International Students' Financial Survival Guide - Kia ora ā-pūtea International Students' Financial Survival Guide 2020 1 - Victoria ...
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2020
International
Students’
Financial
Survival Guide
Kia ora ā-pūtea
International Students’ Financial Survival Guide 2020 1
CONTENTS
Purpose of this guide 2
Budgeting 3
Living in a hall of residence 5
Living in a flat 6
Cost of living for a family 8
Food 10
Transport 11
Personal spending 14
The basics 15
Financial problems 16
Part-time work 17
Health services 18
Cash flow 19
Budgeting worksheet 20
Survival 22
Contacts inside back cover
Important notice: Victoria University of Wellington uses all reasonable
skill and care to ensure the information contained in this publication
is accurate at the time of printing. However, matters covered in this
publication are subject to change due to a continuous process of review
and to unanticipated circumstances. The University therefore reserves the
right to make any changes without notice. So far as the law permits, the
University accepts no responsibility for any loss suffered by any person due
to reliance (either in whole or in part) on the information contained in this
publication, whether direct or indirect, and whether foreseeable or not.
Cover: The pattern is based on the stitching used on tukutuku panels
at the University’s marae, Te Herenga Waka. Crosses in varying colours
2 Te Herenga Waka—Victoria University of Wellington create the designs.
PURPOSE OF THIS GUIDE BUDGETING
Managing money is not easy for many Budgeting means tracking the money you are earning and LIVING COSTS
people. If you are serious about your studies, Victoria University of the money you are spending. It’s a way of taking ownership of
it’s important to manage your course your finances, ensuring you’re making the most of your cash, The amount you will spend on living costs depends a lot on
choices, your study time, and your money. Wellington’s student finance and helping you use your money to do the things you value your needs and habits.
This guide is designed to help you plan for the costs of studying advisers are available to meet most. The following amounts are in New Zealand dollars and based
and manage your money as well as possible. There is assistance with students on campus There’s lots to keep track of when you start university. Setting on 40 weeks in Wellington:
for you to be on top of your finances: paying fees, budgeting, and
scholarship applications. All prices are in New Zealand dollars. and provide budgeting and up a budget will take the pressure off and give you the chance
to plan ahead.
■ $18,000 for essential living costs (keeping it basic, but
comfortable)
financial advice.
www.wgtn.ac.nz/money
BLACKBULLION ■ $27,000 for generous living costs (allowing for weekend
trips and socialising).
Victoria University of Wellington has partnered with
Blackbullion, an online financial learning platform that We estimate that most single students spend the following
provides easy to use digital resources and tools to help you amounts per year:
become more confident with your finances. ■ between $18,000 and $25,000 for 40 weeks
There are a number of modules that cover topics such ■ between $23,000 and $29,000 for 52 weeks.
as starting university, budgeting, savings, debt, tax, and
investing. Each module consists of short videos, with quizzes
throughout to review what you have just learnt.
You can register online with your student ID number.
www.blackbullion.com
2 Te Herenga Waka—Victoria University of Wellington International Students’ Financial Survival Guide 2020 3
EXAMPLE BUDGET
This is an example budget for a student living in a hall of
Initial costs
Tuition fees (full-time student)* 28,300
$
LIVING IN A HALL OF
RESIDENCE
residence (university student accommodation). This budget Non-tuition fees 849.60
is for 40 weeks. There is a worksheet on page 20 for you to Insurance 620
make a similar budget for your situation. Visa** application, medical 550
Airfare 2,500
Weekly costs $ Total initial costs 32,819.60
Catered room (electricity and internet included)^ 458
Halls of residence (university student accommodation) have
Total costs (weekly, occasional, and initial) 61,559.60
some advantages over other types of accommodation.
Mobile phone/international calls 10 *Indicative, depending on programme.
Toiletries 10 You can organise your room in advance so you have
**Medical and police certificates for immigration do not usually somewhere to stay as soon as you arrive in Wellington. In
Transport 5 have to be repeated until they are 36 months old. If you intend
to study for longer than three years, this is an extra expense you
contrast, if you hope to share private accommodation with
Personal spending 50
need to budget for. Most visa application fees range from $110 to other people, they usually want to meet you in person before
Weekly total 533
$277, depending on the type of visa and method of application. confirming your place. It could take a number of weeks to
Total weekly costs for 40 weeks ($533 x 40) 21,320 If you have to renew your passport, you will also need to pay find suitable private accommodation.
$110 to transfer your visa to your new passport. Make sure your
^Based on the 2020 rate. You have to apply to the hall only for the trimester in which
passport is valid for as long as possible to avoid the extra cost and
inconvenience. you are studying. When sharing a house or apartment
Occasional costs $
(see page 6), people are often committed to a 12-month
Holiday travel 2,000 contract, which means they are responsible for paying rent
Large items (bicycle, laptop, room furnishings) 1,200 for the whole period, even if they do not live there during the
Accommodation deposit 620 summer.
Textbooks, materials 800
Halls of residence vary as to whether they are catered (food
Haircuts ($30–$100 per haircut) 200 is provided) or self-catered (purchase and cook your own
Clothes/shoes 700 food—see page 10). Some rates include electricity, internet,
Sport/gym/clubs (yearly) 500 bedding, and laundry. For others, these are additional costs.
Miscellaneous 400 Here are a couple of examples for 2020.
Emergency ($1,000+ recommended) 1,000
International students are
Hall of residence Weekly cost ($) What is covered
Total occasional costs 7,420 required to pay the full hall
Te Puni 496 Includes three meals, power,
local phone calls, internet,
fees for each trimester in
and laundry advance. Fewer openings at
Education House 365 Includes power, local phone
calls, and internet; you have
halls are available to students
to pay for laundry and food after their first year at
www.wgtn.ac.nz/halls university.
4 Te Herenga Waka—Victoria University of Wellington International Students’ Financial Survival Guide 2020 5
LIVING IN A FLAT ADVANCE RENT Check out Powerswitch (www.powerswitch.org.nz), which
compares different electricity and gas plans.
Landlords are not permitted to ask for more than two weeks’
rent in advance. Once the advance rent runs out, more rent You can prepay your electricity with Powershop (www.power-
is due. shop.co.nz), which means you won’t get caught with a bill you
can’t afford.
Flatting means living in private accommodation (a flat) LEASE AGREEMENTS TOTAL COST OF MOVING IN
shared with other people (flatmates). The cost of living in a
A fixed-term lease agreement means the landlord and the If your power is disconnected, you may have to pay a
flat can vary depending on the distance from the city centre, Based on weekly rent of $230, you will need to pay upfront
tenants have committed to the term of the lease (usually disconnection fee and a reconnection fee, which could cost
the number of people sharing, and the size and quality of the between $920 and $1,150 for bond and two weeks’ advance
12 months). With periodic leases, anybody can end the between $90 and $130.
rooms. Cheap flats are often very cold over winter. rent.
contract at any time, but tenants have to give three weeks’
Example weekly budget (single person in a shared flat) $ notice (landlords have to give longer notice). Everyone Add shifting costs and furnishings (bed, desk, drawers, and Phone and internet
Rent* 230 who signs the lease agreement is legally responsible for kitchen things). The set-up costs will vary greatly, depending Some services may charge connection fees or charge for a
paying the rent and ensuring damage does not occur to the on how much you may already have. If you need to buy most modem. In other cases, they are free.
Bills 38
property. items and are happy to get second-hand goods, $500 to
Mobile phone/international calls 10 If you are going to make international phone calls, compare
$1,000 will get you the basics.
Food 80 If you are the head tenant and your flatmate(s) have not the rates offered by telephone companies, calling cards, and
Transport 35 signed the lease, you should protect yourself by getting them BILLS services such as Skype or Viber. You might save yourself a lot
Personal spending 75
to sign a flat-sharing agreement. of money.
Most bills are usually charged at the end of a month’s usage.
Total 468 www.tenancy.govt.nz Some (for example, appliance rental) are charged weekly or With mobile phones, prepay is generally cheaper and safer
fortnightly.
*The above rent is based on triple occupancy. If you are BOND than signing up for a contract. With a contract, you are
bound to pay each month. Failure to do so will put you into
looking to rent a flat or apartment by yourself, you could pay Some utilities (especially electricity) may require a deposit.
A bond covers anything that might be owed at the end of the debt and could impact your credit rating.
anywhere from $250 to $500. You can check the market rent It may be waived if you arrange to have the payment direct
tenancy, such as unpaid rent or property damage. A landlord
rate for different suburbs on the Tenancy Services website debited from your bank account. Wellington city has free Wi-Fi access in the central parts of
can ask for between two and four weeks’ rent as bond. The
(www.tenancy.govt.nz/rent-bond-and-bills/market-rent). Some services may have minimum contract periods town, and the University has free Wi-Fi access for students at
law requires that the bond be lodged with Tenancy Services.
Tenancy Services also has official forms and an information Ideally, everyone in the flat signs the lease agreement and (for example, 12 months). If you plan to use the service for a all campuses.
sheet about flatting on its website (www.tenancy.govt.nz/ everyone lodges their own share of the bond. This makes shorter period, find out the cost of breaking the contract.
starting-a-tenancy/flatting). it easier when one person moves out. The person leaving
Insurance
completes the Bond Refund or Bond Transfer form and the
Electricity/gas International students on the Studentsafe–University
The flatting guide from Victoria University of Wellington
Change of Tenant form. Students often move into an existing Make sure that the power meter is read on a regular basis insurance policy are covered for accidental damage to
Students’ Association (VUWSA) will help you understand
flat and pay the bond to the person moving out. In these and take a reading on the day you move in. Many properties property (for example, broken windows, kitchen fire). Be
your rights when going flatting.
cases, we strongly recommend that you get a written receipt have smart meters that read automatically. With older aware of the excess on your policy, as this is the amount you
www.vuwsa.org.nz/flatting-guide for the payment. meters, it is normal for somebody to come to read the must contribute toward a claim.
meter every month or two. Sometimes, if there hasn’t been a
reading for many months, people are surprised by a large bill. www.wgtn.ac.nz/international-insurance
6 Te Herenga Waka—Victoria University of Wellington International Students’ Financial Survival Guide 2020 7
COST OF LIVING
A student’s spouse may be permitted to work in We encourage students with families to plan carefully and
New Zealand, but there is no guarantee of finding work. consider the consequences. If you are not absolutely sure
FOR A FAMILY
Sometimes, highly skilled people are able to get jobs only as you have enough money to support your family in
cleaners on night shift, for example. Often, people try very New Zealand, contact a student finance adviser (contact
hard, but are unable to find any job at all. Unless your spouse details inside back cover) to review your situation before you
has a legitimate job organised before coming to bring your family to New Zealand.
New Zealand, you need a plan for how you could survive
www.wgtn.ac.nz/bringing-family
Students who have a spouse/partner or children often want without any income from their work.
Weekly Single person ($) Two adults, a baby,
to bring their family with them when they come to study a primary-school- There have been many cases where the time and effort
in New Zealand. Some find it easier to focus on study with aged child ($)
taken to get the student’s family to New Zealand and the
the support network their family provides. Some students Rent 230 600 financial stress and responsibility of looking after them in a We encourage you not to have
think they will manage if sacrifices are made—such as living
further from the city, getting a part-time job, or buying the
Bills
Mobile phone
38
10
120
10
foreign country have distracted students from their studies.
Sometimes this means it takes them longer to complete
your family accompany you
cheapest food—but living with a family tends to be more Transport (bus) 37 80 their study and their scholarship runs out, leading to further to New Zealand in your first
expensive than people expect.
Groceries (including 80 240 financial trouble. trimester of study, as you will
nappies)
Activities, snacks, 75 150
need this time to settle into
entertainment academic life.
Childcare – 180
Weekly total 470 1,380
Total costs for the year 24,440 71,760
(weekly total x 52)
One-off costs
Accommodation set-up 1,200 3,000
Furnishings 300 1,500
Clothes 700 1,500
Text books, stationery, 800 1,500
school fees
Medical/dental/optical 250 1,000
Special occasions 200 1,000
Insurance (2019 premiums) 620 1,550
Total one-off costs 4,070 11,050
Yearly total 28,510 82,810
This table doesn’t include the cost of visas, medical exams,
flights, or a car.
8 Te Herenga Waka—Victoria University of Wellington International Students’ Financial Survival Guide 2020 9
FOOD TRANSPORT
Weekly food costs can vary. Below are some typical examples. Wellington is a compact city and, if you live close to the city
centre, it is easy to get around by walking.
$40 per week: All meals prepared at home, only the
cheapest ingredients (little, if any, meat) from the cheapest BICYCLE
supermarkets and the fruit and vegetable markets.
Cycling to university may be one of the cheapest forms of
$80 per week: Most meals prepared at home, varied diet. transport (after walking). There are bicycle stands at all the
$150 per week: Many meals prepared at home. Some University’s campuses.
shopping from supermarkets, some from local convenience
stores, six meals per week from cafés or takeaways.
BUS
Wellington buses charge a fare for every trip. Paying cash
$250 per week: No cooking, all meals bought.
is always the most expensive option. For regular users, we Tertiary concession
Use your money wisely by following these recommendations: recommend using a Snapper card or a 30-day pass, depending
on your use. All eligible full-time students will receive a tertiary concession
■ You can get fruit and vegetables at excellent prices at the on Metlink bus, rail, and ferry services. The tertiary concession
weekend markets (see www.wellingtonnz.com). There is Wellington city bus fares (2019 prices) is a 25 percent discount off the peak adult Snapper or single
also a Saturday market in Newtown and a Sunday market 10-trip ticket fare. This doesn’t apply to cash fares or monthly
at the corner of Willis and Vivian Street. Zones Single fare ($) Snapper card Tertiary
concession ($)
rail passes.
($)
■ Shopping at supermarkets or markets is cheaper than www.wgtn.ac.nz/tertiary-concession
1 2.50 1.71 1.28
shopping at convenience stores.
2 4.00 2.81 2.11
Snapper cards
■ Eating on campus is expensive. You can save money by 3 5.00 3.74 2.81
bringing lunch from home. There are microwaves available Snapper cards are available to purchase online, from a number
in the Student Union building, the VUWSA office, and by Travel from the railway station to the Kelburn campus is one of retailers around the city, or from the VUWSA office. If you’re
Louis’ Kiosk, Level 1, Rankine Brown building. zone. using a Snapper card, there’s no extra cost for transferring
www.metlink.org.nz/tickets-and-fares/zones/ between buses, but you must tag on and off for each leg of
FRUIT AND VEGETABLE CO-OP your journey.
The University’s fruit and vegetable co-op supplies produce at www.snapper.co.nz
affordable prices each week. For $12 (paid in advance) you will Snapper cards cost $10 to
receive one bag of fruit and one of vegetables, comprising six buy, but they will save you a Free bus passes
to eight varieties.
lot of money if you use buses If you have classes at two different campuses on the same day,
VUWSA will provide free bus passes to get between classes.
www.wgtn.ac.nz/fruit-and-vege
frequently. www.vuwsa.org.nz/bus-passes
10 Te Herenga Waka—Victoria University of Wellington International Students’ Financial Survival Guide 2020 11
Metlink 30-day pass for Wellington ■ warrant of fitness checks (required every six or 12 months) VUWSA offers a limited number of student car parks at the
are $50 to $70 Kelburn campus. The cost was $270 per trimester in 2019. There
For $150, you can travel on Metlink Wellington buses as much is no student parking at the Te Aro and Pipitea campuses.
as you want within Zones 1–3 for 30 days (allows for transfers ■ routine maintenance (tyre replacement, brake pads, and
and getting on and off the same route). That comes to $35 per so on) is $300 per year minimum TRAIN
week. These can be purchased from Snapper outlets.
■ mechanical repairs are variable and can be very expensive, Metlink train fares
Metlink so budget for at least $1,000 per year for older vehicles,
0800 801 700 $400 per year for newer vehicles. From/to 10-trip ($) 10-trip Monthly ($)
www.metlink.org.nz (tertiary
It’s recommended that you have insurance: either third-party concession)
CABLE CAR ($190+ per year) or first-party (up to $1,500 per year). If you do ($)
not have at least third-party insurance and have an accident Petone and 42 32 126
Wellington’s cable car runs between Lambton Quay (in the Lower Hutt/
that causes damage to someone else, it could cost you
central city) and Kelburn (where the main campus is located). Wellington
thousands of dollars.
You’ll need to present your student ID card to get a discounted Upper Hutt/ 74 56 222
student rate. Parking costs Wellington
Porirua/ 51 39 154
Standard fare ($) Student discount ($) Parking on most streets close to the Kelburn campus requires Wellington
Single ticket 5 3 a coupon. Coupons cost $12.00 per day. There are 125 park
and display parks along Waiteata Road. Most inner-city Monthly passes are issued for a calendar month. Information
10-trip ticket 29 15
suburbs require a residents’ parking permit, which costs $195 about passes and timetables is on the Metlink website.
25-trip ticket 58 30
a year. Eligible residents can also apply for a Coupon Parking 0800 801 700
CAR Exemption Permit which exempts them from daily parking www.metlink.org.nz
charges. These cost $120 per year. The exemption permit allows
There are many expenses associated with owning a car. For residents to park near their homes without displaying a coupon,
most students, using public transport is significantly cheaper but not in areas specially set aside for residents-only parking.
than maintaining, running, and parking a car. Here are some You can get parking permits from the Wellington City Council.
example costs for owning a car:
■ initial purchase: $3,000 for an older second-hand,
four-seater car; $10,000 for a reliable newer second-hand It is hard to find parking on
car (2001–2012)
campus. You will be ticketed for
■ petrol: $2.30 per litre (as at September 2019).
going over the two-hour parking For most students, using
These costs are compulsory:
limits. If your registration or public transport is significantly
■ vehicle licence (registration): 12-month licence for a
private passenger vehicle is $110
warrant of fitness has expired, cheaper than maintaining,
you will be fined. running, and parking a car.
12 Te Herenga Waka—Victoria University of Wellington International Students’ Financial Survival Guide 2020 13
PERSONAL SPENDING THE BASICS
Here are some examples of costs in Wellington: ■ cinema ticket: $12 to $18 BANKING In New Zealand, the person making a call or sending a text
message pays. It is free to receive a call or text message. Many
■ prepaid international telephone call cards: about $20 for ■ taxi between Wellington airport and the city: $40 It’s a good idea to open a bank account as soon as you get to students use a monthly prepaid package. Outside a package
five to six hours of calls to many countries New Zealand, so you don’t have to carry large amounts of cash
■ taxi between the University and the city: $12 deal, calls and data can be expensive.
■ takeaway meal: $9 to $20 or pay big fees to use your home account.
■ coffee: $4+, soft drink: $4, beer: $8
■ bus between the University and the city: $2.50
www.wgtn.ac.nz/international-banking
SCAMS
■ swimming pool entry: $6.
There are a lot of scams on the internet, and some scammers
International transfers may target international students. An example of a scam is
SPENDING STYLES If you are paying your fees in more than one payment, make when you apply for a room in a flat advertised online and are
sure you keep in contact with the fees advisers to find out if the asked to pay a bond without even seeing the room. Later,
David Linh Yuan Tina
transfers have been successful. Contact information is on the you find out that the room doesn’t exist and the advertiser
Buys lunch every day Two coffees each weekday One smoothie per week Two coffees a week has taken your money. To protect yourself, find out about the
Movie once a week Three bought lunches a week One bought lunch Sunday brunch with friends inside back cover.
Drinks at a bar and has Café lunch on Sunday Friday night gig with one drink warning signs of scams (www.consumerprotection.govt.nz/
takeaways at the weekend EFTPOS general-help/scamwatch) and remember, if something looks
Weekly spend = $200 Weekly spend = $120 Weekly spend = $70 Weekly spend = $30 Eftpos means electronic funds transfer at point of sale. Most too good to be true, it may well be a scam.
Over two trimesters = $7,400 Over two trimesters = $4,440 Over two trimesters = $2,590 Over two trimesters = $1,110 New Zealand shops have an eftpos machine at the checkout,
and it is a very simple way to pay for things directly out of your
Your spending bank account. Anticipate your costs. Budget to
Per week $ GST pay rent and bills first. Control
Coffee/soft drinks GST stands for goods and services tax, which is 15 percent. your extra spending.
Lunches/snacks Prices are almost always shown inclusive of GST.
Movies
Concerts/bars
MOBILE PHONES
Music/TV subscriptions Prepaid mobile phones are popular in New Zealand.
Café meals/restaurants The four largest mobile phone providers in New Zealand
Total 2degrees www.2degreesmobile.co.nz
Skinny www.skinny.co.nz
Spark www.spark.co.nz/shop/mobile
Vodafone www.vodafone.co.nz/mobile
14 Te Herenga Waka—Victoria University of Wellington International Students’ Financial Survival Guide 2020 15
FINANCIAL PROBLEMS PART-TIME WORK
HARDSHIP FUND STUDENTS’ ASSOCIATION New Zealand student visas usually allow full-time students Paying tax
to work up to 20 hours per week during the year. During
The Hardship Fund is paid for by a levy at enrolment. It is an The Victoria University of Wellington Students’ Association scheduled holidays and summer breaks, students are allowed Inland Revenue is New Zealand’s tax department. Before you
emergency fund that helps students facing financial difficulties, (VUWSA) runs the Community Pantry for free food parcels and to work full time, which can be between 35 and 40 hours per start working in New Zealand, you need an IRD number from
and it helps many students each year. Grants are available for a provides free bread as well as other welfare services. week. It is important to read the exact wording on your visa to Inland Revenue. Your income and tax payments are linked to
range of issues, including: determine your work rights. this. Apply for the number before you need it, as it can take a
www.vuwsa.org.nz
while to process.
■ flatting problems In 2019, the minimum wage was $17.70 before tax, so for:
www.ird.govt.nz/activities/apply-for-a-personal-ird-number
■ high course-related costs ■ 10 hours’ work you’ll earn $155.85 after tax (M code)
There is no guarantee of finding If you need assistance with determining which tax code to
■ high transport costs ■ 20 hours’ work you’ll earn $305.77 after tax.
part-time work in Wellington. declare or how to claim a tax refund, contact the student
■ medical, dental, and optical costs. finance advisers (see inside back cover)—an adviser will be
If you plan to cover part of your Study Abroad or exchange students attending the University
for one trimester only are not eligible to work. happy to help you.
The student finance advisers administer the Fund. To make
an appointment, call 0800 04 04 04 or visit the Info Ihonui living costs through wages, you
counter in the Hunter building foyer at the Kelburn campus. need to have a back-up plan in FINDING WORK
Hardship Fund Equity Grant case you do not find work. These services can assist you to find part-time work.
Grants are available to encourage students who are facing
Careers and Employment
financial hardship to continue in their studies at Victoria This is one of the University’s student support services. Its staff
University of Wellington. can provide advice on how to seek and find part-time work.
www.wgtn.ac.nz/hardship-fund www.wgtn.ac.nz/international-working
Student Job Search
The Hardship Fund is an Student Job Search helps students find part-time work during
term time and summer break. You can sign up online. Job
emergency fund that helps offers come in from employers all the time, and your chances
students facing financial of getting a job are better if you visit the site often.
difficulties, and it helps many www.sjs.co.nz
students each year.
16 Te Herenga Waka—Victoria University of Wellington International Students’ Financial Survival Guide 2020 17HEALTH SERVICES CASH FLOW
STUDENT HEALTH Capital Dental Open weekdays 8.30 am–5 pm
It is important to make a plan for how you will cover all of your MONTHLY MARK
164 The Terrace, Wellington costs. If you set up your bank account to match your plan, you
The University’s Student Health service provides a high 04 212 6834 will not have to worry about how you will pay for bills. The Mark has a Victoria University Doctoral Scholarship that
standard of primary healthcare with a fully qualified and Capital Dental money will be waiting when the bill comes in. provides $23,500 per year toward living costs, but he needs to
experienced team of general practitioners and practice nurses, 125–129 Riddiford Street pay for non-tuition fees and insurance himself. He has already
and specialist clinics such as dermatology, endocrinology, Newtown LUMP-SUM LUCY paid for the first year but plans to save up for the second year.
04 389 8880 He receives $1,958.33 from the Scholarship each month.
psychiatry, and dieticians. Lucy is coming for her first year of study towards a Bachelor
Capital Dental
Go to the website for detailed information regarding costs and 272 Jackson Street, Petone of Commerce. She will be in New Zealand only for the Mark lives alone, and his total regular basic costs are $229 per
insurance reimbursement. 04 920 0880 academic year (February to November). She had $15,000 for month plus $310 per week.
Symes de Silva and Associates Open weekdays 8.30 am–9 pm, her living costs, but $10,222 went straight to accommodation
www.wgtn.ac.nz/health-costs Monthly costs ($) Weekly regular costs ($)
97–99 Courtenay Place Sat and Sun 9 am–5 pm at Education House (including bills), leaving $4,778 for all her
MEDICATION COSTS Wellington
04 801 5551
other costs. Power (monthly
average)
130 Rent 200
Medication can be expensive, and pharmacists will expect To figure out how much she could safely spend each week, Internet 70 Food/toiletries 80
Studentsafe–University insurance covers only injury to teeth
payment before dispensing it. Generally, the costs of any she estimated her major costs for the year and also allocated Mobile phone 29 Transport 10
or treatment of sudden, acute pain (consultation, antibiotics,
medication related to pre-existing conditions will not be $1,000 to be kept for emergencies. This leaves $69 per week
painkillers, and extractions). The maximum paid out is $500 in – – Boxing class 20
reimbursed through the Studentsafe–University insurance that she can safely spend. Things will be tight until she gets
a year. Total 229 Total 310
policy. However, the costs associated with treatment of new part-time work, but at least she can be sure she can pay for
illness and events will generally be covered. OPTOMETRIST the basics until the end of the year. He has set up his monthly costs (power, internet, mobile
phone) to be paid just after his Scholarship is received. But the
DENTAL CARE Studentsafe–University insurance can provide up to $200 per Funds available for 40 weeks (not including
accommodation)
$4,778
weekly costs are difficult because some months will require
year if your glasses have been lost, stolen, or damaged, or if four rent payments, and some will require five. He fixed the
Discounted dental care is available for Victoria University of you need new glasses due to a change in your vision. Large purchases bedding ($200), winter -$1,000
clothes ($300), books ($500) problem by planning for five weeks every month.
Wellington students at Capital Dental and Symes de Silva and
Associates. They charge around $60 for an examination, polish, Specsavers Reserves for emergency -$1,000 Monthly scholarship $1,958.33
and basic X-ray, and offer a 20 percent discount after the first Specsavers offers some of the cheapest glasses. See its Remaining $2,778 Minus monthly set costs -$229.00
appointment. You need to show your student ID. website for prices, locations, and special deals (such as 25 Divided over 40 weeks ÷ 40 Remaining funds for weekly costs = $1,729.33
percent off for students). Remainder for other spending per week $69 Divided by 5 weeks: cost per week = $345.87
www.specsavers.co.nz Minus weekly set costs -$310.00
Remainder for other spending per week = $35.87
Over the year, he will have saved up the equivalent of eight
extra weeks of $345 ($2,760 total). That will cover his
non-tuition fees and insurance and leave some extra in case
there are any large, unexpected expenses that come up.
18 Te Herenga Waka—Victoria University of WellingtonBUDGETING WORKSHEET INCOME
Weekly
Regular scholarship payments
$
See page 4 for an example budget. Savings
Part-time work wages
EXPENSES Regular family support
Other
Weekly costs $ Occasional costs $
Weekly total
Room Holiday travel
Total for ＿＿ weeks
Electricity Large items (bicycle, laptop, bed, vehicle)
Phone/internet Accommodation deposit One trimester = 20 weeks
Mobile phone Textbooks, materials, field trips Two trimesters = 40 weeks
Groceries/toiletries Haircuts ($30–$100 per haircut) Full year = 52 weeks
Transport Clothes/shoes One-off
Sports/gym/clubs (if paid weekly) Special occasions Savings
Appliance rental Sport/gym/clubs (yearly) Other
Debts Medical/dental/optical One-off total
Personal spending Bank fees Grand total income
Weekly total Emergency ($1,000+ recommended) (add the total weekly and one-off income)
Total for ＿＿ weeks Total
One trimester = 20 weeks
Study costs $
MY NOTES
Two trimesters = 40 weeks
Tuition fees
Full year = 52 weeks Non-tuition fees
Insurance
Visa application and medical check
Budgets need to breathe! A tight Airfare
budget is harder to stick to, Total
so make sure you are realistic Grand total
about your spending and (add the total for all three sections)
include some money for fun.
20 Te Herenga Waka—Victoria University of Wellington International Students’ Financial Survival Guide 2020 21SURVIVAL
EXAMPLES FROM STUDENTS Ruiheng was starting his second year of study. His friend Li Nadia came to Wellington with $20,000 for her living
was also a second-year international student. Li had a job expenses for her first year of study. She paid all her hostel
Tianyu was studying on a government scholarship that to support him during his study, but still needed to show he fees (which included meals) in advance. She still had almost
covered his living costs and tuition fees. He found his had $15,000 in his bank account for living costs as part of the $8,000 left over, so she bought a second-hand car and a
courses difficult, but did not reach out to anyone for help. application to renew his student visa. Ruiheng lent him the laptop. She thought that the rest of the money would be
He failed two courses and his scholarship was changed so money temporarily. Li got his visa, but then he lost the money enough. After four months, she was low on money due to
his living costs were no longer covered. As a result, Tianyu through gambling. Ruiheng was very upset. When it became expensive car repairs, couldn’t afford to pay for her day-to-
needed to start working part time and asking his parents clear that he wasn’t going to get his money back, Ruiheng day living costs, and had to sell the car at a loss.
for money, which caused him additional stress. had to return home because he did not have enough money Lesson learnt: Make sure you have enough for essential costs
Lesson learnt: Ask for help! Academic difficulties can available and there was no way that he could support himself and emergencies and do not over-commit your income.
sometimes lead to financial difficulties. The Student through his study.
Learning support service might have helped Tianyu to Lesson learnt: Be very careful with your money. If you lend
study better, and Student Counselling might have helped money to fellow students, be fully aware of the risks you are Stephen had a PhD scholarship. He left his wife and two
him see that taking on extra work and study would make taking. children behind in his home country. After three months,
the problem worse. he used their savings to move the family to New Zealand.
The children studied at New Zealand schools and his wife
Emilio gets money for living costs deposited into his bank looked for work in a biochemistry lab. She didn’t find work
Azreen was accepted to do a PhD in Psychology, but she account every two weeks. He always manages to pay the rent in her field and found only casual cleaning and childcare
didn’t get the scholarship she was hoping to get. She was and bills. Occasionally, he runs into trouble when big costs work. The family struggled to afford even basic expenses and
told that it might be possible to get it in her second year, come up, such as the cost for renewing his visa or the cost eventually, Stephen’s wife and children had to return home.
especially once her topic was finalised and her official of materials for his industrial design projects at the end of This caused significant stress and financial loss.
proposal was accepted. She had enough money to come each trimester. When he doesn’t have enough, he sometimes
to Wellington to begin the programme. Unfortunately, she Lesson learnt: Most scholarships with living expenses
borrows from friends and may struggle to pay them back by are intended to support one person. There is no support
did not get the scholarship for the second year and did not the time the next big cost hits.
have enough money to continue. She had to stop studying. available for international students’ families, and nobody is
Lesson learnt: Anticipate infrequent costs and make a guaranteed to find work. Therefore, the decision to bring a
Lesson learnt: Scholarships (and jobs) are not guaranteed. system to ensure that you have money for them when they family must be planned carefully and financed well.
You need a back-up plan, or you may be wasting your time come up.
and money.
22 Te Herenga Waka—Victoria University of Wellington International Students’ Financial Survival Guide 2020 23COMMENTS FROM STUDENTS
CONTACTS
FINANCIAL QUERIES AND
I wish to say that I am INFORMATION
greatly impressed and
The student finance adviser I appreciate the financial Student Finance Advisers
I dealt with was absolutely support and advice I am To make an appointment, phone 0800 04 04 04 or go to
fabulous and made sure receiving from Victoria
the Info Ihonui counter in the Hunter building foyer.
I had a session with her University of Wellington. student-hardship@vuw.ac.nz
to discuss balancing my www.wgtn.ac.nz/student-finance-advisers
finances, as she could tell Thank you very much for Student Fees Advisers
I was struggling. seeing me. Afterwards, 0800 04 04 04
I was able to enjoy a student-finance@vuw.ac.nz
good week at uni with GENERAL QUERIES AND
considerably less stress INFORMATION
over what I would eat and
how I would get there. Wellington University International
You and your colleagues Level 2, Easterfield Building, Kelburn Campus
have really got me out of 04 463 5350
www.wgtn.ac.nz/international
such a bind and allowed me
to get back to focusing on University Accommodation Wellington
my exams and final week 04 463 5896
of classes. accommodation@vuw.ac.nz
www.wgtn.ac.nz/accommodationINFO IHONUI 0800 04 04 04 | info@vuw.ac.nz | www.wgtn.ac.nz/study SS0341
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