Budgeting Your Money

How will students manage their money, especially when it often arrives in one big lump sum? Start by outlining what the expenses will be. This will paint a picture of where the money is going. Spending can be tracked by keeping receipts or written records in a booklet.

Some examples of student expenses are: rent, heat, hydro, food, phone, books, tuition, post-secondary fees, furniture, clothing, special ID passes, health insurance plan, school supplies, and transportation (during school and for holidays).

Example 1:
Students who stay in a school’s residence may not have to worry about furniture, heat, hydro or sometimes food because these may be included in the residence fee. But other expenses would have to be considered and added.

Example 2:
Students who live on their own have more to consider. Students can find apartments with heat and hydro included in the rental fee (make sure to ask). Used furniture can be found at second-hand stores in most cities. However, students can also consider furnished apartments. For food, there are some great discount food markets in most areas. Then, other costs will have to be added.

More information about how to budget for your studies >>