Student Budget

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Printable Version: Student Budget (PDF Format, 202 KB)

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Fall Session | Summer Session | Winter Session

Tips On Personal Financial Management

Expenses

• Why set a budget?
  • To achieve your personal objectives (e.g., travelling, buying a car, paying tuition fees, etc.).
  • To become aware of your consumption patterns and thereby identify how much you are overspending.
  • To serve as a guide for structuring your consumption patterns.
• Your budget should be flexible; it is therefore important that you review and adjust your budget figures monthly.
• Be careful with the "loans" box in the income section! Remember that loans have to be repaid at the end of your studies.
• Some revenues and expenses in the budget are monthly amounts; so, multiplying them by 4 will give you the totals for a four-month period (one session).

Tips for saving money

• Make a grocery-shopping list to avoid making unnecessary purchases.
• Look through newspapers for coupons and specials for restaurants, movies, shows, groceries, etc.
• Avoid using department-store credit cards that have very high interest rates.

Did you know that…

• If you borrow $5,000 and pay it back over a period of 5 years at 8% interest, you will have paid back $6,082.94, that is, $1,082.94 in interest.
• When you use a "white label" (private) automatic teller machine — in a restaurant, for example — you will pay the ATM fee (e.g., $1.50) plus your bank’s service charge (e.g., $2.00).
• When you do not pay off your total credit card balance, interest is still calculated on the initial balance.

Some useful Web sites

• Interactive study planning tools: www.canlearn.ca
• Canadian Bankers Association: www.cba.ca
• Financial Consumer Agency of Canada: "What are your rights and responsibilities as a consumer of financial services?"
  Visit our site: www.fcac-acfc.gc.ca
  

Student Budget
Fall Session

	Monthly		Session Total
Income
Net wages		× 4
Parental contribution/savings
Loans and scholarships
Investment interest		× 4
Other (sporadic income, etc.)		× 4
Total income		× 4
Expenses
*Savings (investments, etc.)**		× 4
Tuition
Books and equipment
Rent		× 4
Heating/hot water/electricity		× 4
**Cable/Internet		× 4
Telephone/long distance		× 4
Furniture
Groceries/household products		× 4
**Restaurant		× 4
Convenience store/school meals		× 4
Public transport		× 4
Parking		× 4
Gas/car upkeep		× 4
Car registration/driver’s licence
Car loan/rental		× 4
Insurance (life, fire, car, etc.)		× 4
**Alcohol/outings		× 4
**Newspapers/books/film rentals		× 4
**Movies/shows		× 4
**Sports		× 4
**Travel/other
Health care (medication, etc.)		× 4
Personal care (haircuts, etc.)		× 4
Clothing/dry-cleaning/laundromat		× 4
**Miscellaneous (gifts, pets, etc.)		× 4
Other loans		× 4
Total expenses		× 4
Income – expenses = _______ (Surplus or deficit)
* Money saved (e.g., $20/month) for projects or contingencies
** Expenses to be reduced in case of deficit.

 

Student Budget
Summer Session

	Monthly		Session Total
Income
Net wages		× 4
Parental contribution/savings
Loans and scholarships
Investment interest		× 4
Other (sporadic income, etc.)		× 4
Total income		× 4
Expenses
*Savings (investments, etc.)**		× 4
Tuition
Books and equipment
Rent		× 4
Heating/hot water/electricity		× 4
**Cable/Internet		× 4
Telephone/long distance		× 4
Furniture
Groceries/household products		× 4
**Restaurant		× 4
Convenience store/school meals		× 4
Public transport		× 4
Parking		× 4
Gas/car upkeep		× 4
Car registration/driver’s licence
Car loan/rental		× 4
Insurance (life, fire, car, etc.)		× 4
**Alcohol/outings		× 4
**Newspapers/books/film rentals		× 4
**Movies/shows		× 4
**Sports		× 4
**Travel/other
Health care (medication, etc.)		× 4
Personal care (haircuts, etc.)		× 4
Clothing/dry-cleaning/laundromat		× 4
**Miscellaneous (gifts, pets, etc.)		× 4
Other loans		× 4
Total expenses		× 4
Income – expenses = _______ (Surplus or deficit)
* Money saved (e.g., $20/month) for projects or contingencies
** Expenses to be reduced in case of deficit.

 

Student Budget
Winter Session

	Monthly		Session Total
Income
Net wages		× 4
Parental contribution/savings
Loans and scholarships
Investment interest		× 4
Other (sporadic income, etc.)		× 4
Total income		× 4
Expenses
*Savings (investments, etc.)**		× 4
Tuition
Books and equipment
Rent		× 4
Heating/hot water/electricity		× 4
**Cable/Internet		× 4
Telephone/long distance		× 4
Furniture
Groceries/household products		× 4
**Restaurant		× 4
Convenience store/school meals		× 4
Public transport		× 4
Parking		× 4
Gas/car upkeep		× 4
Car registration/driver’s licence
Car loan/rental		× 4
Insurance (life, fire, car, etc.)		× 4
**Alcohol/outings		× 4
**Newspapers/books/film rentals		× 4
**Movies/shows		× 4
**Sports		× 4
**Travel/other
Health care (medication, etc.)		× 4
Personal care (haircuts, etc.)		× 4
Clothing/dry-cleaning/laundromat		× 4
**Miscellaneous (gifts, pets, etc.)		× 4
Other loans		× 4
Total expenses		× 4
Income – expenses = _______ (Surplus or deficit)
* Money saved (e.g., $20/month) for projects or contingencies
** Expenses to be reduced in case of deficit.

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