GUEST BLOG - AmberStudent: Managing Finances as a Student

Written By steve Schmidt

Settling into student life is no cakewalk. From securing a decent student housing in Australia to settling down in a new city, creating a balance between all the nitty-gritty is a tough job. With that comes the added pressure of managing finances for the first time in your life. Generally, every student has an income-expense imbalance, given that their income is variable. Due to this, it is essential to manage finances in a way that you save and invest as much as you can. 

Learning money management is a less that every individual should know. When a student is in a situation where they have to handle finances, it instils a routine or a pattern of financial management at an early stage, and it is a lesson that never goes to waste . 

This article will discuss five ways of financial management as a student. 

1. Create a Budget

Mapping out your finances for a given period can seem overwhelming, but it will make the rest of your student life more manageable. You do not want to end up in a situation where you have blown off all your money on something unplanned, and now you are stuck in a tight place. Therefore, take the time out to plan all the finer points of your financial situation. Two ways in which you can budget are: 

  • Tracking - Track your spending habits, see where your money is spent the most, and understand its necessity. Take a look at your daily purchases and monthly subscriptions, understand where unnecessary money is being spent and cut back accordingly. You can find money-tracking apps online where you can keep track of your expenses.

  • Prioritising - Think about all your basic living expenses and your material expenses. Prioritise your bills (mobile bills, student accommodation rent, transportation, costs) over discretionary payments like entertainment, shopping, and restaurants. When you plan for your money, you are assured that your priorities are covered. 

  • Budgeting Tools - Use tools that track, record and report your spending. You can add your income and expenses, and the tools will help draw out a plan for you that suits your lifestyle and spending. 

2. Open a Savings Account 

In the words of Warren Buffet, “Do not save what is left after spending, but spend what is left after saving”. These words might seem ambitious, but a savings account can help you make them come true. When you start saving money in a savings account, you can earn interest on it. Opening a student savings account is like establishing a standard bank account, where you will need your university and personal details. Banks may require you to deposit a small fee to open the account; for students, the fee is generally lower than regular fees. A savings account will help you access additional financial resources like help with budgeting or setting financial goals and gaining financial independence by learning how to set financial goals, budget, and save for things. You will find many student-friendly banks near your student accommodation in Sydney or student accommodation in Melbourne to help you set up your account.

3. Have a Debt Payoff Plan 

When you take a student loan or a student rental bond, you ultimately sign up for recurring payments to pay off the bond. This may seem jarring, given the bond amount versus your daily expenses. Therefore, you can choose a plan that gives you the flexibility to save up for a down payment and ideally has low to no interest rates. A loan/bond policy that allows you to save up some extra cash and has incentives on student essentials like utilities would be a perfect choice. As a student, you should always seek discounts, offers and incentives you can leverage. Check out getcujo.com.au for the best rental bond deals with zero interest!

4. Live like a Student 

To live like a student is to live a life opposite of a multi-millionaire. As a student, there are some things that you can do to cut costs (but still feel like a multi-millionaire!)

  • Cook at Home - Cooking at home is a proven way of saving money, and learning the art of cooking is an essential skill every adult should have. Pulling together a low-cost meal will always be the healthier choice than expensive take-out fast food. The pasta you eat at a restaurant will cost you around $15- $20, but the same pasta (maybe even with more ingredients) will cost you about $6-$7 to make at home. 

  • Use Student Discounts - Most restaurants, entertainment providers, and online stores have student discounts available on presenting your ID. Always ask the store if they have these discounts and take advantage of these offers.

  • Choose Shared Accommodation - Most students share rooms and split the rent costs. This is one of the most effective ways to save money and make new friends too! Many accommodation providers offer shared options where you can choose a room of your liking. 

5. Work Part-Time/Internship

Universities promote part-time jobs and internships for students through campus placements. This is a great way to earn extra money and get some job experience while juggling college work, giving you a real-life professional experience. You can also put this money towards your tuition and student loan and ease the pressure of clearing your debt. This experience will also help you transition from student to professional life. 

Australia promotes part-time student jobs and internships for international students, and you can find a job of your liking with the help of your college counsellor. 

Being a student teaches you many things apart from your academics. Most of your real-world experiences will come from being a student. College helps you set the stage for financial success, provided that you use financial management techniques to develop saving habits and the incentive to work towards bigger goals. 


Amber and you- AmberStudent is an online student accommodation service that helps you secure a home of choice on your study abroad journey. Having served 80 million students (and counting), AmberStudent is your one-stop shop for all your accommodation needs, from assistance to booking and price match guarantees! Check out their Facebook and Instagram and stay connected!

Author’s Bio Madhura Ballal plays many roles-, a cat person, a food lover, an avid marketer and a postgraduate from the National University of Singapore. You can find her painting, doing yoga and spending time with her friends when she’s not playing one of the most critical roles that she has taken on- writing.

steve Schmidt