Budgeting

Budgeting

Whether you've just finished high school or are considering a return to school, planning what you're going to do can be a daunting task.  Figuring out how much you're going to pay is even more daunting. 

There are many budgeting tools at your disposal.  Click here to access our PDF file, Your Money. Your Responsibility.  This budgeting tool will help you to determine how you can make it through the year financially and will provide many useful tips.

Most major banks provide budget calculators to students to assist them.  Check out your bank online to see if they have something available to you.  Click here  to find out what the banks might have to help you.

Resolve is the Canada Student Loan Service provider.  Their site includes budget and loan calculators.

The Debt-Free Graduate is the students’ on-line resource for financial advice.

Where can I find money?

Savings … save a portion of every pay cheque from part-time or summer jobs.  You may want to put this in a separate account so that you’re not tempted to spend it.  Remember, if you’re applying for a student loan, the government expects that you will save and contribute to your own education.

Student loan … if you are applying for a student loan and are considered to be a dependent student, it is expected your parents and/or family members will contribute to your education.  The contribution assumption is based on the income reported on their previous year’s income tax return.

Work while at University … If you work during the school year and apply for a student loan, you will be expected to contribute a portion of this income toward your education.  You may be able to find a part-time or weekend job in your local area or on campus.   If studying full-time, it is recommended that you not work more than 10-12 hours/week.  Check our CPC(Career Planning Centre) website for assistance.

Scholarships and bursaries … You may be eligible for an entrance scholarship or bursary from MSVU.  In addition, many church and service organizations in local communities offer scholarships and bursaries to local students who are going on for higher education.  Check out your church, your local legion, Shriners, unions, employers, parents’ employers, etc.

Additional sources of funding:

• Government student loan
• RESP (registered education savings plan) Government studet loan prgrams will require that you send RESP money before applying for government-subsidized loans.
• Monetary gifts
• Student line of credit from a private bank

Are You Financially Ready?

If your total resources exceed your expenses, you are in good financial shape.  If your resources are less than your expenses, you should:

• Review your costs.  What expenses can you eliminate or reduce?  Fixed expenses (such as tuition and rent) are inflexible, while food and entertainment can be adjusted.
• Know the difference between wants and needs; i.e. food is a need...eating out is a want.
• Review your resources.  Have you considered all possible sources of income?

First Month Expenses:

Tuition and mandatory fees
Books and supplies
Moving expenses
First month’s rent AND deposit
Connection charges for phone, electricity, oil, water, cable TV, internet
Personal property insurance (check to see if you’re covered under your parent’s home insurance)
Groceries and cleaning supplies
Furniture
Unexpected expenses

On-going Expenses:

Rent
Telephone(s) … cell and LAN line?
Electricity, heating oil, water
Cable TV
Internet
Insurance
Groceries, etc.
Clothing
Entertainment