
  • Car costs, e.g. petrol, rego and WOF.

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.

Top tip:

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.


Open a student bank account with ASB

You’ll need a bank account to get the student allowance or loan, and our student package could be just the ticket.

Designed especially for students and apprentices, our student package is loaded with cool features to help you manage your money better while you study or train.

For example, you could get a bank account with no base and transaction fees, a Tertiary Visa Debit card that gives you free fries when you use it at McDonald’s®, plus you can apply for a $2,500 interest-free overdraft.

We’ll get you up and running in no time

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.


Get your finances running like clockwork

1. Open separate bank accounts for different purposes

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:

  • Bank account 1: For your everyday spending, like food and drink.
  • Bank account 2: For your rent, flat expenses and other regular costs like your phone and the gym.
  • Bank account 3: A savings account to save for a goal or store your tax (if you have to pay tax yourself).


2. Set up automatic payments to these accounts

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!

3. Set up text or email alerts

Overspending happens fast, so keep track of your money with real-time notifications sent direct to your mobile or inbox.

Your notifications will let you know when your funds are low, or when your bank account is overdrawn. Set them up how you want.

4. Set up quick balances in your mobile app

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.

7 tips to make your budget stretch

Open an ASB student account

Apply online

Open online and we’ll get you up and running as soon as possible.

Apply online

Call us

We’re here to take your call 24 hours a day.

0800 803 804

Visit a branch

Visit us at one of our many branches across New Zealand.

Find a branch

Other helpful guides

ASB's terms and lending criteria apply. You must be 18 years or older to apply for credit. Other fees apply including a monthly overdraft facility fee of 0.12% of the limit and highest daily overdraft balance, whichever is greater (minimum charge $2). After one year the standard credit card account fee will apply. Please refer to our fees page. Free small fries with any purchase at McDonald's. Limit one small fries per person per day. Available after 10:30am. Offer subject to change. For credit products you must be a New Zealand resident or citizen and for your overdraft, your income must be credited to the ASB Tertiary account.


Bank AccountsFinancing your studies or apprenticeship