Effective budgeting tips for students

Student life comes with exciting opportunities like discovering new subjects, forging friendships, and enjoying the freedom that comes with independence. But that same freedom often includes managing a tight budget, especially if you're new to handling your own finances.

Whether your income comes from government assistance, scholarships, support from home, or juggling one (or more) part-time jobs, there are smart ways to make your money last – so you're not relying on instant noodles for every meal. Unless, of course, you're a fan of that!

1. Calculate your “bare minimum” budget

Start by calculating your absolute must-cover costs each month. This includes rent, groceries, transport, bills – anything that keeps your student life running. Once you know this "bare minimum" figure, base your core budget around your most consistent income source, such as your wages or allowance.

Tip: Try our budgeting app to crunch the numbers and track your spending easily. 

2. Prioritise essentials

At least until you get comfortable managing your cash, it’s smart to limit splurges. Prioritise essentials and be mindful of where your money goes. You might love your team, but they won’t play better because you bought their latest jersey.

3. Avoid debt

It’s tempting to lean on credit when funds run low, but credit cards, overdrafts, and 'Buy Now, Pay Later' services can lead to mounting fees and stress. What feels like a short-term fix can quickly become a long-term burden.

Live within your budget now to avoid paying for it later, literally.

4. Create an emergency buffer

Saving might seem out of reach, but even setting aside a small amount weekly can make a difference. Even $10 a week adds up. This safety net will come in handy when income dips, like during exam periods or breaks between jobs.

Tip: Start rounding up your purchases and send the extra cents (or dollars) to your savings account with Pay&Save. Start small, think big. 

5. Don’t waste windfalls

Received a tax return, some birthday money, or unexpected work tips? Instead of immediately spending it, consider using it to grow your savings or pay off any outstanding expenses.

Sure, treating yourself is fun, but it's even better when you know your finances are under control.

When you're not constantly worrying about money, student life becomes far more enjoyable. By keeping track of your finances and developing mindful habits now, you're setting yourself up for a more secure future, one budget-friendly decision at a time!

Important information

Banking and Credit products issued by Police & Nurses Limited (BCU Bank).

Any advice does not take into account your objectives, financial situation or needs. Read the relevant terms and conditions, before downloading apps or acquiring any product, in considering and deciding whether it is right for you. The Target Market Determinations (TMDs) are available on our website or upon request.