Budget

Basic to managing money is to set up a budget for the academic year which shows you where you stand financially. To do this is actually a fairly simple task, although initially somewhat time-consuming. However, the knowledge it provides can make it well worth the effort.

By planning finances, you will have an idea of how tight money will be and can take steps to try to supplement income, such as applying for a bursary or scholarship, or seeking part-time employment.

To determine costs for an academic year, consider the following: tuition and fees, books and supplies, accommodation, food, utilities, transportation and miscellaneous expenses such as laundry, clothing, personal hygiene products, medical, entertainment, Christmas and birthday gifts, etc.

Once you have totalled the amount you expect you will need for the year, look at the resources you expect to have. These would include your savings at the start of the educational year, government student assistance, family contributions, GST credit, etc.

Try to be as realistic as possible when making up the budget. It is a good idea to refer to your cheque book and to receipts to give you a true picture of your expenses. Pay special attention to miscellaneous, which many students underestimate.

Match the two totals. If it looks like your expenses will exceed your income, then you have two choices: try to cut down on your expenses; or look for some means of supplementing your income. 

How To Economize On Food Bills

Planning is the key to cutting down on food costs, without sacrificing good nutrition.

• Watch for specials and foods which are in season and plan your meal around them.
• Try to make only one trip per week to the store. Additional trips usually end up with additional purchases.
• Shop with a list to avoid impulse buying.
• Try to buy store brands, which are usually cheaper than name brands.
• Be sure to check out top and bottom shelves for better buys, as more expensive items are usually placed in between, at eye level.
• Check unit prices to determine best buys.
• Carry coupons with you and take advantage of them when possible.
• Resist the urge to purchase convenience foods, as you are paying dearly for the convenience.
• Never shop when you are hungry. Take a bag lunch.

Other Ways To Cut Costs

• Buy used textbooks – check first that they are still on the curriculum.
• Limit number and length of long distance telephone calls.
• If feasible, take the bus or walk.
• Lower thermostat at night and when you leave the apartment.
• Shop at the sales.
• Use the library rather than buying books and magazines.
• See if you can go on parent's medical/dental plan if you are a full-time student and under the age of 25. Pay bills and credit cards on time so you don't incur penalties.
• Think before you buy new. Will a second-hand item do just as well?

• Try to avoid single-purpose clothes.

• If feasible, do a full load of laundry rather than several small ones.

Further information and pamphlets on budgeting and money management are available from the Financial Aid and Awards Office.