Wondering how to manage your expenses in New Zealand? Here’s our list of estimates to help!

Studying abroad can be an expensive affair. However,An good budget plan can assist you in better managing your living expenses. When calculating the projected cost of studying in New Zealand, make sure to factor in expenses such as housing, food, health insurance, and travel, in addition to your tuition fee.

1. Tuition fee is your prime expenditure

The tuition cost you pay is determined by the sort of qualification you pursue and the university or school you attend.  In New Zealand, there are several prestigious universities and colleges with their unique price schemes. You’ll need between NZ$ 22,000 and NZ$ 35,000 per year to cover tuition fees (indicative).

Humanities, arts, and education courses are typically less expensive, but medicine and engineering are more likely to be costly. Tuition expenses for postgraduate studies are often greater, and costs vary based on the programme. MBA programmes, like those in most other nations, are frequently the most expensive. The typical cost of these programmes is between $31,000 and $50,000 New Zealand dollars (indicative).

If you want to bring down your educational expenses, it is best to apply to various scholarships available for Indian students.

2. Where will you live? Calculate accommodation costs

Most universities in New Zealand offer on-campus residence facilities called the Halls of Residence to international students. Living as a resident on-campus is a very affordable option. However, you need to apply for it separately, and well ahead in time to secure a slot for yourself. These will generally cost you around NZD 215-NZD 555 per week (depending upon the city and type of accommodation). You can choose from either fully-catered or self-catered halls of residence.  

Most institutions in New Zealand provide overseas students with on-campus housing called Halls of Residence. Living on campus as a resident is a very cost-effective choice. However, you must apply for it separately and well ahead of time in order to obtain a spot. These will usually set you back between NZD 215 and NZD 555 every week (depending upon the city and type of accommodation). You can live in either fully-catered or self-catered resident halls.

You can also choose off-campus housing, such as sharing an apartment with other Indian students or staying with a local family in a homestay. In such instances, you should be willing to adapt to a lifestyle that differs from that of India. It costs roughly NZ$120 to live in a shared apartment or flat. Keep in mind that rental prices differ from city to city.

If you arrive before the end of your tenancy, reserve a room at a youth hostel like the YMCA. These are value for money and a great way to meet new people. During your study in New Zealand, you have the option of staying in student residence halls (about $200 per week), shared flats (around $120 per week), or private flats (approximately $180 per week).

3. Cost of your student visa

To study in New Zealand, the first step is to secure a valid student visa and that comes with its own costs (approx. NZ$ 270). Feel free to consult your AEMS counsellor for latest updates and information on the visa application process and related costs.

4. Living expenses

You need to keep a little money aside for your grocery shopping, social activities and emergencies. To avoid overspending it’s a good practice to keep track of all your expenditures. Considering various expenses and living costs, a tertiary student budget in New Zealand comes between NZ$ 13,000 and NZ$ 16,000 per academic year (indicative).

If you want to study in New Zealand for more than a year, then you‘ll need to show that you have at least $15,000 to cover your living expenses for the first year. But, if you’re studying for less than one year, you must have at least $1250 for each month of your study program to contribute as your living expenses.

Source: https://www.newzealandnow.govt.nz/living-in-nz/money-tax/comparable-living-costs (*indicative) 

5. Keep safe. Consider health support and insurance

Medical insurance is required for all students travelling to New Zealand from India before the start of their study. Numerous schools and universities in New Zealand now offer comprehensive health insurance coverage to international students, although this only applies while your programme is in progress and ends after it is completed. 

Certain colleges may not offer any insurance, and hence you will have to arrange for private medical insurance (your AEMS counsellor will guide you with the same). The average cost for medical insurance ranges between NZ$ 200 – NZ$ 700 a year (indicative). Extensive health and support services are readily available for all Indian students in New Zealand. 

International students can get health insurance at a reasonable price. For instance, yearly health and travel insurance cover in association with StudentSafe (a popular choice with students) is about. $590. Orbit Protect is the cheapest international student health insurance at $454 for a year.

6. Transportation. Know how much it will cost to move around

Your institution may or may not provide you with a shuttle service to and fro from your residence. In such a case you might have to rely upon the public transport.

7. Don’t ignore your taxes

In order to work in New Zealand, Indian students must obtain an Inland Revenue Department number, sometimes known as an IRD number. During academic sessions, you are allowed to work 20 hours a week, and during vacations, you are allowed to work full-time. Your earned income will be taxable if you choose to work while pursuing your studies.

Keep in mind that fluctuating currency rates may have an impact on your financial planning.

We suggest you also look for a part-time job while you are studying in New Zealand or seek scholarships in the universities you apply to. This can help lower your cost of studying abroad to a great extent.