Financing your studies or apprenticeship

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).

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.

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 alerts

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.

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.