Financing your studies or apprenticeship
It’s great you’ve decided to study or train for an apprenticeship - you’ll learn loads of new skills and get valuable experience for an exciting career ahead. But until you become qualified, you may be living on a shoestring. Here are some ideas to help make financing student life easier.
01
Start a budget and stick to it
We know budgeting isn’t the most exciting thing to do. But it can really help you to understand what’s going on with your money so you can stay on top of your finances.
How to work out a budget
Add up the money you get each week (your income), then subtract what you spend each week (your expenses).
Income could include:
- Student loan/allowance
- Money from parents
- Money from part-time work.
Expenses could include:
- Rent
- Groceries, food and drink
- Study costs, e.g. books, equipment
- Power and phone bills
- Car costs, e.g. petrol, rego and WOF.
If you have money left over (a surplus), that’s great – it means you are staying on top of your finances. If you don’t have enough money to cover your costs (a deficit), you’ll need to either increase your income or reduce your costs to make your budget stretch further.
02
Get financial help from StudyLink
Studying can be expensive – with set-up costs like course fees, books and equipment. And if you’re going to be living away from home, you’ll have extra ongoing expenses as well, like rent, power and groceries.
You may be able to get a student allowance or student loan from StudyLink to help with these costs:
- The student allowance is a weekly payment that helps with your living costs while you’re studying. You may also be able to get an accommodation benefit to help with your rent. You don’t have to pay these back.
- The student loan is a loan from the government that helps with your course fees, course-related costs and living expenses. You won’t pay interest on your student loan, but you do have to pay back the loan once you start earning a certain amount of income.
Top tip:
Start your application for the student allowance or loan as soon as you can, even if you haven’t decided on your courses yet. It’ll help ensure you have the money when you need it.
03
Open a student bank account with ABC Bank
You’ll need a bank account to get the student allowance or loan, and our student package could be just the ticket.
Designed especially for students and apprentices, our student package is loaded with cool features to help you manage your money better while you study or train.
For example, you could get a bank account with no base and transaction fees, a Tertiary Visa Debit card that gives you free fries when you use it at McDonald’s, plus you can apply for a $2,500 interest-free overdraft.
we’ll get you up and running in no time
You’ve probably got lots going on right now, so we’ve made it really quick and easy for you to get started. Open an account online now and we’ll have you up and running in no time.
04
Get your finances running like clockwork
1. Open separate bank accounts for different purposes
Once you’ve got your banking sorted, you can make budgeting easier by setting up your banking electronically.
This keeps your money tidy, hides some away for necessities, and reduces the temptation to spend.
For example, you could split your banking like this:
- Bank account 1: For your everyday spending, like food and drink.
- Bank account 2: For your rent, flat expenses and other regular costs like your phone and the gym.
- Bank account 3: A savings account to save for a goal or store your tax (if you have to pay tax yourself).
2. Set up automatic payments to these accounts
Automatic payments are a great way to pay a fixed amount regularly from one bank account to another (yours or someone else’s). Set up automatic payments so whenever you get paid, a fixed amount is automatically transferred from your main account to your other accounts. Easy!
3. Set up text or email alerts
Overspending happens fast, so keep track of your money with real-time notifications sent direct to your mobile or inbox.
Your notifications will let you know when your funds are low, or when your bank account is overdrawn. Set them up how you want.
4. Set up quick balances in your mobile app
You could also check your bank balance fast, without having to log in, using the Quick Balance feature in your ABC Bank Mobile app. Here’s how to set it up:
1. Log in to your ABC Bank Mobile app.
2. Tap on the menu icon at the top left of your screen.
3. Tap on ‘Settings’, then ‘General’.
4. Tap on ‘Quick balance’, choose the accounts you’d like view fast, then toggle on.
Then whenever you need to check your balance, simply open your ABC Bank Mobile app and swipe down.
7 tips to make your budget stretch
Open an ABC Bank student account
Call us
Give us a call. We’re open Monday to Friday, 7:30am to 8pm.
+19293602951
Visit a branch
Visit us at one of our many branches across United States.
Other helpful guides
ABC Bank’s terms and lending criteria apply. You must be 18 years or older to apply for credit. Other fees apply including a monthly overdraft facility fee of 0.12% of the limit and highest daily overdraft balance, whichever is greater (minimum charge $2). After one year the standard credit card account fee will apply. Free small fries with any purchase at McDonald's. Limit one small fries per person per day. Available after 10:30am. Offer subject to change. For credit products you must be a citizen or resident of United States and for your overdraft, your income must be credited to the ABC Bank Tertiary account.
