2012 financial survival guide web

Financial Survival guide 2012

Disclaimer
Victoria University uses all reasonable skill and care to ensure the
December 2011 information contained in this publication is accurate at the time of
Note: The Student Allowance, Student Loan (living printing. However, matters covered in this publication are subject to
costs) and the threshold for the Community a continuous process of review and to unanticipated circumstances.
Services Card are adjusted annually on 1 April The University therefore reserves the right to make any changes
and increase slightly. 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.

Financial
Survival
Guide 2012

Co nt rol lin g Yo ur Mo ne y. . .
. . . . . . . 2
My Bu dg et . . . . . . . . .
. . . . . . 4
My Sp en din g . . . . . . . .
. . . . . . 5
A dif fe re nt ap pr oa ch to bu dg
et ing . . . . 6
Cu sto mis e yo ur ba nk ac co un t.
. . . . . . 7
Ba nk ing . . . . . . . . . . .
. . . . . . 8
Liv ing at Ho me . . . . . . .
. . . . . . . 9
Liv ing in th e Ha lls . . . . . .
. . . . . . 10
Fla tti ng . . . . . . . . . .
. . . . . . . 11
Tr an spo rt. . . . . . . . . .
. . . . . . 16
Go t a Pr obl em ? . . . . . . .
. . . . . . 18
St ud yL ink . . . . . . . . .
. . . . . . 20
W ork ing . . . . . . . . . .
. . . . . . . 21
Su rvi va l. . . . . . . . . . .
. . . . . 22
W ord s of W isd om . . . . . .
. . . . . . 23
A Fin al W ord . . . . . . . .
. . . . . . 24
Co nt ac t de ta ils . . . . . . .
. . . . . 25

Financial Survival Guide 2012 1

Sample Weekly Budget
ers)
(for a student flatting with 2–3 oth
es?
What are your weekly expens
What is your weekly income?
Essentials
Student Loan Rent $15
5
$169.51
Living costs Power $20
or Phone/Internet $10
Cellphone $5
Student Allowance
$167.83 Groceries $70
Full entitlement, net (under 24)
$40.00 Toiletries $6
Accommodation benefit
Transport* $35
Appliance rental $4
Bank fees $2
Contents/liability insurance $6
3
Subtotal: $31
Extras
Snacks/lunches $20
Entertainment $30
Subtotal: $50
3
$169.51 Total: $36
Total:
7.83
$20
or *based on GO Wellington 30-day
fare

Weekly shortfall = $155–$193
s could total $5,800 to $7,300.
Over two trimesters (37 weeks) thi n (living costs) will not cover all
your weekly
The Studen t Allowance and/or the Student Loa
expenses.

How will you make up the difference?
Savings from summer?
Family help?
Reduced expenses?
per hour
Part-time work? Minimum wage is $13 )
10 hours work is $113.70 after tax (M code
)
15 hours work is $170.55 after tax (M code

How will you pay for these extra costs?
Claim the Student Loan course-relat
ed costs of $1,000?
Access a tertiary account overdraft
of $500 to $1,000?
Personal savings and/or family hel
p?

Sample Academic Year Costs
In addition to your weekly expenses, there are other costs
you may face during
Trimesters One and Two (37 weeks). These can include:
Course related costs: student notes/books/stationery/printin
g $900
Bond/flat set up
$1,500
Trips home
$300
Clothing
$400
Emergencies
$500
Sport/birthdays
$400
TOTAL
$4,000

Problem: Despite using the Student Loan or getting an allow
ance, your total
shortfall for weekly living costs plus all other expenses could
add up to more than
$9,000 per annum.
Solution: Plan ahead! Use our worksheet or come and see
us. We’ll work out a
budget with you and discuss your options.


This is available as an Excel
spreadsheet on our website

Estimate your regular expenses and your less frequent expenses over the course of a year.

Weekly
Income Expenses
Student Allowance $ Rent $
Student Loan (living costs) $ Power $
Part-time work wages $ Phone/internet $
Benefit $ Cellphone $
Weekly family support $ Groceries $
Regular scholarship payments $ Toiletries $
Other $ Transport $
Insurance $
Appliance rental $
Debts/hire purchases $
Bank fees $
Snacks/lunches $
Entertainment $
Weekly income total $ Weekly total expenses: $
× 37 weeks $ × 37 weeks $

Yearly
Income Expenses
Savings $ Course costs (books, stationery, $
One-off scholarship payments $ photocopying, printing) $
One-off family help $ Bond, connection fees $
Tax refund $ Flat items (furniture, bedding) $
Student Loan (course-related costs) $ Vehicle (reg, WOF, repairs, insurance) $
Bank overdraft $ Doctor/chemist $
Other $ Dentist/optometrist $
Clothes/footwear $
Haircuts $
Toll calls $
Trips home $
Sports/clubs/gym $
Birthdays/special occasions $
Newspaper/magazine/Sky TV $
Insurance (if paid yearly) $
Total infrequent income $ Total infrequent expenses $
Grand total income for the year $ Grand total expenses for the year: $

Looking impossible?
See page 6 for another approach.

4 Victoria University of Wellington

What kind of spender are you?
Jake Valerie Derek Elizabeth
->
Subway, Burger King, - Two flat whites per - Two lattes per week - Coffee and muffin
sushi several times a weekday - DVD rental once per week
week - Muffin, snack most - Friday night gig and - One drink on
- or Coke daily
V days one drink only Saturday night
-
Snacks from bakery - Movie on Tuesday - Cheap DVD rental
or convenience shop - Drinks on Friday night
a few times a week - Café lunch on Sunday
-
Drinks on Friday and
Saturday night
Fish and chips on
-
Saturday
Weekly spend:
$145 $120 $40 $25
Over two trimesters:
$5,365 $4,400 $1,480 $925

What’s essential for you to enjoy yourself?
Think about how you can control your spending.

Per week: For most of us, taking control of your
Coffee/soft drinks $ money means leaving the EFTPOS card
Takeaways/snacks $
Movies $ behind and putting a small amount
Gigs/clubs $ of cash, which your budget allows,
DVDs $
Café meals/restaurants $ in your wallet for the week to cover
Total $ personal spending on snacks, drinks
Decide in advance how much you can afford to spend and entertainment.
on extras and which treats to allow yourself!


What is your weekly income? $
Student Loan
Student Allowance
Wages
Scholarship
Family Help
Action plan:
minus - alculate how much you need to earn from
C
part-time work to meet all your expenses.
What do you need to pay? $
- ecide how much you can spend on extras like
D
Figure out what commitments you have and what the
drinks and going out. Rather than use EFTPOS,
average weekly cost for each is. For example:
withdraw this amount in a lump sum for the
Rent, power, phone, internet
week.
Essential transport
Cellphone - rganise your bank accounts so that you can
O
Insurance control your budget.
Gym - heck your account online regularly and look
C
Credit car/loan/hire purchase payments at your EFTPOS spending-is it more than you
can afford? Also check your bank fees.
equals - onsider yourself a small business. pay
C
accounts when they are due and make sure
What is left for these? $ the flat’s accounts aren’t falling behind.
Groceries
Personal toiletries
Anything left for these?
Entertainment
Coffee/snacks/drinks
Sports
Birthdays
Clothes/haircuts
Travel during holidays

Anticipate your costs
Budget to pay rent and bills first.
Control your extra spending.

Using your bank account(s) wisely can be a very
powerful budgeting tool
Most banks will let you have a number of online-only savings accounts. You can set them up to hold
money for the things you need to save up for long-term, so that you know how much you are allowed to
spend now, without getting in trouble later on when the bills are due.
Automatic transfers and automatic payments can make life very easy. The student finance advisers are
happy to meet with you to put together your own system.

$169 from Studylink $150 from wages $50 from parents

Current account
$155 automatic payment $80 auto transfer for $40 auto transfer for $94 left in the account
for rent monthly bills infrequent costs for EFTPOS to use
(same day as StudyLink) (same day as wages) (same day as wages) on food, snacks and
entertainment.
Transfer when
needed

Bills account Savings account
Power Course costs, shoes, clothes, haircuts, special
Phone/internet occasions, trips home, dentist, medical,
Cellphone emergencies, sports, etc.
Contents insurance
Bus pass


Remember to change your existing bank account to a student package. These accounts charge no base or
transaction fees. There will be a monthly fee of $2 to $3 for an overdraft facility. Renew the account by the
end of March each year by showing the bank your Confirmation of Study.
ATMs on Kelburn Campus
Westpac • Cotton Building, Gate 6, close to computer shop
National Bank • von Zedlitz Building, front of building on Kelburn Parade by traffic light
• National Bank entrance in front of the Student Union Building

A word about overdrafts: This is debt.
It should not be used to enhance your social life. Ideally it is for cash flow issues, ie. your power bill is due
the day before you get paid, or an emergency has come up. At times like these, using an overdraft can be
helpful. It is not a substitute for savings.

A word about credit cards: This is expensive debt.
It should always be avoided!

A word about debit cards: These can be cool!
A debit card works like an EFTPOS card, but it can also be used anywhere that credit cards are accepted
(eg. online). Unlike a credit card, it only uses the money you already have in your bank account. Most
banks offer debit cards with a fee of about $10 per year.

- e careful! The banks want your money. Those overdrafts need to be repaid.
B
- NZ, ASB, and Kiwibank offer budgeting software with their online banking.
A
This is a great way to keep track of where your money has gone and set up a
spending plan.
- nline banking is free and it’s a great way to track your expenses. Check your
O
account regularly.
- any banks offer mobile text alerts. This could help you to know when you're
M
about to run out of money.
- eware of ATM costs involved in using another bank’s machine-usually 75 cents
B
to $1.
- now your balance! If you don't have sufficient funds it will cost you dearly.
K
Most banks charge honour ($15 to $35) and dishonour fees ($7 to $9).
- sk to have a ‘hard limit’ on your account. Otherwise you could accidentally go
A
$300 into overdraft without even realising it.

Do you live at home and don’t have to pay board? We recommend that you don’t claim the living costs of
the Student Loan. You’re in the enviable position of limiting your Student Loan debt.
Think about your budget and how much you need to save over the summer and/or how much you need
to earn from a regular part-time job to pay for your personal costs. Most students could cover their
expenses with about $6,000—that’s not too hard to earn from summer work plus a part-time job during
the trimesters.

Sample budget
Weekly: Extras (during two trimesters):
Transport—bus pass $35 Clothing $300
Snacks/drinks $25 Haircuts $150
Entertainment $45 Books, stationery $900
Cellphone $5 Birthdays/sports $300
Total $110
Total x 37 weeks $4,070 Total $1,650
Grand total $5,620

don’t use debt for lifestyle. Earn it before you spend it.

The Dangers of EFTPOS
We can’t say this enough:
EFTPOS is a terrible thing when it com
es to controlling your spending
or sticking to budget.
Most people don’t:
- lise how much they are spendi
rea ng
-
add up their daily totals
- k at their bank statements
loo
- ide in advance what amount the
dec y can afford to put on EFTPOS


Living in the Halls
Living in a Hall of Residence can be more expensive than living in a flat, but not always. Some of the
financial advantages to living in the halls are:
- No transport costs—halls are generally within walking distance to Kelburn, Te Aro, and Pipitea campuses.
- The contracts correspond to the academic year, unlike flatting (where you might be committed to
paying rent starting in January, or for the whole summer when you might not plan to be in Wellington).
- In many cases, electricity/internet/food is included in the room rate, so there are not as many costs to
keep track of.
- You won’t get stuck paying extra because of irresponsible flatmates.
Despite this, the halls have their own financial challenges. The money StudyLink provides is not enough to
cover the hall costs, and hall fees are normally paid in four advance instalments instead of weekly.
An example of a payment schedule for a catered single room:

Need to pay: Max help from Max help from Student
Student allowance Loan living costs
Early* $600 (fees/deposit) $0 $0
By 24 Feb $3,130 (1st instalment) $0 $0
By 27 Apr $2,817 (2nd instalment) $1,454 $1,186
By 6 Jul $3,130 (3rd instalment) $2,078 $1,695
By 7 Sep $2,817 (4th instalment) $1,870 $1,525
Total: $12,494 Total by 7 Sep: $5,402 Total by 7 Sep: $4,406
After 7 Sep - $2,288 $1,867
* late October upon accepting offer.
In a typical case like this, you will need to have at least $7000–$8000 for the year coming from
somewhere else. Parents? Savings? Scholarship? Work? And then there are other things to pay for like
cellphone top-ups, toiletries, snacks, special occasions …
The Student Finance Advisers are happy to discuss a financial plan with you.

Bond and advance rent
Bond
The landlord can ask for up to four weeks’ rent as bond, but two weeks is the average. The law requires
that the bond is lodged with the Tenancy Services Centre. You must complete a bond lodgement form. This
is signed by you and the landlord or property management company.
Ideally everyone in the flat signs the lease agreement and everyone lodges their own share of the bond
directly with Tenancy Services. This makes it easier when one person moves out. That person’s name
comes off the lease and the new person is added. The person leaving completes the Bond Refund or Bond
Transfer form and Change of Tenant form.

Warning
Students often move into an existing flat and pay the bond to the person moving out, which means you
have no guarantee of getting your bond back. In these cases we strongly recommend that you get a written
receipt for the payment. If you pay it by direct bank transfer, identify it as bond on the payment details. It’s
also a good idea to sign a flat sharing agreement. Your name should not be added to the lease if you are
not paying the bond to the landlord or Tenancy Services Centre directly.
If you are the head tenant, and your flatmate(s) have not signed the lease, protect yourself by getting them
to sign a flat sharing agreement.

Advance rent
Landlords are not permitted to ask for more than two weeks’ rent in advance. Once the advance rent runs
out, more rent is due.

Total cost of moving in
How much do you need to save? Based on a weekly rent of $155:

Conservative Mid-range High
$620—Two weeks’ bond and two $930—Three weeks’ bond, two $1,085—Four weeks’ bond, two
weeks’ rent. weeks’ advance rent and letting weeks’ advance rent and letting
fee (one week’s rent). fee (one week’s rent).
PLUS: shifting costs, furnishings (bed, desk, drawers, kitchen things, etc.). The set-up costs will vary
greatly depending on how much you may already have. If you need to buy most items and are happy to get
second-hand goods, $500 to $1,000 will get you the basics.

TIP: Don’t leave finding a flat until it’s too late. Secure a flat by mid-January. Rent
demand and prices peak in February.


Electricity
It’s just as important to budget for the power bill as it is to pay the rent—we estimate $20 per week
per person. Have the money set aside so no one gets caught out when the bill arrives—if you make the
payment on time you’ll get the prompt payment discount!
Tips:
- Make sure your meter is being read. The bill will indicate whether it is based on a reading or an
estimate. If it is estimated too low, you will be in for a huge payment when the meter is finally read. You
can provide the power company with a reading yourself.
- Visit www.powerswitch.org.nz to compare rates for different electricity providers.
- Powershop (www.powershop.co.nz) is prepaid, which means you can’t get caught with a bill you can’t afford.
- You can set up fortnightly automatic payments that are the same throughout the year so that you don’t
get surprised by a huge bill in the winter.
- Some suppliers charge a bond. Usually, this can be avoided if you sign up for a direct debit or automatic
repayment option.
- Not only is it annoying to get your power disconnected, it can also be expensive—for example, a $55
disconnection fee plus a $125 reconnection fee!
- The biggest use of electricity is water heating. To keep the bill low, watch those hot showers and use
only cold water for washing clothes.
- ww.energywise.govt.nz has more tips about conserving electricity.
w

Phone and internet
Example package: $93 per month for landline and 20 GB broadband, with free connection (if the wiring is
in place) and no term contract.

Toll calls
If you are splitting the bill with other people, it can be tricky to figure out who owes what for toll calls. Some companies
offer individual PINs to keep track. Some flats set up a toll bar so that no toll calls can be made on the landline—it’s
either calling cards or cellphones. (Make sure 0900 numbers are blocked)
Shop around for the best deals in your area. Some providers in Wellington include Telecom, Telstra Clear,
Orcon, Woosh and Actrix.
What will you need? Landline?* Toll calls? How many GBs of internet? Pay TV as well?
*(There are a few options for broadband without landline)
Shop around and know what you’re signing up for … Connection fees? Contract periods? What happens if
you terminate the contract? What happens if you go over the internet data allowance?
Wellington City has free wifi access in the most central bits of town, and Victoria University has free wifi
access for students at all their campuses.

Cellphones
We recommend avoiding cellphone contracts and sticking with prepay. Contracts are commitments you
may not be able to afford. Prepay is cheaper and safer.


Insurance - ou get home to find that
Y
somebody has stolen your
Contents insurance helps to replace your belongings if they are laptop, your iPod, and your
stolen or damaged. You might only have to pay $250 to replace guitar. Can you live without
your things rather than $2500. them? If not, can you afford
to
Liability insurance usually comes with contents insurance. This replace them?
pays for damage you accidentally do to other people’s property.
If your name is on the lease agreement for a flat, you could be
held responsible for any damage done to the property, even if
it’s not your fault. Liability insurance could save you from owing
thousands if something goes wrong.
Example package: $20 per month to cover up to $10,000 of
- he vac
T
possessions, plus full liability cover. uum cle
knocks a la aner cord
Shop around. Get quotes from your bank and from insurance mp into a l
window, bre arge
companies. aking it. It
$1,100 to re will cost
place.
Note: Your insurance can only provide cover for your belongings and damage
that you are liable for. It will not cover your flatmates, and your flatmate’s
insurance will not cover you.

s
hing machine ha
- n electrical fault starts
A - he flat was
T
ing. By the
a fire in your room. It is put - ou accidental
Y ly spill hot oil on been slowly leak
tices, it has
out quickly-but fire, smoke, the floor, which time someone no
melts the lino. age to the
and water damaged almost It will cost $1,500 done major dam
to fix. hich will cost
everything you have. floor below it, w
e tenant is
$18,000 to fix. Th
liable!

Great flatting resources
Accommodation Service
www.victoria.ac.nz/accommodation
Victoria University’s Accommodation Service has a lot of information, including flat listings. Experienced
staff are ready to talk about any difficulties students may be experiencing with accommodation, such as
difficult flatmates or dealing with landlords. They are open 9am–5pm, all year round.
Department of Building and Housing
For information on tenancy issues, including all the relevant forms to download, go to www.dbh.govt.nz.
Look at their useful flatting guide Flatting 101, on www.dbh.govt.nz/flatting-101
sorted.co.nz
www.sorted.org.nz/life-stages/starting-out/going-flatting
The sorted website has detailed information about the financial side of flatting.


Food
The amount that people spend on food really depends on their habits. People who cook all of their own
meals, eat a lot of basic foods, and avoid expensive ingredients may spend only $30 per week. People who
cook with fancier ingredients may spend around $80 per week. People who frequently buy food on the go
can easily spend $150 or more per week.
Buying groceries and cooking is the best way to save a lot of money.
We have a detailed shopping list and matching recipes on our website
www.victoria.ac.nz/st_services/finadvice/surviving/flataccount.aspx

Money saving Tips
- ou can get excellent prices for fruits and vegetables at the Sunday Markets (7am to noon)
Y
at the carpark on Willis Street opposite uStay McKenzies and at Waitangi Park, next to Te Papa.
- hop wisely: buy what’s on special and stick to the essentials.
S
- uy enough at the supermarket to cover your basic needs-a list is helpful.
B
- isits to Fix or dairies are expensive.
V
- ating on campus is expensive. You can save money by bringing lunch from home.
E
There are microwaves at some places around campus to heat up your food.

Buying groceries online
If you and your flatmates are too busy to go to the supermarket and/or don’t have convenient transport,
consider ordering your groceries online at www.woolworths.co.nz/homeshopping. They have a useful
‘Shopping on a Budget List’.
You can choose your delivery day and time, and the cost is $13.25 if your order value is between $100 and
$200. It’s a cost-effective way of doing the shopping. The service is available in central Wellington and
most suburbs. Payment is by credit/debit card or you can set up a direct debit from the flat account.
Students who have used this service have told us it works really well and saves the flat money.

Cook ! You will save money
and fuel your brain


Flat account
If you are flatting, you will have to think about how to set up the flat account so that the rent and bills get
paid on time and everyone is paying their share.
We recommend
- On a weekly basis put aside the rent money, as well as money towards the power and phone accounts.
If the rent is $155 per week, put aside at least $185 per week.
- Think about setting up a separate account that all flatmates pay into on a weekly basis. The rent gets
paid to the landlord out of this account by automatic payment and the power and phone bills get paid
by internet or phone banking. Any other shared bills such as SKY and internet can be budgeted for and
paid the same way.
example, if you bank with The National Bank you can set up a second current account as a joint
For
account with one or two of your flatmates (it will have no monthly account, transaction or automatic
payment fees). A suggestion is to request a new account number to keep your personal and flat
account information separate. We recommended you set up the new account so that at least two
signatures are required to make any cash withdrawals. This will provide better control over the account
and two signatures are a safer option.
- One of the account holders should take responsibility: paying the power and phone bills on time, and
checking that everyone is making their weekly payments.
- Put the flat account bank statement on the fridge door.

If you anticipate your costs and put the money aside for it, you and your flat will
stay out of strife !
Why this system works
-
With everyone paying the rent into one account, you can check that no one is missing their rent
payment. Landlords don’t always check their accounts promptly and you can find out six weeks later
that someone wasn’t paying their share. This can become a problem for the whole flat.
- It can be hard to find $50 or $60 from one week’s income to put towards bills, and it’s no fun chasing up
flatmates to do the same.
-
With everyone paying their share of power/phone/internet on a weekly basis, it’s less of a problem if
someone moves out unexpectedly. You won’t be left out of pocket.
The Student Finance Advisers can help you and
your flatmates set up your flat budget, discuss the
flat account, get flat sharing agreements sorted
Some banks offer free online bank accounts
and signed, and give you practical advice on a wide that can be
accessed by multiple people. If your bank does
range of issues (contact details are on page 25). n’t offer
a solution you like for your flat account (for
example,
charging fees), shop around with other bank
s.

Bus
Wellington buses charge a fare for every trip. Paying cash is always the most expensive option. For regular
users, we recommend using a Snapper Card, and possibly a 30-day pass, depending on your use.
A trip within one zone costs $1.60 on Snapper ($2.00 cash)
A trip within two zones costs $2.58 on Snapper ($3.50 cash)
A trip within three zones costs $3.44 on Snapper ($4.50 cash)
See the Metlink website to figure out how many zones your bus trips will be: www.metlink.org.nz
GO Wellington 30 Day Pass
For $140, you can travel on Go Wellington busses as much as you want within Zones 1–3 for 30 days
(purchase from Snapper outlets). That comes to $35 per week. Think about how many trips you will take
each week and work out how much it will cost. Would you save money by using a 30-day pass?
For more information, contact Metlink:
0800-801-700
www.metlink.org.nz

Train
From/To Ten Trip Monthly
Petone and Lower Hutt/Wellington $36.80 $115.80
Upper Hutt/Wellington $68.00 $204.00
Porirua/Wellington $47.20 $141.60
Monthly tickets can be ordered online, usually three days prior to month end. Tranz Metro offer a free text
message service called Metro Alert to advise of delays of more than 15 minutes.
For more information, contact Tranz Metro:
0800-801-700
www.tranzmetro.co.nz

Snapper Cards co
st $10 to buy, bu
if you use the bu t
s much at all,
they will save yo
u a lot of money
.


Cable car
Single ticket (student fare) $1.00
10 trip ticket $9.00
20 trip ticket $17.00
30 trip ticket $24.00*
*Best buy—savings of $6 over single tickets.

Car
A car can be convenient for shopping and for trips home (especially if you are from the lower half of the North
Island) but they are expensive to maintain and can blow your budget. Registration, WOF, repairs and insurance
often add up to $1,000 or more per year. For most students, a bus/train/flight home is still cheaper than running
a car. It is also cheaper to use the bus/train to get to university if you are not in walking distance.

Warning
It is very hard to find parking on campus and the parking wardens police the streets constantly.
Parking costs
Parking on most streets close to the University campus requires a coupon if you are parking for more
than two hours. The coupon parking areas are clearly signposted. Coupons cost $7.50 per day and can be
purchased from Unistop on Kelburn Campus, most dairies, and New World supermarkets.
Most inner city suburbs require a residents parking permit which cost $115 a year. You can get one from the
City Council offices in Civic Square.

Scooter
Scooters and Mopeds with an N-class registration (under 50cc, can be ridden on car license) can be an
economical means of transport. Scooter registration, petrol, and maintenance are cheaper than that for a car,
and parking is normally free. However, you also need to consider the costs of special clothing, insurance, and
safety as well! Note that the cost of owning a motorcycle would be closer to the cost of a car.
Learn about scooters at www.scootersurvival.co.nz

Hardship Fund
The Hardship Fund is an emergency fund that helps students facing financial difficulties. The Fund helps
many students each year. Eligible students are expected to claim their full entitlement of the Student
Loan. Grants are available for a wide range of problems including:
- medical/dental/optical costs
-
high course-related costs
-
high transport costs
- flatting problems
- childcare costs.
The Advisers at Financial Support and Advice administer the Fund. For an appointment call 04-463 7474.
Further details are available on the website www.victoria.ac.nz/finadvice

Extra help from StudyLink
Special needs grants
Students may be eligible for the following:
-
food grants of up $400
-
dental grants of up to $300 for urgent dental treatment
-
medical grants of up to $300 for medical emergencies
-
general emergency grants of up to $500
-
transition to work grants of up to $300, for job interview costs such as work clothes and travel. The job
needs to be for a minimum of 30 hours per week for at least six weeks.
Advances or recoverable assistance
Advances for bond, overdue power bills, glasses, essential appliances, furniture or rent arrears are
available. You need to pay these back.
For applications and further information go to www.studylink.govt.nz or visit the outreach office.
The StudyLink Outreach Office, Wellington is at 195–201 Willis Street, between Dixon and Ghuznee Streets,
open 8.30am–5pm daily except Wednesday 9.30am start.


Health
www.victoria.ac.nz/studenthealth
For confidential medical care on campus visit the Student Health Service.
Consultations are free to students who enrol with the service as their Primary Health Provider (PHO).

Costs Doctor Nurse
Enrolled patients No cost No cost
Non-enrolled patients with CSC card* $21 $15
Non-enrolled patients without CSC card* $36 $15
*These are 2011 prices. A small increase is likely in 2012.
As well as dealing with general illnesses, accidents and prescriptions, services such as psychiatry and
dermatology are also available. A physiotherapy clinic offers heavily subsidised rates for students.
Kelburn Campus Phone 04-463 5308
Pipitea Campus Phone 04-463 7474

Community Services Card (CSC)
The Community Services Card reduces doctors’ fees, prescription charges and hospital costs and can save
you a lot of money. Up to 90% of students qualify for a Community Services Card. Eligibility is judged on
your personal annual income (not your parents’). The current limit for a single person living with others is
$24,461 gross per annum (this gets adjusted annually on 1 April).
Application forms are available from Student Health Service, Financial Support and Advice or StudyLink.
Info line 0800 999 999

Dental services
Discounted dental care is available for Victoria students at Symes de Silva Associates and Capital Dental.
They both charge $60 for an examination, polish and basic x-ray and offer a 20% discount after the first
appointment. You need to show your student ID.
Symes de Silva Associates Capital Dental (Newtown) Capital Dental (Petone)
97–99 Courtenay Place 125–129 Riddiford Street 272 Jackson Street, Petone
phone 04-801 5551 phone 04-389 8880 phone 04-920 0880
Opening hours: Opening hours: Opening hours:
Mon to Thu 8.30am–9pm; Weekdays 8am–5pm Weekdays 8:30am–5:00pm
Fri and Sat 8.30–5.30pm;
Sun 9am–5pm
StudyLink have a Special Needs Grant for emergency dental treatment for students on a low income. The
grant is for up to $300 a year. You will need to get the dentist to fill out an Emergency Dental Treatment
form (they should have them) and get it approved by StudyLink before getting the treatment done.


Think about min
imising your
Student Loan debt
. Even if it’s
Getting paid interest free, it’
you have to repa
s still a debt
y. If you are
Student Loan (living costs) or Student Allowance: working part-tim
e, maybe you ca
This is paid weekly. avoid claiming th n
e living costs,
The first pay is during the second week of term (12 March 2012). especially if you
live at home.
The last pay is during the week after the final date of your course (19 November 2012).
Dates for Faculty of Education and postgraduate students may differ.
There is a useful tip sheet on our website www.victoria.ac.nz/finadvice for first-time applicants for a
Student Loan.

Course related costs ($1,000)
The full amount can be claimed as early as 14 days before the course start date. You can also budget over
the trimesters, ie. claim $500 in March and $500 in July. Claim online through MyStudyLink. The money is
directly credited to your bank account. If you study over the summer, you won’t get more—$1,000 is for
the full year.

Withdrawing with a refund
Dates for 2012 are:
16 March 2012 (Trimester 1 and full year)
27 July 2012 (Trimester 2)

Warning
Cancelling your Student Loan does not cancel your enrolment. You still need to formally withdraw from your courses before
the final date for refunds or you will be liable for the cost of the courses.

Unemployment Benefit—Student Hardship
This benefit is available over the summer break. To be eligible you must be returning to study the following
year and registered with Student Job Search. If you receive the Student Allowance you qualify for this
benefit. If you don’t, you will have to show evidence of hardship, for example having to pay rent over
summer.
You can apply online through my.studylink.govt.nz. Apply for the benefit early, at least two weeks before
your course ends. There is a one week stand-down period. You will be without income for one week
after your allowance or loan living costs stops and the benefit starts. In 2012 this will be the week of
26 November. If you get a job, you can always cancel the benefit.


Finding work
Vic Careers (www.victoria.ac.nz/careers)
Friendly staff are keen to help you with your CV, interview preparation and other job hunting skills.
Whether it’s casual, part-time, summer or permanent work, they can assist you. Visit the Careers
Resource
Centre, check out their excellent website or, use your Student Computing Services (SCS) account
to login
and access Victoria CareerHub (http://careerhub.victoria.ac.nz)—it provides you with all you need
to
know about job vacancies and career events.
Kelburn Campus: 14 Kelburn Parade (Mon, Tues, Thu, Fri 9am–5pm, Wed 10.30am–5pm)
Pipitea Campus: Drop-in sessions are available. Phone 04-463 5393.

Student Job Search (SJS) (www.sjs.co.nz)
SJS helps students find work. Enrol on the website and have a look at their job advertisements. Job
offers come in from employers all the time and your chances of finding a job are better if you check
the
advertisements regularly.
Minimum wage is $13 per hour. If you are receiving the Student Allowance you can work up to 15 hours on minimum
wage
before you reach the maximum allowed earnings of $203.13 per week before tax.

IRD Tax Codes Gross pay = before tax Net pay = take home pay
To see how much you will get after tax go to www.ird.govt.nz
The code behind tax codes and search for 'paye calculator'
- M stands for ‘Main’ income. You can only have one job (or allowance) with an M code.
- stands for ‘Secondary’ income. All incomes besides your M one will have an S code.
S
- stands for ‘Student Loan’ and means that some of your pay may go to the IRD to pay off your
SL Student
Loan. If your total gross earnings for the year are over $19,084, you will be required to make some
repayment of your Student Loan.
So if you get a Student Allowance, it will use the M code, and any part-time work you get will use
an S code.
If you don’t get an Allowance, you should use an M code for your highest paying job. If you have more
than
one job, you should use S codes for the others.
If you have a student loan you will have to use SL with your tax code, ie. MSL, SSL.

Student Finance Advisers are happy to help you estimate your taxable income and
decide which tax code to use. See the back cover for contact details.


True Stories We Can Tell
(with names changed to protect the innocent)

Louie was sharing a flat with two others. He was getting the Student Allowance and decided not to work
part-time during the trimester. He enjoyed going out with his friends. For a while he was fine since he had
$1,000 course costs from the Student Loan to spend and he could use his overdraft. He wasn’t watching
his account and when the rent payments went out they were reversed because of unavailable funds.
Before long he owed six weeks rent ($810) and his flatmates told him to leave. He had no money to move
and no money to pay up. He had to find a job fast, but assignments were due so he was stressing out.
Moral: A roof over your head is essential! Make sure you always pay the rent first. Don’t let rent or bills
pile up until they are too big a problem to handle.

Jeremy received a Student Allowance and worked on-call at his job. Often he worked extra hours and
he regularly earned over the income limit for the allowance. He got a letter from the Ministry of Social
Development advising him of a debt of $1,349 due to an overpayment of his Allowance. Data matching
occurs regularly and Jeremy got caught. He regretted not getting his allowance adjusted for the weeks
when he earned over the limit.
Moral: Be aware of your income threshold. If you don’t advise StudyLink, you will end up with a debt to
repay.

Kate signed a term lease for her flat at the beginning of Trimester 1. The lease end date was 20 February
of the following year. During the year two flatmates moved out. Their names were not on the lease. It
wasn’t easy to find replacement flatmates and it took longer than expected. Kate had to work extra hours
to pay the extra rent during that time and this affected her studies badly.
Moral: Everyone should sign the lease and be clear on their commitment; or the head tenant should
make sure the others in the flat sign a flat sharing agreement to reduce his/her risk.

James and his parents put together a plan that they would pay his first hall instalment. His StudyLink
income and wages over the following weeks would build up to enough to pay the second instalment. He
kept all his money in one bank account and it was slowly increasing. But by the time the next instalment
was due, he was $1,500 short! When he checked his bank statements, he realised he had been spending
about $100 per week on food and drinks, beyond the meals provided at the Hall. He had eaten the
money needed for his accommodation.
Moral: Check bank statements regularly to make sure your money is going where it should be. Have a
system to limit personal spending.

Deanna was getting a Student Allowance and casual work with a catering company. In an average week
she would get about 10 hours of work, which was enough to cover her essential living costs. Sometimes
she would work a lot in one week, and she would reward herself with a big night out with friends or a
new pair of shoes. Then there were three weeks in a row where she had very little work, and she couldn’t
afford to pay bills or bus fares.
Moral: If your income varies, base your budget on the minimum income. In times where you earn more,
put some money aside in savings for the times when you might have less.


Advice from previous students
In a 2011 online survey conducted by Financial Support and Advice, third-year Victoria students were asked
what financial advice they would give to someone starting their first year of university. Here are some of
their answers …

I found that in my first year of
study I had a lot of money and
Pay rent befo
didn't need to worry. I spent all re anything Don’t drink. It saves you so
my savings carelessly and now else.
have a tighter budget to be much money!
able to pay all my costs.

I didn’t work in first year
Budget, budget, budget! because I didn’t need the
Flatting is expensive. Stay
Shop at the vege markets money at the time, but
at home if possible.
and learn to cook. in later years I really
wished I had.

The summer holidays before uni
not
Borrowed money is starts, get a full time job and Despite what everyone else is doing, use
your course-related costs for things that
for save. You never know when or where
free money. Use it you will be able to get a job during
are actually course related. It's an easy
ot $1,000 debt you can avoid if you don't use it
things you need, n the trimester and it is better to for personal things like going to concerts

things you want.
have some money saved up. or buying alcohol. You'll feel stupid when
Trimester 2 starts and you can't afford
your text books.

Don't spend money on Get out a set amount of money
takeaways and other Make your own coffee! in cash each week and use
meals if you are already that for spending. EFTPOS cards
paying for meals at a are too easy to use and you
hall of residence. don’t keep track of how much
you are actually spending.

MOST PEOPLE. your money. You
ISSU ES IS NOT EAtSY FORage your course choices, your study time and
MANAGING MONEYyour studies, it’s importan to man ent Inc.
t ou Stud
If you are serious ab ed’ and your job as e bills to have fun.
Often
k of yourse lf as ‘self-employ over after paying th
should thin oney left
g to cope with this.
e is never much m
t st udents is that ther ts every da y who are strugglin
The reality for mos bills! We see studen s our job to show
you
enough to pay the ve a bit of lifestyle fun-and it’
there’s not even y the bills and ha
ible, with so me planning, to pa d see us!
However, it is poss your own, come an
tryin g to sort it out on
how. So don’t stress
Nicky
Maria, Laura, and

2011 Financial Support and Advice commen
ts
from students who used our service:
“Thank you for all your assistance, it was wonderful
and invaluable advice.”

“Thank you so much for your help, I was losing sleep
over this and I feel so relieved now.”

“Thank you so very much for all your help and advic
e. It helped me so much to talk to someone who
what to do.” knew

“I really appreciated how helpful and pleasant it
was to work with you over my finances and chat
I came out of the meeting feeling refreshed and a it through.
bit more easy than when I first came in.

“Thank you so very much for all your kindness, help
, support, and understanding, both practical and
emotional. I would not have survived without it and
can’t even say how grateful I am!”

“It was interesting and very beneficial to talk to some
one who was completely impartial and could provi
budget advice in a way I hadn’t considered before.” de

“I am usually aware and conscious of how much
I spend, but your advice has opened my eyes to new
saving, which will no doubt help me in the years ways of
to come.”


To make an appointment phone 04-463 7474

The Student Finance Advisers are at (use any location):
Kelburn Campus Level 1, Hunter Building
Hours: 9am–5pm, Monday to Friday, all year
Pipitea Campus Level 2, Railway Station, West Wing
Hours: 9am–5pm, Monday and Thursday,
except Trimester 3
Te Aro Campus Ground Floor, 139 Vivian Street
Hours: 12 noon–3pm, Thursdays, except Trimester 3
Karori Campus Go to Karori Connect info point in the Karori Library

For general queries and information:
Phone 04-463 6644 or 04-463 6658
Email student-hardship@vuw.ac.nz
Website www.victoria.ac.nz/finadvice

Here to help you

Financial Support and Advice Accommodation Service Student Recruitment,
Phone 04-463 6644 Phone 04-463 5896 Admission and Orientation
Fax 04-463 5252 Fax 04-463 9974 Phone 0800 Victoria (842 867)
Email student-hardship@vuw.ac.nz Email accommodation@vuw.ac.nz 04-463 5374
Website www.victoria.ac.nz/finadvice Website www.victoria.ac.nz/accommodation Fax 04-463 5193
Email course-advice@vuw.ac.nz
Website www.victoria.ac.nz/futurestudents

SS0068 OCT 2011

2012 financial survival guide web

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2012 financial survival guide web