The results added up in black and white can be an eye-opener and the first step to financial adulting. “Your money, your responsibility,” said Wood. “Whether it comes from parents, Government, or work, you are accountable.”
Next, learn about needs versus wants. Be honest about every purchase. Is that Big Mac a need or a want? Sure, you need food, but a homemade sandwich costs a lot less. Nail the needs versus wants question right down to the contents of your supermarket trolley and managing money becomes much simpler.
Once you know what you’re spending now, divide it into categories such as rent, food, bills, fun, and use this to work out where you can make savings.
There are apps to help with that. They can alert you once you empty one of your categories that week. They can also help you set saving goals, track irregular bills and see patterns so you can adjust spending habits before problems arise.
The Booster Savvy debit card and app, for example, automatically splits spending into “stacks” such as rent, food, bills, fun, textbooks and emergencies. Revolut, Debut and Westpac’s CashNav app also have built-in automatic budgeting that helps customers track spending.
Some people prefer standalone budgeting apps, such as PocketSmith, SortMe, MyBudgetPal and BudgetBuddie. These allow you to import your bank statements and analyse your spending.
The reality for students is that sometimes income just isn’t enough. When student finances reach crisis point, campus services are the first place to turn. At the University of Auckland, Te Papa Manaaki Campus Care sees students juggling rent, food and unexpected costs on razor-thin margins. Other unis have similar services.
Kate Mace, manager of student wellbeing at Te Papa Manaaki Campus Care, said students often turn up at the service hungry. “We see students trying to balance: ‘what’s the priority this week? Paying my Wi‑Fi bill to submit an assignment? Heating my house? Buying groceries?’”
One-off expenses, such as a broken laptop or car, can tip the balance. It’s not just undergraduates; postgraduate and PhD students may have families to support, Mace said.
The centre provides Woolworths vouchers where needed. “Last year we provided 140 $50 grocery vouchers to students,” Mace said.
There’s also an emergency fund. To qualify, students must show a short-term financial crisis, have exhausted other sources of money such as StudyLink support, and provide bank statements for assessment. Staff review statements closely, and if the student is genuinely in financial crisis they may receive a one-off grant from the university’s hardship fund. Where the issue is more about budgeting than income, staff can refer students for a one-off funded appointment with a financial adviser or other community service, Mace said.
While studying takes up a lot of time, working part-time can help and teaches good skills. Another good tip for student finances is don’t borrow money unless it’s essential. That includes buy-now-pay-later schemes. You might need a student loan for basic living costs but everything else should come from your earnings.
Finally, not all students live in financial chaos. Plenty find ways to be in control of their limited money, whether it’s by tracking spending daily, setting aside even small savings, or planning meals in advance to avoid unnecessary takeaway costs
Catch up on the debates that dominated the week by signing up to our Opinion newsletter – a weekly round-up of our best commentary.
