Spend some time managing your money

5 March 2019

The costs of studying can add up. Check what money you might get and create a budget to better manage it.

Check which payments you can get

We help eligible students and Australian Apprentices with their everyday costs and study expenses. Check to see if you're eligible to get Youth Allowance, Austudy or ABSTUDY.

We also have other payments and services if you:

  • need to move to study
  • need help with living costs
  • have a disability.

Set and stick to a budget

Budgeting is the best way to manage your money.

Use the Simple Money Manager to work out how much money you have coming in and going out. This will help you make sure you’re covered for all the essentials. You can then work out how much you have left for the fun stuff like concerts, travel and social events.

Don’t forget, if you get a student payment from us you can use Centrepay. It’s a free service for managing bill payments. You can schedule regular deductions from your student payment to pay for expenses like rent, electricity and phone bills. Read more about Centrepay.

10 budgeting tips

To help you stay on track here are 10 tips you’ll want to remember:

  1. Weigh wants vs needs—while that studded leather jacket would look amazing, this week’s rent is more important.
  2. Look for supermarket specials—those ticketed discounts are your best friend when you’re on a budget.
  3. Use your student card—you won’t be a student forever so take advantage of things that have a concession.
  4. Avoid takeout—cook with a friend, try some new flavours and have leftovers to bring for your lunch.
  5. Use coupons or discounts—look for movie nights and other social events that are cheap or free.
  6. Get thrifty—buy textbooks, clothes and furniture second hand and you might even find spare change in the pockets!
  7. Pay your bills on time—you’ll get an A+ from your provider and avoid pesky late fees.
  8. Ditch the car—use public transport to catch up on some sleep or study or walk for some exercise.
  9. Be a grown up—for financial security and adulting status, save a small amount of money each time you're paid.
  10. Be MoneySmart—read the Under 25s section on ASIC’s MoneySmart website to help you make the most of your money.

Next steps

Read more about managing your money including how to build savings and deal with debt.

You can also save time and ask questions at Student Update on  Facebook or  Twitter.

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Page last updated: 5 March 2019