Managing your money
When you’re studying in New Zealand it is important to know how to manage your money. Learn how to create a budget to plan for the costs of living and studying here, and find out where to go for help.
Creating a budget
Coming to study in New Zealand may be the first time you have had to look after your own money. It can be hard to keep control of your finances while you’re studying, especially while you’re getting used to living in a new country.
A budget can help you know exactly what is happening to the money you earn and the money you spend. You’ll feel less worried about money, and find it easier to focus on your studies. Working out a monthly budget is really important if you’re managing a large amount of money that has to last you for a long time.
To create your budget, work out how much money you’ll have and how much money you’ll need. Get started with this budget planner.
Things to think about when managing your money
You’ve come to New Zealand to study, so make sure you’re not working so many hours that you’re not able to succeed at your studies.
Working part-time while you study is a great way to help pay your living expenses, but be aware that you’re not guaranteed to find work. If you have a student visa, and have the right to work, you are only allowed to work up to 25 hours a week during the term.
Most scholarships with living expenses are intended to support only one person. If you plan to bring your family with you, make sure you have enough money to support them.
It’s a big risk to loan money to friends – for example, to help them prove they have enough money in their account to be able to renew their visa.
Beware of losing money to online scammers. Some scammers may target international students – for example, by asking you to pay a room for a rental apartment that doesn’t exist. Check out Netsafe’s tips on spotting a scam(external link that opens in a new tab).
Tip: If you’re finding it hard to remember where your money goes, write down all your expenses for a month or two in a notebook, online ‘spending diary’ or smartphone app.
For ideas on money tracking, check out this video.(external link that opens in a new tab)
You may not be certain what your expenses are likely to be when you first arrive in New Zealand, so start a budget and you can change it later. (Find out more about what things cost in New Zealand and how much it costs to rent a flat or apartment.)
Make sure your budget allows for emergencies and one-off expenses, such as renewing your visa or paying medical costs that might not be covered by your insurance, and review it regularly.
Where to go for help
Living on a student budget can be tough but there are people who can help.
Talk to your international student advisers to see how they can help you manage your money. The place where you’re studying may offer one-to-one budgeting advice, financial workshops or online budgeting programmes. You may qualify for an emergency payment from a hardship fund. Students’ associations sometimes offer services like food parcels, low-cost meals, free bread or cheaper fruit and vegetables.
You can get free, confidential budgeting advice from MoneyTalks(external link that opens in a new tab). The Citizens Advice Bureau(external link that opens in a new tab) can help you find a budgeting service in your area, and some branches also run budgeting clinics.
It’s much better to ask for help sooner rather than later. If trying to manage your money is making you feel worried or upset you can get help by contacting the free counselling services listed on our Feeling Lonely, homesick or depressed page.
Tip: Students’ associations and clubs often offer discounts for members. There may be a small sign-up fee, of about $5-15. You can also get student discounts on technology products, meals, clothing, transport and more through UNiDAYS(external link that opens in a new tab) and StudentCard(external link that opens in a new tab).
Extra support
If you need urgent financial support or food, there are services that may be available to help you.
- Through support from the Ministry of Social Development, Asian Family Services are providing food parcels and financial support with living expenses to Asians affected by COVID-19, including international students. Learn more here(external link that opens in a new tab), or call Asian Family Services on 0800 862 342.
- You can contact your home country's embassy, high commission or consulate in New Zealand. Find out more about getting help from your embassy, high commission or consulate.
- If you are in urgent need of food or other essentials, you can call the New Zealand Red Cross on 0800 REDCROSS (0800 733 27677). You can also get a free food parcel from a foodbank in your area using New Zealand Foodbanks(external link that opens in a new tab). We suggest you have your student ID with you when you call.
- Community, faith-based and cultural groups may provide support to those in need. To find out what is available in your area, contact Citizens Advice Bureau (external link that opens in a new tab)or phone 0800 367 222.
- You can use your money to maintain yourself if your visa application is being assessed, including the money you presented for your visa application. If Immigration New Zealand later asks for a bank statement, it would want to see that you still have enough money to support yourself for the remaining months of your intended visa period (NZ$1,667 per month).
Gambling
Be careful with gambling. If you develop a problem with gambling, it can harm your finances, your relationships with family and friends, your studies and your future.
International students are among the groups of people that are especially at risk of having a problem with gambling. You’re also at a higher risk if you use 'pokie' machines, gamble online or often go to a casino.
Here are some of the signs of having a gambling problem:
- Trying to win back money you’ve lost.
- Spending more money on gambling than you wanted to.
- Losing track of time when you gamble.
- Hiding your gambling from family, friends and teachers.
- Feeling depressed, anxious, guilty or regretful after gambling.
If you think you do have a gambling problem, there are lots of people who can help. For free, confidential advice and support, call the Problem Gambling Foundation(external link that opens in a new tab), Asian Family Services(external link that opens in a new tab) (which offers advice in many different languages) or the Salvation Army Oasis(external link that opens in a new tab).
Tip: The Safer Gambling website(external link that opens in a new tab) can help you understand gambling in New Zealand, give you tips on keeping yourself safe and help you control your gambling.