I survived on very little when I was a student. Other students were spending 2-3 times more than I did. I shared a rundown flat (toilet outside the house, cold, flea infested, rats), shared with 5 others and we buy vegetables/frozen meat from wholesaler (sometimes auctioned). In the four years I was there, I only ate in maybe only 10 times at a restaurant. Otherwise it was McD, School cafeteria or self cooked.
I worked whenever I could (school cleaner, babysitter, takeaways, factories, office). With that I bought 2 motorcycles, bought tickets to come home 3 times, skiing every winter and a full tour of NZ for 2 weeks. Most of my other friends were the same and we all lived very simple/frugal lives but we all still think it was the best times of our life.
The wonderful thing about NZ, in my opinion, is that you can always survive there somehow if you have the will to do it.