Finance tips for the Savvy Student

1. Budget

Money + Saving = Budget.

Everyone knows you need a budget to manage and save your money but we never seem to get around to it. Luckily, we’re in the 21st century and budgeting can be fun and pretty. Forget graph paper or excel sheets, download budgeting apps like Mint to provide you with real-time tracking of your personal finances. This can give you a real leg up if you’re looking to save for your next trip, a car or next move

2. Student Discounts and Reward Programs

Don’t underestimate the power of student discounts. A detailed understanding of your local student reward programs can make those social nights a little more sustainable and allow you to feed that coffee addiction. Universities and campus stores usually have awesome programs that should add quality to your student life. offer heaps and heaps of consumer products from your favourite brands like Factorie and SurfStitch and services like Telstra at student discount rates. Beware though! Reward programs and discounts aim to draw you in so you should never go overboard and purchase things that are unnecessary. Know your budget and always keep in control.

3. Take the time- Research and apply for student assistance

There are a multitude of student assistance programs offered by your educational institution and the government. They can range from full-time student scholarships or small grants that can help you pay for printing, stationary and textbooks. Take time to have a chat with Centrelink to see whether you’re eligible for student allowances or medical concession cards. You just need to invest your time into research and applying for these programs but the extra help will off-load that financial stress on your student budget.

3. FREE or discounted Bank Accounts

Bank fees should be a rarity if you’re a student. No matter how small your savings may be, it is important to save on bank fees and get the best interest rate on your money. You only have a limited time to use the student banking benefits so don’t let it go to waste. Make sure to speak to your bank to get the best deal so you can save for that trip more quickly.

4. Manage your Super from the get go

No one thinks about Superannuation when you’re a young student. After all, we’re just starting off and retirement is ages away! Nonetheless, a basic understanding and management of your super from the get go can go a long way. More likely than not, you already have more than one superfund account open from working in multiple jobs. Talk to your superfunds and find out the best fund to keep all your super money and roll that money into the one account. You want to avoid those small super balances from losing out on market gains and tax benefits or being eaten away by fees. You may also have default personal insurance attached to your super so it’s a good idea to find out the costs and benefits of the cover. If mum or dad have a trusted financial adviser, they can help with your super and cover as well as your overall financial situation if you need it.

5. Protect yourself with your parents’ support

Use your parents to protect yourself while you can. Many private health insurance policies provide a discounted rate for parents to add their children to their existing hospital and extras cover. You may also save on car insurance if the policy is in mum or dad’s name rather than your own. If your parents have home and contents cover and you’re living under their roof, it’s a good idea to see whether any of your personal belongings are cover



General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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