1. Budgeting, Spending, Making the Most of your Money
Financial Literacy
Budgeting, Spending, Making the Most of your Money

2. Studylink Student Allowances and Student Loans
Student Loan Living Costs:
Max of $ per week
Must be paid back
Student Allowance:
Max of $ per week
Depends on parents income among other factors
Does not need to be repaid

3. Studylink Tips and Pitfalls
Apply early, everyone is trying to apply at the same time, if you don’t apply on time you will not get paid and may not get backdated.
You don’t receive your first payment until week 2 of your course, be prepared for this.
Course related costs, up to $1000, usually comes through in one to two days.
You may need to buy books etc before your loan comes through, be planned for this.

4. Halls of Residence
Example: University Hall Christchurch $13,202 for a 41 week academic year.
Works out to be $322 a week
Loan and allowance won’t cover the full cost, plan for this.
Watch for additional costs, Uni hall has $900 in additional application fees, plus a car parking fee plus a cost to use washing machines and internet.

5. Halls of Residence Payment Structure
Payments can often can be made in one of many ways, these include:
Paying up front
Paying in installments (usually 2 or 4 installments)
Paying fortnightly
Often you are required to pay an installment upon accepting a place and then pay the rest as you go in a way that suits you.

6. Examples
Uni hall was $13,202 in total (without additional fees and costs)
Assuming a payment of 25% up front you will need to pay $3300 before moving in plus other additional fees.
If you pay the remaining balance fortnightly you must pay $471 a fortnight for the rest of the year.
In installments you must pay further amounts of $3300 before the deadline.

7. Flatting
What costs are associated with flatting?

8. Flatting Costs
Rent Power Internet Insurance Bond (refundable) Letting Fee (non refundable) Food Furniture Kitchen Rent in advance Appliance Rentals Maybe Rubbish, Transport and water too

9. Renting Costs
Renting a flat in Dunedin for 5 people, weekly costs include
Rent ($120), Food ($100), Power ($10), Internet ($5), Insurance ($10), Appliances ($15) Miscellaneous ($60)
Total is $320 per week, with student loan or allowance you will still be $110-$150 short minimum (no transport, rubbish and water included above)

10. Covering That Cost
Find a part time job hours a week at minimum wage will earn you between $127 and $190 a week after tax and Kiwi Saver to make up this difference. (Don’t opt out of Kiwi Saver you will regret it later)
Student job search is a good place for jobs as is door knocking.

11. Moving into the Flat Flat Rules Flat accounts
As many or as little as required to protect yourself financially
This means setting a budget
Prepay bills where possible (e.g. rent, internet, power)
Flat accounts
All flat money should go into a flat account, not a personal one. Flat accounts usually need at least two names on them.

12. Moving into the Flat Paper work
All paper work (especially bond forms) should be signed by all flat members, if you do not sign you are not Legally entitled to the money (or required to pay rent).
If a flat mate moves out and is replaced have your paper work updated with the landlord
The people on the paper work are the legal tenants

13. Moving into the Flat
Take photos of the flat and its condition when moving in.
Ensure you have talked to your bank about a student bank package to avoid fees.
Avoid credit cards as they are high interest and easy to overspend on in a flatting environment.

14. Flatting The Experience
You are responsible for
Keeping the flat in a tidy condition
Reporting any damage as it occurs
Paying the entire rent not just your part of it
Landlord is responsible for
Repairing any damage (can come from the bond)
Responding to any issues
Maybe the back yard (check your contract)

15. Flatting The Experience
If all else fails you do have access to the Tenancy Tribunal, this can be useful if you feel your rights are not being upheld.
It can also be used against you if you don’t uphold your obligations.

16. Budgeting in Life As with flatting set a budget, this should include:
All expenses, be generous it is better to over budget
Some savings you will take out as your pay comes in
A miscellaneous amount for unexpected bills
Insurance, don’t over insure but insure yourself against large risks.

17. Budgeting in Life Stick to your budget
If you have a credit card set a limit you can pay back before interest starts to accrue
Save for wants don’t use a credit card or hire purchase
Cars are expensive, plan for that
If you want a house don’t forget rates, insurance, maintenance and legal fees etc.

18. Budgeting in Life
Take an interest in your Kiwi Saver and have it invested in an appropriate risk category
Set financial goals
Over the medium to long term never spend more than you earn, ever.