Tag Archives | budget calculator

Image by photosteve101 on Flickr

Image by photosteve101 on Flickr

With tuition, transportation and housing costs increasing each year, now, more than ever, is budgeting important. The Canadian Federation of Students estimates that a recent graduate can expect to be $27,000 in debt after graduating. Whether you’re in first or fourth year, it never hurts to be smart with your money. These skills will be extremely important in the future. Here is a template to help get you started on a more financially sound future:

Step 1: Calculate Your Income

Amount

Scholarship/Bursaries
Salary/Wages
Registered Education Savings Plan (RESP)
Student Loans
Family Contributions
Gifts
Other
Total yearly income

Step 2: Calculate Your Expenses

Education 

Amount per year

Tuition
School Fees Not Included in Tuition (i.e. athletics, library, counselling)
Textbooks and Course Materials
Other Educational Expenses (i.e. supplies, associated course fees)
Housing 

Amount per month

Amount per year

Rent/Mortgage
Other Housing Costs (i.e. property taxes, property insurance, maintenance costs, condo fees)
Utilities (hydro, gas, electricity)
Telephone/Cellphone
Cable
Internet
Food 

Amount per month

Amount per year

Groceries
Meal Plan
Transportation 

Amount per month

Amount per year

Public Transit
Parking
Gas
Car Payments
Insurance
Licence/Registration
Service/Repairs
Lifestyle 

Amount per month

Amount per year

Shopping (i.e. laptop, clothes, gifts)
Entertainment
Travel
Other (i.e. grooming, dry cleaning)
Health

Amount per month

Amount per year

Health/Dental Insurance (if not already covered by parents or included in tuition)
Uninsured health services (i.e. prescriptions, medical/dental procedures)
Loans

Amount per month

Amount per year

Private loan monthly interest  payment
Total yearly expense

Step 3: Calculate Difference

Total yearly income – Total yearly expenses = Cash Flow

If you have a positive number: Congratulations! You’re off to a great start to a debt-free future. However, be careful if a lot of your income comes from loans. You will have to pay these off after graduation, so try to keep how much you borrow to a minimum.

If you have a negative number: Don’t worry. This happens to everybody! Find ways to cut spending on unnecessary expenses. Look for cheap alternatives on everyday expenses to save money. Browse students.org for articles on how to find scholarships, how to entertain yourself on a budget and many more money saving tips.

Download our Student Budget Calculator so you can keep it on hand to fill out!

Also, be sure to check out other templates online such as the ones made by the Financial Consumer Agency of Canada or RBC that helped inspire this one. Good luck!