Banks / Savings Account

Money management is important to get the most out of your student life while living within your means.

Below are some tips MSA recommends to get you started on managing your personal finances.

Creating a monthly budget

List monthly income

  • Savings
  • Wages
  • Allowances
  • Scholarships

Deduct essential monthly expenses

  • Tuition fees
  • Phone bill
  • Household supplies
  • Groceries
  • Laundry
  • Rent
  • Utilities
  • Transport costs

Disposable Income: Any leftover amount would be what you can save or spend for the month on things you like:

  • Entertainment
  • Travel
  • Social outings
  • Shopping

*If you find that your expenses are greater than your income, then you need to either find ways to increase your income or cut your spending to avoid debt.


2. Set aside emergency funds

You can be hit with an unexpected expense (ie. paying for a camp) and this makes you more prepared.


3. Separate wants from needs

Carrying a weekly cash allowance rather than a debit card can help in monitoring and curbing expenditure on “wants”.


4. Set up a checking account or savings account

  • Banks usually offer free checking and savings accounts allowing students to avoid withdrawal, fund transfer fees, minimum deposit amounts.
  • Checking Account – “spend what you have”: designed for daily money transactions and come with a debit card and ATM access.
  • Savings Account – not meant for daily use but for saving money so that interest can be earned over time

Savings accounts are meant to help you grow your savings faster by offering a higher interest rate than other transaction accounts.


5. Look out for supermarket specials, MSA discounts & student specials

Planning your grocery shopping and meals around supermarket deals and MSA discounts can save you a substantial amount in the long run.

  • Stock up on non-perishable items, household supplies that are on sale
  • Incorporate supermarket specials into your weekly meals but remember to buy only things you need rather than buying in excess and letting it go to waste.

Take advantage of MSA discounts at Food outlets.

On-campus

  • Artichoke & Whitebait (10% off takeaway hot beverages, sandwiches and rolls)
  • Meeting Point (10% off tea, coffee and juices)
  • Sir John’s (20% off bar wide)
  • Wholefoods (10% off)

Off-campus

  • Rambo’s Kebabs (10% off any purchase)
  • Macca’s (20% off all orders)

Other tips

  • Bringing your own keep cup for coffee or tea on campus can get you discounts at selected stores too.
  • Shop smart by taking advantage of student discounts in store with your student card.
  • Take advantage of student nights and weekly specials to pay lesser for a good time out with friends.
  • Think of ways to earn some extra money to support your lifestyle. Examples of earning a little extra cash to tide you over include: baby-sitting, tutoring, holding a garage sale to sell your unwanted items.

7. Save money by looking at second-hand options

Textbooks, Electronics, Cars and Furniture – Go second-hand to meet your needs affordably.


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