Student Spending Plan (aka Budgeting!)

Student Spending Plan has such a better connotation than "Budgeting!"  Creating a plan does not mean you have to go without!  It makes you better prepared for what life hands you and it's a tool that you can utilize throughout your life.  

Reasons for creating a Spending Plan

  • It provides you with opportunities
  • It puts YOU in charge of your financial future
  • Helps achieve your life goals
  • Prepares you for emergencies
  • Reduces your stress

 

Steps to creating a Spending Plan

 

  • Know your costs
    • Go to your university website and look at the costs for tuition, student fees, residence and meal plans
    • Don’t forget:
      • Books
      • Equipment/laptop
      • Spending money
      • Cell phone costs
      • Rent & groceries (if living off campus)
      • Commuting costs (gas, winter tires)
      • Rental insurance
      • Utilities
  • Know your resources
    • Student loans
    • Scholarships & bursaries
    • Student line of credit
    • RESPs
    • Sponsorship payments
    • Job earnings
    • Help from family
    • Savings
  • Map a timeline
    • Know when your fees are due
    • Know when to expect payments from your student loans, sponsors, line of credits, RESPs
    • Know when other payments are due such as car payments, cell phone plans or utilities (if living off campus)
  • Build a plan
    • Prioritize your spending
    • Is it a need or a want?
    • Start small…keep receipts for 2 weeks and record ALL your expenses
  • Maintain your plan
    • Record, review and revise
    • Be honest in your spending tracking
    • Make it fun! Create a vision board, keep a journal, get organized with inexpensive boxes and file folders from the dollar store
    • Meet with our Financial Aid counsellor