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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.
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!