Calculators > Student budget calculator

Student budget calculator

From March 2012, this calculator will no longer be offered. If you wish to save your current data, download it to PDF. Find out more.

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.

 

Student Budget Calculator

 
How many weeks will you be studying for?
The standard academic year is 37 weeks
weeks

What you live on (Net Income)

Amount
Per period
1. Student allowance / accommodation benefit
$
2. Part-time work (after tax)
$
3. Student loan - living costs
$
4. Scholarship
$
5. Savings from the holiday break (after tax)
$
6. Family help
$
7. Other net income
$

Education

1. Course-related expenses
$

Accommodation

1. Rent
$
2. Bond/Flat setup costs (one off)
$
 

Utilities

1. Electricity
$
2. Gas
$
3. Water
$
4. Telephone (landline only)
$

Transport

1. Car
$
2. Bus/Train
$
3. Other
$

Food

1. The big shop/supermarket
$
2. Other - bought lunches and takeaways
$

Other

1. Debt repayments
$
2. Insurance
$
3. Medical expenses - includes dentist
$
1. Clothing
$
2. Grooming - haircuts, makeup etc.
$
3. New and replacement items - bikes, appliances, computer, repairs etc.
$
4.Gifts
$
5. Holidays
$
6. Entertainment and recreation - includes alcohol, bars, movies, computer games and restaurants
$
7. Cigarettes
$
8. Newspaper and magazines
$
9. Pets
$
10. Pay TV
$
11. Internet
$
12. Mobile Phone
$
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Prior to changing your personal finances as a result of this calculation we recommend you view our disclaimer.
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Notes on this calculator
  1. Income from part-time work
    Depending on how demanding your course is, you could be working 10 hours a week for $13 per hour (after tax).

    $13 x 10 hours = $130 per week
    or
    $130 x 37 weeks = $4,810 for the academic year
    [back]
  2. Student loan - Living costs
    You can borrow up to $169.51 a week for living expenses for the weeks you're studying (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.
    [back]
  3. Scholarship
    Scholarships range from $2,000 to $8,000 per year.
    [back]
  4. Your income from your holiday job
    Over the holiday break you could work 40 hours per week @ $13 per hour x 12 weeks = $6,240 in total (after tax).

    You could save, maybe, $2,000 (after tax).
    [back]
  5. Sample weekly expenses
    Sample weekly expenses for a student living away from home*
    Weekly Expenses
    Rent 155
    Power 25
    Phone rental/Internet/Prepaid cellphone 15
    Groceries 70
    Toiletries 6
    Transport 32
    Appliance rental/Contents and liability insurance 10
    Entertainment 30
    Snacks / lunches 20
    Bank fees 2
    Total $365


    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. December 2010.
  6. Car costs
    Include running costs e.g. petrol, licensing, insurance and maintenance. [back]