Money & Budgeting
Managing your Money is a Necessary Skill!
The resources on this page will help you understand and anticipate the various challenges you can face as a student when it comes to money, and can assist you with creating a budget for yourself.
Understanding and Anticipating Challenges When it Comes to Money
Understanding and Anticipating Financial Challenges as a Student
Avoid the stress and consequences associated with a lack of money.
Common Money Mistakes Students Make
It’s important to be mindful of common money mistakes.
Part-time Work can help with Financial Challenges
Check out Career Services if you're looking for part-time work!
Speak Student Services or Student Financial Services
for additional advice or questions about budgeting.
Budgeting
A student’s budget usually involves TWO PARTS: Lump Sum Income & Expenses, and Monthly Income & Expenses.
Budgeting: Part 1
Lump Sum Income
What sum of money are you starting school with?
Include any loans, savings, bursaries, or scholarships.
Lum Sum Expenses
Large, one-time payments that will come out of your Lump Sum Income. Can include tuition, books, supplies, last month’s rent, etc.
Subtract your Lump Sum Expenses from your Lump Sum Income. This is the amount of money you have to spread over the course of the year (divide over 12 months).
Budgeting: Part 2
Monthly Income
The amount of money you earn from part-time work or allowances.
Monthly Expenses
Rent, phone/car/utility bills, food, entertainment, public transportation, and other monthly expenses.
Add your monthly income and the monthly amount leftover from your Lump Sum Income. This is the amount of money you have each month. Subtract your expenses from it.
With this information in mind, you can create a budget using a downloadable budgeting worksheet:
Budget Worksheet
(Fillable PDF Version)
Budget Worksheet
(Excel Version: The math is automatically done for you!)
It Also Helps to Look For Discounts!
Check out this great blog about discounts Canadian students can enjoy.