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Saving money as a student can feel hard, especially with cost of living and plenty of opportunities to go out and have fun.
But if there is one lesson worth learning, it’s that starting to save early doesn’t mean missing out. Instead, it’s about building habits that help your money go further.
How can I cut costs where it counts?
Saving starts with understanding where your money actually goes. Everyday expenses like food, transport and small impulse purchases often add up faster than expected.
That’s why we recommend separating your spending money from your savings. Using a transaction account for daily spending makes it easier to track your transactions and spot areas where you could pull back slightly. This is because when all your cashflow sits in one place, it’s easy to lose track of what you meant to save and what you can spend.
IMB’s Everyday Unlimited Kick Start Account1 is designed for everyday banking, allowing you to manage transactions, check your balance and review spending through online and mobile banking.
As for the daily spending cuts, little habits help when it comes to saving money! We don’t want to encourage an entire lifestyle overhaul when you’re in such an exciting stage like being at university or TAFE. Even small changes, like making your own meals more often, brewing a coffee or tea at home instead of ordering your usual Oat Cap, or getting the bus can free up money over time.
How do I learn the basics of budgeting as a student?
Budgeting doesn’t need to be complicated. At its core, it’s just about knowing how much money you have and what you need to use it for.
- Start by monitoring your regular spending, including active spend and those sneaky subscriptions
- Split your spending habits into what you need versus what you want (if you need a tip, weekly food shop is a need, the latest PS5 game is a want).
- From this, create different budgets based on those needs and wants
By creating an amount and sticking to it, you can then start putting aside money that goes into your savings account.
It can be overwhelming, but truly it’s the little things that count. By starting small, you can keep to it, and in time watch your money grow.
What should I do with my savings?
Once you’ve separated spending from saving, the next step is choosing the right place to save.
Instead of leaving gift money or leftover cash sitting in a transaction account, moving it into a savings account helps protect it from being accidentally spent.
And sometimes being savvy with your savings means your money will grow without you having to do anything with it.
A high-interest savings option like the IMB Reward Saver Kickstart Account2 is designed to reward regular saving. By adding $20 or more each month and leaving your balance untouched, your money can earn interest over time.
It’s a great way to kickstart your savings journey. Plus, once you’ve built some momentum, you can kick back and watch your savings grow, even when you start small.
The best tip? Save with a goal in mind
Saving is much easier when you know what you’re working toward.
Whether it’s a new phone or an endless Euro summer, saving for something special means you’re more likely to stick to it.
Breaking big goals into smaller amounts makes them feel more achievable. Instead of focusing on the full cost, think about how much you can set aside each week or month.
Over time, these small contributions will add up, and seeing your progress can make saving feel like a reward.
Learning how to save as a student isn’t about being perfect with money. It’s about building confidence and discipline to give yourself more choices in the future.
At IMB, we want to encourage students and young people to feel confident in their savings and financial future. If you’d like advice or to learn more about our accounts designed for young people, please get in touch.
