Financial Survival Guide 2015

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1 Financial Survival Guide 2015

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3 Contents Controlling your money...2 Living at home...4 Living in the halls...4 Flatting...5 Food...8 Transport...10 Your spending style Banking StudyLink...14 Working...14 Financial problems...16 Health services...16 Tips from a first-year Victoria student...19 Survival...19 Contact details...20 Budgeting worksheet...inside back cover Managing money is not always easy. If you are serious about your studies, it s important to manage your course choices, your study time and your money. This guide is designed to help future students plan for the costs of studying and to help current students manage money as well as possible. Victoria University s student finance advisers meet with students who are in a wide range of situations and are here to help! Note: The Student Allowance, Student Loan for living costs and the threshold for the Community Services Card are adjusted annually on 1 April and usually increase slightly. Disclaimer Victoria University 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 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. Financial Survival Guide

4 Controlling your money Sample weekly budget (for a student flatting with two or three others) Your weekly income What are your weekly expenses? Student Loan for living costs or Student Allowance Full entitlement, net (under 24) Accommodation benefit $ $ $40.00 Essentials Rent Power Internet Mobile phone Groceries Toiletries Transport bus pass* Bank fees Contents/liability insurance Subtotal: $175 $24 $6 $5 $70 $6 $37 $1 $7 $331 Extras Snacks/lunches Entertainment Subtotal: Total $ or $ Total $391 *based on GO Wellington 30-day fare Weekly shortfall = $177 $215 Over two trimesters (37 weeks) this could total $6,500 $8,000. The Student Allowance and/or the Student Loan for living costs will not cover all your weekly expenses. $30 $30 $60 How will you make up the difference? Savings from summer? Family help? Reduced expenses? Scholarships? Part-time work? Minimum wage is $14.25 per hour 10 hours work is $ after tax (M code) 15 hours work is $ after tax (M code) Problem: Despite using the Student Loan or getting the Allowance, your total shortfall for weekly living costs plus all other expenses could add up to more than $10,000 a year. Solution: Plan ahead! Use the worksheet on the back cover or come and see us. We ll work out a budget with you and discuss your options. Sample academic year costs In addition to your weekly expenses, there are other costs you may face during Trimesters One and Two. These can include: Course-related costs: student notes/books/printing/personal electronics $1,300 Bond/flat set-up $1,500 Trips home $300 Clothing/haircuts $400 Emergencies $400 Sport/birthdays/gym $500 Total $4,400 Paying for these extra costs How will you cover these extra costs? Claim the Student Loan course-related costs of $1,000? Access a tertiary account overdraft of $500 to $1,000? Personal savings and/or family help? 2 - Victoria University of Wellington

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6 Living at home Do you live at home and not have to pay board? We recommend that you don t claim the living costs of the Student Loan. You re lucky to have the option to keep your Student Loan debt low. 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 expenses. 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 Transport bus pass* $37 Snacks/drinks $30 Entertainment $45 Mobile phone $5 Total $117 Total x 37 weeks $4,329 Extras (during two trimesters) Clothing/haircuts $400 Books/stationery/personal electronics $1,300 Birthdays/sports/gym membership $500 Total $2,200 Grand total $6,529 *Based on GO Wellington 30-day pass Don t use debt for lifestyle. Earn it before you spend it. 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: There are no transport costs halls are generally within walking distance to campus. The contracts correspond to the academic year, unlike flatting (where you might be committed to paying rent for 12 months, even if you will only be in Wellington between March and November). 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, living in the halls has its own financial challenges. The money StudyLink provides is not enough to cover the hall costs and is paid weekly, while the hall fees are paid in four advance instalments. An example of a payment schedule for a catered single room When Late Oct (fees/deposit) By 19 Jan (1st instalment) By 29 Apr (2nd instalment) By 24 Jun (3rd instalment) By 2 Sep (4th instalment) Amount to pay Max help from Student Allowance $520 $0 $0 $3,420 $0 $0 $3,078 $1,499 $1,232 $3,420 $1,714 $1,408 $3,078 $2,142 $1,760 Total: $13,516 Total by 2 Sep: $5,355 After 2 Sep $2,571 $2,112 Max help from Student Loan for living costs Total by 2 Sep: $4,400 In a typical case like this, you will need to have at least $8,000 $9,000 for the year coming from somewhere else. Parents? Savings? Scholarship? Work? And then there are other things to pay for, like mobile phone topups, toiletries, snacks, and special occasions. The student finance advisers are happy to discuss a financial plan with you. 4 - Victoria University of Wellington

7 Flatting The cost of living in a flat can vary depending on the distance from the city centre, the number of people sharing, and the size and quality of the rooms. Cheap flats are often very cold over winter. Some useful resources for flatting are: Department of Building and Housing has official forms and a great guide, Flatting Victoria University Accommodation Service The Sorted website has detailed information about the financial side of flatting Finding a flat You can find a group of people you would like to live with and then go looking for a house that will suit your group, or you can look for an existing house that has a room available. Popular ways to find flats include: the Accommodation Service s online accommodation finder TradeMe (online auction site) friends and connections. Some flats are advertised as unfurnished : an oven is provided, but no fridge, no washing machine, no dishes, no beds, no furniture. Furnished flats are usually more expensive but would provide these appliances/furnishings. The earlier you look for a new flat, the easier it is to find a reasonably priced one. This may mean paying rent for a few weeks before your course starts. Lease agreements A fixed term lease agreement means that both the landlord and tenants have committed to the term of the lease (usually 12 months). With periodic leases, anybody can end the contract at any time, but tenants have to give three weeks notice (landlords have to give longer notice). Everyone who signs the lease agreement as a tenant is legally responsible for paying the rent and for ensuring damage does not occur to the property. It is recommended to have all flatmates sign the lease agreement. If one person moves out and another person moves in, you can get the lease agreement changed to remove the old flatmate and add the new one. 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. For detailed information on tenancy issues, including all the relevant forms to download, go to Letting fee If you find a flat through an agency, there is often a one-off letting fee equivalent to one week s rent plus GST. 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 Tenancy Services. 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. Note: 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 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 Based on a weekly rent of $175: Conservative Mid-range High $700 Two weeks bond and two weeks rent. $1076 Three weeks bond, two weeks advance rent and letting fee (one week s rent plus GST). $1,251 Four weeks bond, two weeks advance rent and letting fee (one week s rent plus GST). Plus: shifting costs and furnishings (bed, desk, drawers, kitchen things). 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 $1,000 will get you the basics. Financial Survival Guide

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9 Bills General tips Most bills are charged at the end of a month s usage. Some (especially appliance rental) are charged weekly or fortnightly. Some flats put one person in charge of each bill, and they collect the money from other flatmates at the end of the month. Other flats pay the bills from the flat account (see next column). Some utilities may require a deposit (especially for electricity). Often it can be waived if you arrange to have the payment directdebited from your bank account. Some services may have minimum contract periods (for example 12 months). If you might use the service for a shorter period, find out what would be involved in breaking the contract. You don t have to pay for water or local property taxes the landlord pays that from the rent. Electricity/gas tips Make sure that the power meter is read on a regular basis. Every second month is normal. If the meter reader hasn t been to the flat, you can usually call the power company and provide them with the meter reading yourself. Otherwise, you might be surprised by the amount of the bill when they finally make a reading. Powerswitch ( compares different electricity and gas plans available. Powershop ( is prepaid, which means you can t get caught with a bill you can t afford. Not only is it annoying to get your power disconnected, it can also be expensive for example, an $80 disconnection fee plus an $80 reconnection fee. The biggest use of power is water heating. To keep the bill low, keep showers short and use cold water for washing clothes. Phone/internet tips Some broadband services require you to have a landline (telephone) connection as well. Some may charge connection fees or charge for a modem. In other cases they are free. compares different phone, internet, and TV plans available. If you are going to make international phone calls, compare the rates offered by the telephone company, calling cards, and VOIP services (such as Skype). You might save yourself a lot of money. With mobile phones, prepay is generally cheaper and safer than signing up for a contract. If you use a post-paid mobile phone contract, make sure to get a usage cap to stop you from getting a very large bill. Wellington city has free wifi access in the most central parts of town, and Victoria University has free wifi access for students at all their campuses. 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. Recommendations Set 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 TV and internet can be budgeted for and paid the same way. Many banks will let you set up a new online only account for free. It is a good idea to set one up under the names of several flatmates and make it so cash withdrawals require at least two signatures (for safety s sake). On a weekly basis, everybody puts in money for rent as well as power and phone accounts. If the rent is $180 per week, put aside at least $210 per week. One of the account holders has to take responsibility for 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 or it to everyone. 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 could 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. All the administrators have to do is check once a week that the payments have come through. This way we have our bills paid on time, never accidentally spend bills money on food and never run out of cash. (2012 student) The student finance advisers can help you and your flatmates set up your flat budget, discuss the flat account, get flat sharing agreements sorted and signed, and give you practical advice on a wide range of issues, for contact details, see page 20. Financial Survival Guide

10 Insurance Contents insurance helps to replace your belongings if they are stolen or damaged. You might have to pay only $250 to replace your things, rather than $2,500. Liability insurance usually comes with contents insurance. This 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: $28 per month to cover up to $10,000 of possessions, plus full liability cover. Shop around. Get quotes from your bank and from insurance companies. 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. You get home to find that somebody has stolen your laptop, your ipod, and your guitar. Can you live without them? If not, can you afford to replace them? The vacuum cleaner cord knocks a lamp into a large window, breaking it. It will cost $1,100 to replace. The flat washing machine has been slowly leaking. By the time someone notices, it has done major damage to the floor below it, which will cost $18,000 to fix. The tenant is liable! You accidentally spill hot oil on the floor, which melts the lino. It will cost $1,500 to fix. An electrical fault starts a fire in your room. It is put out quickly but fire, smoke and water damaged almost everything you have. Food Weekly food costs can vary $30 per week: All meals prepared at home, only the cheapest ingredients (little, if any meat), cheapest supermarkets, using the Sunday fruit and vege markets. $80 per week: Most meals prepared at home, supermarkets close to town, varied diet. $150 per week: Many meals prepared at home. Some shopping from supermarkets, some from local convenience stores, six meals per week from cafés or takeaways. $250 per week: No cooking. All meals bought. Money saving tips You can get fruit and vegetables at excellent prices at the weekend markets. A good Saturday market is in Newtown at Newtown School on the corner of Mein and Riddiford Streets (7.30am 2pm). Another smaller Saturday market is located next to St Paul s Cathedral, Hill Street, Thorndon (8.30am 12.30pm). The markets most popular with students are the two Sunday markets, which are held at Waitangi Park, next to Te Papa, and at the corner of Willis and Vivian Streets (7.30am to early afternoon). Shop wisely: buy what s on special and stick to the essentials. Buy enough at the supermarket to cover your basic needs. A list is helpful. Visits to convenience stores are expensive. Eating on campus is expensive. You can save money by bringing lunch from home. 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. Students who have used this service have told us it works really well and saves the flat money. Countdown delivers to most of Wellington shop.countdown.co.nz Thorndon New World delivers to some suburbs near Thorndon Cook! You will save money and fuel your brain. 8 - Victoria University of Wellington

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12 Transport Wellington is a compact city, and if you live close to the city centre it is easy to get around by walking (but the Kelburn and Karori campuses are uphill). Wellington also has public transport options. Cable car Wellington s famous cable car runs between Lambton Quay (central city) and Kelburn (where the Kelburn campus is located). They offer discounted student rates: Single ticket (student fare) $ trip ticket $10 20-trip ticket $19 30-trip ticket $26* *Best deal saving of $19 over single tickets. Many people choose to ride the cable car up the hill to the Kelburn campus and walk down the hill. 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. Wellington city bus fares Zones Single fare Snapper card 1 $2.00 $ $3.50 $ $5.00 $3.63 When transferring between buses, you must pay for a new fare. Travel from the Railway Station up to Kelburn campus is one zone. Travel in Wellington city (from Johnsonville south) is never more than three zones. Travel from Wellington to the Hutt Valley or Porirua areas is 4 6 zones. Free bus tickets If you have classes at two different campuses on the same day, VUWSA provides free bus passes to get between classes. For details, go to GO Wellington 30-day pass For $150, you can travel on GO Wellington buses as much as you want within Zones 1 3 for 30 days (purchase from Snapper outlets). That comes to $37 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: Snapper cards cost $10 to buy, but if you use the bus frequently, they will save you a lot of money. Trains Tranz Metro train fares From/To Ten Trip Monthly Petone and Lower Hutt/Wellington $39.80 $ Upper Hutt/Wellington $70.00 $ Porirua/Wellington $48.60 $ Monthly tickets can be ordered online, usually three days prior to month end. Tranz Metro offers a free text message service called Metro Alert to advise of delays of more than 15 minutes. For more information, contact Tranz Metro: Cars 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 within walking distance. Parking costs Parking on most streets close to the Kelburn 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 Vic Books 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. VUWSA offers a limited number of student carparks. The cost was $245 per trimester in Important note: It is very hard to find parking on campus and parking wardens police the streets constantly. You will be ticketed for going over the two-hour parking limits. If your registration or WOF has expired, you will be fined. Scooters Scooters and mopeds with an N-class registration (under 50cc, can be ridden on car licence) 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 and insurance, as well as safety. Note that the cost of owning a motorcycle is closer to the cost of a car. Bicycles Cycling to university may be one of the cheapest forms of transport (after walking). There are bicycle stands around all Victoria campuses. The Greater Wellington Regional Council website ( has information on cycling in the region, including a journey planner Victoria University of Wellington

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14 Your spending style What kind of spender are you? Jake Valerie Derek Elizabeth Fast food lunch every day Two flat whites each weekday Two lattes per week Two coffees on campus (Subway, Burger King, sushi, Muffin or snack most days Spotify and music downloads Cheap Sunday brunch with fish and chips) Movie on Tuesday Friday night gig with one drink friends Energy drinks every day Two drinks on Friday night only Drinks at a bar on Saturdays Café lunch on Sunday Weekly spend: $200 $130 $50 $25 Over two trimesters: $7,400 $4,810 $1,850 $925 What s essential to enjoy yourself? Per week Coffee/soft drinks $ Takeaways/snacks $ Movies/DVDs $ Gigs/clubs $ Music downloads $ Café meals/restaurants $ Total $ For many people, taking control of money means leaving the eftpos card behind and putting a small amount of cash, which your budget allows, in your wallet for the week to cover personal spending on snacks, drinks and entertainment. Decide in advance how much you can afford to spend on extras and which treats to allow yourself! The dangers of eftpos We can t say this enough: Action plan Calculate how much you need to earn from part-time work to meet all your expenses. Decide how much you can spend on extras like drinks and going out. Rather than use eftpos, withdraw this amount in a lump sum for the week. Organise your bank accounts so that you can control your budget. Check your account online regularly and look at your eftpos spending is it more than you can afford? Also check your bank fees. Consider yourself a small business. Pay accounts when they are due and make sure the flat s accounts aren t falling behind. Anticipate your costs. Budget to pay rent and bills first. Control your extra spending. Remember to change your existing bank account to a student package. These accounts don t charge base or transaction fees. If you have an overdraft, there will be a monthly fee of $2 6. Renew the account by the end of March each year by showing the bank your Confirmation of Study. Eftpos is a terrible thing when it comes to controlling your spending or sticking to a budget. Most people don t: realise how much they are spending add up their daily totals look at their bank statements decide in advance what amount they can afford to put on eftpos Victoria University of Wellington

15 Banking ATMs on the Kelburn campus Westpac ANZ Cotton Building von Zedlitz Building Student Union Building Overdrafts: this is debt Overdrafts should not be used to enhance your social life. Ideally they are for cash-flow issues, for example, 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. Credit cards: this is expensive debt These should always be avoided! Debit cards: these can be handy 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. Customise your bank account Using your bank account(s) wisely can be a very powerful budgeting tool. Tips Know your balance! If you don t have sufficient funds it will cost you dearly. Many banks charge dishonour fees ($15 $20) and unarranged overdraft fees ($15 $20). Many banks offer mobile text alerts. This could help you to know when you re about to run out of money. Most banks offer apps for smartphones so you can check your account when you are out and about. ANZ, ASB, Kiwibank and Westpac offer budgeting software with their online banking. This is a great way to keep track of your money and set up a spending plan. Beware of ATM costs involved in using another bank s machine (approx. $1 each time). Some banks let you set up automatic payments for free online. Others charge $2 each time you set one up or change it. Ask to have a hard limit on your account. Otherwise, you could accidentally go $300 into overdraft without even realising it. Be careful! The banks want your money. Overdrafts need to be repaid. 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 medium- and long-term, so that you know how much you are allowed to spend now, without getting in trouble later on when bills are due or extra expenses come up. Automatic transfers and automatic payments can make life easier. The student finance advisers are happy to meet with you to put together your own system. $176 from StudyLink each Tuesday $140 from wages each Friday $75 from parents each Wednesday Eftpos account After transfers, $101 left for food, snacks, entertainment $170 automatic payment for rent each Tuesday $80 auto transfer for monthly bills each Friday $40 auto transfer for infrequent costs each Friday Bills account For power, internet, mobile phone, insurance, bus pass Savings account For dental, medical, sport, emergencies, course costs, shoes, special occasions, trips home Financial Survival Guide

16 StudyLink Getting paid Student Loan for living costs or Student Allowance: This is paid weekly. The first pay is during the second week of term (9 March 2015). The last pay is during the week after the final date of your course (16 November 2015). Dates for Faculty of Education and postgraduate students may differ. Course-related costs The full amount ($1,000) 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 2015 are: 13 March 2015 (Trimester One and full year courses) 24 July 2015 (Trimester Two courses) By the end of the first week of lectures for summer courses. Warning Cancelling your Student Loan does not cancel your enrolment. You still need to formally withdraw from your course(s) before the final date for refunds or you will be liable for the cost of the course(s). Jobseeker Support Student Hardship This benefit is available over the summer break. To be eligible, you must be returning to full-time study the following year, registered with Student Job Search or Work and Income and have submitted your StudyLink application for the next year. 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. Apply online through and make sure you apply 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 2015 this will be the week of 23 November. If you get a job, you can always cancel the benefit. Working Finding work Careers and Employment 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 and Employment office, check out their excellent website or use your Student Computing Services (SCS) account to log in and access the Victoria CareerHub careerhub.victoria.ac.nz it provides you with all you need to know about job vacancies and career events. Student Job Search Student Job Search helps students find work. Enrol on the website. The minimum wage is $14.25 per hour. If you are receiving the Student Allowance you can work about 15 hours on the minimum wage before you reach the maximum allowed earnings of $ per week before tax. IRD tax codes The code behind tax codes: M stands for Main income. You can only have one income with an M code. If you get a Student Allowance, it will probably have the M code by default. Loan living costs are not taxed. S stands for Secondary income. All income besides your M one will have an S code. SL stands for Student Loan. If you have a Student Loan, you have to use an SL code for all your income sources. This means 12 percent of earnings over $367 per week on your main income and 12 percent of all earnings on your secondary income go to pay off your Student Loan. Many students qualify for a repayment deduction exemption or a quarterly special deduction rate so they are not making overpayments. Search the IRD website for more information. Tip: We highly recommend signing up for IRD online services ( where you can easily apply for these exemptions and special rates, see your up-to-date Student Loan balance, and even apply for tax refunds! Confused? Student finance advisers are happy to help you decide which tax code to use and can advise on deduction exemptions. See page 20 for contact details Victoria University of Wellington

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18 Financial problems Hardship Fund The Hardship Fund is an emergency fund paid for by a levy at enrolment. It 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 more information, go to For an appointment, use the booking form on the website or visit Victoria Info Ihonui in the Hunter building foyer. Victoria University Students Association Victoria University Students Association (VUWSA) runs a foodbank and other welfare services. For more information, go to Extra help from StudyLink Special needs grants Students may be eligible for the following: food grants of up to $200 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 towards job interview costs such as work clothes and travel for jobs that are 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. These need to be paid back. For applications and further information go to or visit the StudyLink Outreach office. The Wellington outreach office is at Willis Street, between Dixon and Ghuznee Streets, and is open 8.30am 5pm daily (except Wednesdays, when the office opens at 9.30am). Health services Student Health 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 care provider. Costs Doctor Nurse Enrolled patients Free Free Non-enrolled patients with CSC card* $21 $15 Non-enrolled patients without CSC card* $36 $15 *These are 2014 prices. As well as dealing with general illnesses, accidents and prescriptions, services such as psychiatry and dermatology are also available. Kelburn Campus Phone Pipitea Campus Phone Community Services Card The Community Services Card reduces doctors fees, prescription charges and hospital costs and can save you a lot of money. Up to 90 percent 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 $25,594 gross per annum (this gets adjusted annually on 1 April). Application forms are available from the Student Health service or StudyLink ( ), or search for it online. Dental services Discounted dental care is available for Victoria students at Symes de Silva and Associates and Capital Dental. They both charge $60 for an examination, polish and basic X-ray and offer a 20 percent discount after the first appointment. You need to show your student ID. Symes de Silva and Associates Courtenay Place Phone Capital Dental (Newtown) Riddiford Street Phone Capital Dental (Petone) 272 Jackson Street, Petone Phone Opening hours Mon to Thu 8.30am 9pm Fri and Sat 8.30am 5.30pm Sun 9am 5pm Opening hours Weekdays 8am 5pm Opening hours Weekdays 8.30am 5pm StudyLink has 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. Optometrist services Specsavers offers some of the cheapest glasses, and they have a large range of products. See their website for prices, locations, and special deals (such as 25 percent off for students): Victoria University of Wellington

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21 Tips from a first-year Victoria student Meet Kristina Pui from New Plymouth, who lived at Weir House during her first year in I prepared financially for uni by working part time during high school and putting a portion of the money I earned into a savings account. I worked out the total cost of my first year including accommodation, costs related to courses and essential items throughout the year and ensured I had enough funds to meet these costs as well as enough spending money each week for expenses and entertainment. I would also suggest putting aside some money for orientation week, as there are plenty of unexpected expenses that crop up, some related to going out and having fun, and others related to moving into your dorm and the things you need. Adjusting to life in a hall and the increased financial responsibility it brings has been challenging. I have become far more aware of how much I m spending and what I m spending it on, as well as learning budgeting skills. I stick to a weekly budget that ensures my costs are met and that I have money left over to spend on entertainment. I often opt for inexpensive activities over expensive ones. Walking along the waterfront or through the botanical gardens, going along to a free pub quiz or having an in-hall movie night are some options that won t break the bank. I might go to the cinema but skip buying snacks from the counter. There is a real temptation to spend a large amount of money on entertainment, but you need to keep yourself from getting into the habit of overspending. I am going to be flatting next year. I have spoken to students I know who are already flatting and have worked out a rough idea of what my fortnightly expenses will be. I plan to work part time over summer in order to help with next year s costs. Survival True stories we can tell (with names changed to protect the innocent) Sarah was flatting with two of her best friends, who were both working. She opened a flat account in her name and arranged everything to happen automatically. One day, the landlord told her they had been behind in rent for a couple of months. She looked at the account and realised that one of the flatmates had not been paying rent and had been using all the money, which was meant for the power bill, on shopping sprees and transfers to her personal account. It caused major problems for the flat and ruined their friendship. Moral: It s great to set up an automatic payment system, but you still need to check regularly that everything is happening as it should. 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 One. 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. 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. Deanna was getting Student Loan for living costs and had 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 buying clothes. 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. Financial Survival Guide

22 Contact details Student finance advisers To make an appointment, use the online booking form, phone , or go to Victoria Info Ihonui in the Hunter building foyer. KELBURN CAMPUS Level 1, Hunter Building, Hours: 9am 5pm, Monday Friday, all year PIPITEA CAMPUS Level 2, Railway Station, West Wing Hours: 9am 5pm, Monday and Thursday, all year TE ARO CAMPUS Level 1, 139 Vivian Street Hours: 12 noon 3pm, Thursday, during Trimester One and Two, term times only KARORI CAMPUS Go to Karori Connect in the Karori Library General queries and information FINANCIAL SUPPORT AND ADVICE Phone or Website ACCOMMODATION SERVICE Phone Fax Website STUDENT RECRUITMENT, ADMISSION AND ORIENTATION Phone 0800 Victoria ( ) Fax Website Comments from students who used Financial Support and Advice in 2014 I am very grateful and appreciate your empathy and understanding of my circumstances. The financial assistance office was excellent. The budgeting advice was great. It means a lot to have people who support students when needed. It was nice just to be able to talk things through and see more clearly in my mind how I might make my finances work this year. Financial Support and Advice gives out really good advice such as how to deal with our money and have plans in action for savings. They are able to see our financial situation and guide us in the right direction for our benefit in the long run, giving us a head start in managing finances before we venture out into the world by ourselves when our study is over. I just wanted to say thank you so much, your staff are helpful, supportive and know exactly what they are doing Victoria University of Wellington

23 Budgeting worksheet Estimate your regular expenses and your less frequent expenses over the course of an academic year (two trimesters = 37 weeks). Weekly Infrequent Income Student Allowance $ Student Loan for living costs $ Part-time work wages $ Benefit $ Regular family support $ Regular scholarship payments $ Other $ Weekly income total $ 37 weeks $ Expenses Rent $ Power $ Internet $ Mobile phone $ Groceries $ Toiletries $ Transport $ Insurance $ Appliance rental $ Debts/hire-purchases $ Bank fees $ Sports/gym/clubs (if paid weekly) $ Snacks/lunches $ Entertainment $ Weekly expenses total $ 37 weeks $ Income Savings $ One-off scholarship payments $ One-off family help $ Tax refund $ Student Loan (course-related costs) $ Bank overdraft $ Other $ Total infrequent income $ Expenses Course costs (books, stationery, photocopying, printing) $ Bond, connection fees $ Flat items (furniture, bedding) $ Vehicle (reg, WOF, repairs, insurance) $ Doctor/chemist $ Dentist/optometrist $ Clothes/footwear $ Haircuts $ Trips home $ Sports/gym/clubs (if paid yearly) $ Birthdays/special occasions $ Newspapers/magazines/Sky TV $ Insurance (if paid yearly) $ Total infrequent expenses $ Grand total income $ Grand total expenses $ My Notes:

24 VICTORIA INFO IHONUI Phone 0800 VICTORIA ( ) Website SS0118