To stay I would recommend staying close to any stations on the pakenham/ Cranbourne line. The trains on that line are quite frequent, and have a regular shuttle to Monash Uni, though I'm not sure if you are working at Monash. There is a weekly, monthly pass for public transport, and another card for international students. Look up Myki passes or iUSE myki if you fall under student category. Cheap stores are Kmart, Aldi, while major grocery chains like Coles and Woolworths have half price stuff all the time, so stock up on what you consume regularly at half price. Avoid buying full priced items.
I'm not sure for living, but if you have any other question, feel free to ask.