List out all your expenses and divide them into two categories: fixed expenses and variable expenses. Step 2: Estimate how much you spendĪfter you figure out where the money is coming from, the next step is to establish where the money is going. That way, you’ll be able to save a lot at once and spend this money accordingly throughout the year.
If you find it hard to balance your coursework with a job, you can also consider working full-time (or as many hours as possible) in the summer. Working part-time or starting a side-hustle while you’re in school is a great way to create an ongoing income. So staying on top of your money can help you focus on school – you won’t constantly be worrying about your cell phone and internet bills or wondering whether you can afford to eat out that week.
You might only get your tuition and books paid for, but what about food, shelter, and transportation? And if your program fees are covered by a renewable scholarship, you could still lose it if you don’t meet the minimum GPA requirement. Relying solely on student loans can be risky as you might not receive the amount you expected. Therefore, as a student, it’s a good idea to find more than one stream of income to maximize your budget and prepare for any potential issues. Knowing where your money is coming from, how you’re spending it, and when you’ll need to pay it back will give you the confidence to decide what’s right for you. Whether you’re financing your education through student loans, scholarships, an RESP, a part-time job, or your parents, your budget starts off with your income and decreases with every expense. The first step to setting a budget is to figure out where your money is actually coming from. Step 1: Figure out where your money is coming from That’s why we’ve created this guide (and a student budget template) to help you stay financially afloat while you're getting your education. From the overpriced meal plan to the hundred-dollar textbooks, expenses add up quickly, especially if you don’t have the right budget in place. Let’s face it – neither college or university is cheap.
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