What you need to know about your budget
Typical weekly expenditure
(Sharing a flat with 3-4 flatmates)
| Weekly Expenses | $ |
| Essentials | |
| Rent | 155.00 |
| Power | 20.00 |
| Phone Rental/Internet / prepay Cellphone | 15.00 |
| Groceries | 70.00 |
| Toiletries | 6.00 |
| Transport-based on 30 day pass | 37.00 |
| Appliance Rental, Contents/Liability Insurance | 10.00 |
| Bank Fees | 2.00 |
| Subtotal | 315.00 |
| Extras | |
| Entertainment | 30.00 |
| Snacks / Lunches | 20.00 |
| Subtotal | 50.00 |
| TOTAL | 365.00 |
Weekly income with a student loan
The maximum student loan living costs is $172.51 as of 1 April 2012. On a budget of $365 per week expenses, the shortfall is $192.49.
Weekly income with a student allowance
The maximum student allowance entitlement for a student under 24 and living away from home is $210.80 as of 1 April 2012.
On a budget of $365 per week expenses, the shortfall is $154.20.
Ways to make up the shortfall in income
Options include part time work during the academic year, savings from summer holiday work, family help, and finding ways to reduce expenses.
Many students work part time. We recommend limiting work to a maximum of 15 hours per week. At minimum wage of $13.50/hour, the after tax pay is approximately $167 (based on M SL code and no Kiwisaver contribution).
The Career Development and Employment Service can help students find part time jobs.
Extra expenditure during the academic year
[Note that this is based on 37 weeks/Trimesters 1 and 2]
Variable Expenses |
$ |
| Texts and Course Materials | 900 |
| Bond and Flat Set-Up | 1500 |
| Trips Home | 300 |
| Emergencies |
500 |
| Clothing | 400 |
| Sport, Birthdays, Insurance | 400 |
| Total | 4000 |
Sources of additional income to meet these extra costs
| Other Possible Income | $ |
| Student Loan Course Costs | 1000 |
| Interest Free Bank Overdraft | 1000 |
| Total | 2000 |
Shortfall for
Extra Costs: $2000 or more |
|
Ways of working out your own budget
Make an appointment with a Student Finance Adviser who will help you plan a budget. Alternatively, use one of our spreadsheets below to work out a budget for the trimester or the full year:
Excel spreadsheet) You can also use online calculators available from Studylink.
Student Stories will show you how some students manage their finances.