Learning to manage finances is a challenge, especially in first year. Research is key when planning to attend a post-secondary institution.
After you have decided that you want to go to university, one of the most important considerations is how you are going to finance your education. You will incur substantial costs for tuition and books and, possibly, accommodation and travel. Not only is it important to determine how you are going to obtain the money to meet your expenses, you also need a plan for managing that money.
What is a Budget?
A budget is a plan of action for allocating your money. Budgeting requires 3 main steps:
1) Figure out your income (what money do you have coming in?)
2) Figure out your expenses (what will you be spending your money on?)
3) Review your budget (Subtract your expenses from your total income to see what money you have left.)
If your budget doesn’t balance or leave you with a surplus, you should start researching how you can increase your income. Check out the Financial Aid page for resources available to Brescia students.
Now it is your turn to sit down and get a sense of what your costs and resources will be for your year at university. Use this Budget Worksheet to help you. Does your budget add up?
There are numerous resources available online to help you track and build a budget. Find out that works for you and stick with it!
How will your costs be paid?
- You and your parents (or spouse) should sit down together and detail all realistic needs and resources.
- Clarify the costs for which you will be responsible and the costs that your parents/spouse will cover.
- Will you apply to live in residence or off campus?
- Will you need to apply for government assistance (OSAP)?
- Working part-time during your study period can help decrease your financial need. Be realistic about how much time you can allocate for part-time work. Can you accommodate a part-time job and still fulfill academic obligations (attendance at class, labs, assignments, exam preparation, reading)? If you are having difficulty in obtaining a job on your own, consider a job through Work Study