Learning how to manage money is a valuable skill to have while attending university. Knowing the cost of your education will help you to better prepare and organize your finances. With good planning, you will understand where you spend your money, what your fixed expenses are and how to manage your cash flow.
Once you are on campus, take advantage of financial planning or advice services, such as the office of the registrar or student financial services.
Here are some strategies you can use to enhance your financial wellness:
- Limit or avoid credit card debt while attending university by using your debit card, rather than a credit card, to make purchases.
- Take the time to seek out scholarships and bursaries, both within and outside of a university.
- Set a weekly spending limit for entertainment-related activities.
- Eat nutritiously on a budget:
- Take your lunch, snacks and drinks with you to class or work.
- Shop wisely for groceries.
What Kind of Costs Can I Expect?
Your costs will generally fall into 3 categories:
Tuition fees depend on the program and school you choose. In 2020-2021, the average cost of 1 year’s tuition at a Canadian university was $6,580, before taking into account scholarships, bursaries and awards.
If you know the program you want to study, visit the websites of the universities that offer it to find out current tuition costs. If you do not know what you want to study, look at tuition costs for a few different programs and then make a reasonable estimate.
Books and Other Course Materials
For many undergraduate university programs, the typical cost of books and other materials ranges from $800 to $1,000 per year, although costs vary by program. To reduce these costs, you might consider:
- buying used books or their electronic version,
- borrowing from the university’s library and
- sharing books with roommates or friends in the same program.
If you plan on living in residence, visit the websites of the universities you are interested in attending to learn more about the costs of residence and meal plans.
If you plan to live off campus, you will be paying for rent and groceries. You might also need public transportation, so you should investigate the cost of a public transit pass (if it is not already included in your student fees) or, if you have a car, calculate the cost of gas and parking.
Whatever your living arrangements, there will be other costs to consider, such as clothing, computers, cell phones and entertainment.
How Do I Make a Budget?
Making a budget means not only keeping track of where you spend your money, but also planning ahead for fixed payments such as rent, tuition, bills and future expenses. One way to start the process is by filling out a sample budget, so you know how much money is coming in and how much is going out.
Some universities include budget calculators or provide sample budgets to help students identify their expenses. Often these kinds of tools are also available through the university’s financial services website. Many universities’ financial services also offer workshops on how to manage your finances while attending university.