Are you worried about getting through university with little or no income? Wondering how to budget for your daily expenses as a student? You’ve come to the right place…

For many people, the student budget can mean doing it tough. But it doesn’t have to be that way. As a student, a budget will help you manage your personal finances and keep track of your spending. We’ve put together some of the best savings tools and resources for students, so you can stay confident knowing where your money is going.

Money tracking apps

Track My Spend App Screenshot

Ever wondered where all your money is being spent?

Tracking your daily spending on a mobile app is the simplest way to understand where your money goes. These apps can be used to record your spending and categorise each expense, so you can know what you’re spending on various items—like dining, entertainment, and study.

Independent and trusted Australian money-comparison websites, such as Mozo and Canstar present reviews on a number of local and international spending apps. Some apps are free, such as Pocketbook and Mint, whilst others may ask for a small fee in return for greater functionality.

Apart from helping you to see where you may be able to save, you can use your app data to create a fortnightly, monthly, or annual budget. You can set spending limits according to expense category in some apps, or by total cash-flow in others.

Some banks are now offering their own spending apps for their clients. Check if your bank already has an app which will link your bank account to your spending app.

Either way, we highly recommend this as a way to monitor your personal finances and receive help with budgeting, expense tracking, credit monitoring, and bill prompts.

Budget planners

It’s always a good idea set yourself a budget. There’s a really great budget planning resource from MoneySmart, which will allow you to input details about your income, transport, living, tax and leisure expenses. You can then use your summary to keep a track of how well you’re adhering to your budget.

Planning how much money you need

Budgeting involves reviewing previous expenses and forecasting future ones. You can use your budget to help you plan for upcoming expenses and achieve your savings goals. When planning your money, it’s important you take into account some often forgotten costs.

Cost of studying

If you have to plan for your tuition fees, then check the costs of each subject, and plan ahead:

Find the relevant course fees

Cost of living in Sydney

Living away from home brings multiple new costs—and if it’s your first time, it’s easy to be surprised by unexpected expenses. You'll can find many cost-of-living guides for Sydney online. How much money you will need depends largely on your choice of accommodation, which is generally the primary cost for students.

We’ve put together a general guide for the costs of studying and living in Sydney.

Note: to factor in the tuition fee dates to your budget planner, consult our important dates page.

Set a monthly savings goal

One way to keep track of your budget is to set yourself a monthly savings goal. It’s also a good habit to develop and practice throughout your life. If you have an income, you might decide to try and save around 10% to 20% of all your earnings each month. Being able to save more will help you put away money for larger expenses, such as a new laptop, personal projects or an exchange program.

Financial help for students

Your money and scams

We all want to know that we are managing our money effectively and protecting ourselves from scams. Be sure to check out recent scams, or subscribe to the free MoneySmart Tips newsletter which warns about scams and gives the latest info and tips on money matters.

Improving your financial knowledge

You can also check out this financial literacy guide to help you master your financial management skills.

If you want to find out more, you can come and see us at UTS Financial Assistance Services or make an appointment by calling +61 2 9514 1177.