Budget planning and advice
Budgeting gives you control over your money and your life. It lets you see how much money you have, what you have to spend and how to make your money go further. It helps you plan and reach your goals quicker.
You need to take time to mentally walk through a typical university day
- What are the costs going to be?
- Will you bring your lunch or will you buy it?
- Will you use the vending machine?
- Will free periods involve any expenses?
- What are your plans for the weekend/How much will it cost?
- Travel expenses
- Sports equipment
- Phone calls home or anywhere
- Internet service providers or other online access
- Medical and dental fees
- Miscellaneous needs
Follow these budget tips to be in control of your money
- Determine your total income
You can’t budget your spending unless you know exactly how much money you have coming in
- Outline your total expenses
Where does your money go? Outline your average weekly/monthly costs
- Compare your income with your expenses
Are you in the black? If your weekly/monthly expenses exceed your income you need to trim your spending.
- Track your spending on a regular basis
Every month take a look at how you are doing, especially if your circumstances and your income change
- Set goals for yourself
Think about the goals you want to achieve and work towards them
- Follow the 20/10
Your total debt should never be more than 20% of your annual income (after tax). For example, if your annual net income is $15,600 your maximum safe debt load is $3,120. Your monthly debt payments should never be more than 10% of your monthly net income. So if your income is $1,300 a month your monthly loan payments shouldn’t be over $130
- Try to set aside 5% of your net income for savings
You can also access the following sites for information
- Inland Revenue Department
The IRD can answer all your queries regarding general student loan enquiries, child support, family assistance, income tax, and how to obtain a tax number
Sorted is a site dedicated to helping you manage your money and personal finances. It will help you budget and plan for your future
- NZFFBS (New Zealand Federation of Family Budgeting Services)
This site helps with family budgeting
Contact AUT Student Financial ServicesYou can also come and see us for budgeting advice. We offer advice on how to manage on a student budget and can help do a household budget.
See our location and opening hours
Last updated: 23-Feb-2015 9.20am
The information on this page was correct at time of publication. For a comprehensive overview of AUT qualifications, please refer to the Academic Calendar.