This calculator helps you do a budget for the period of the year when you're actually studying.
It works out the difference between money you have coming in and money you spend. It shows where your cash is going and what you need to do to balance your budget.
Income from part-time work
Depending on how demanding your course is, you could be working 10 hours a week for $12 per hour (after tax).
$12 x 10 hours = $120 per week or
$120 x 37 weeks = $4,440 for the academic year
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Student loan - Living costs
You can borrow up to $150 a week for living expenses for the weeks you are studying
(e.g 37 weeks is the average academic year). This is direct credited to your account each week.
Your Student Loan course fees or course-related costs have not been included as categories. This is because you are
looking at your day-to-day spending as a way to balance your student budget. You don't pay your weekly bills with money you borrow
for tuition fees or textbooks.
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Scholarship
Scholarships range from $2,000 to $8,000 per year.
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Your income from your holiday job
Over the holiday break you could work 40 hours per week @ $12 per hour x 12 weeks = $5,760 in total (after tax).
Sample weekly expenses
Sample weekly expenses for a student living away from home*
Weekly Expenses
Rent
130
Power
17
Phone rental and Internet
8
Cellphone
5
Groceries
50
Toiletries
6
Transport
24
Appliance rental
4
Entertainment
30
Snacks / lunches
15
Bank fees
1
Total
$290
Variable Expenses
Bond / flat setup, trips home, clothing, sport, birthdays etc. are examples of expenses you will face on a less regular basis.
Remember to make an allowance for them in your budget.
* living in a flat of 3 or 4 students in Wellington.
Source: Financial Support & Advice, Victoria University of Wellington. November 2007.
Car costs
Include running costs e.g. petrol, licensing, insurance and maintenance.
Car licensing costs $95 for 6 months or $183 for 12 months.
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