Living on a student budget

Living on a student budget

Last updated: 02 August 2018

Life as a student is often your first real experience of fully managing your own money. Whether it’s moving out of home, getting a job, applying for your first credit card, or simply getting your own phone plan, figuring out how to manage all of it can be a bit daunting. Here are a few things you should consider: 


Do your research

There are plenty of resources out there to get you started. You can find articles about budgeting on MoneySmart and your university often has lots of guides for students. Right here on Credit Savvy, you can find loads of articles in our Learning Hub about credit and being savvy. Check out our tips on living on your own for the first time.


Create a budget

Having a budget is important at any stage of life. Do you know how much income you have coming in, and the expenses you have going out? Get in the habit of sticking to a budget and remember to review and update it as your circumstances change. The CommBank Student Budget Calculator is a great place to start! 


Use your student discounts

One of the perks of being a student is the discounts. Many companies offer discounts on their products and services if you provide a valid student ID. 


Bank accounts & credit cards 

Many banks offer student bank account and credit cards with no or discounted ongoing fees. Don’t forget to review your accounts once you’re no longer a student to make sure they’re still suitable as the discounts will no longer apply. 



Your student card often entitles you to pay the concession fare when you take public transport. Just remember to check the conditions because each state and territory has different rules.


Phone plans 

Did you know that Optus gives eligible students 10% off selected plan? Find out more here.



Many retailers have discounts for students with a valid student ID. UNiDAYS is a great resource for where you can get discounts. Find out more here.



We’re sure you know by now that you can get cheaper tickets at the movies, but it’s worth repeating. Most cinema chains offer student pricing for movie tickets. You can also receive a cheaper subscription to music streaming services such as Spotify and Apple Music.


Monitor your credit score  

If you’re applying for a credit card, personal loan, or post-paid mobile phone plan, it’s particularly important to check and monitor your credit score. Not sure why you should monitor your credit score? Read more here or sign up to Credit Savvy today!