Managing your funds while studying
As a student, you will need to manage your money carefully. Check out the tips below to help avoid financial difficulties.
Knowing where your money is going is the first step to being money savvy. Check out the video on how to track yours.
How to budget
Having a budget is a great first step to managing your money.
- Forecast your income for the upcoming year. Look at past bank statements to see what your total income was over a specific period, for example:
- A calendar month
- The year
- The last academic year (37 weeks on average).
- Take a look at your expenses. Be honest and realistic when planning for the future.
- Balance your budget. Make sure you have enough income to account for your expenses, and if not you don’t, find areas where you can cut down expenses or increase your income.
- Stick with it and review regularly.
Use this Budget Worksheet to calculate your income and expenses, or try the Money Planner from Sorted.
Find out your money personality with the Super Money Spendy Quiz!
Every student has their own individual experiences which contribute to their money personality. The quiz will give you suggestions for how to make the most of your money personality – they are not a substitute for advice from a financial advisor.
For free budgeting advice, you can:
- speak to the New Zealand Federation of Family Budgeting Services.
- visit your local Citizens Advice Bureau.
Tips for managing your money
- Check out any scholarships that you could be eligible for, see Scholarships and awards.
- Keep an eye out for one off working opportunities that fit in with your study schedule, see Student Job Search.
- Keep up to date with free or student-priced events by signing up to What’s On.
- If things are really tough, see what's available through financial support or if it causing you major stress, talk to someone; our counsellors may be able to assist you in a solutions-based outcome to managing through this time.