6 tips for making a budget as a student

Adopting good financial habits early on is important and making a budget as a student is part of the process. A budget will help you live within your means. In addition, in the knowledge that you can afford necessities such as accommodation, groceries, tuition fees and textbooks, you can focus on your studies.

1. Review your sources of income

Before you begin to assess your expenditures, start by listing your income sources.

• Are you eligible for a scholarship or housing assistance? Do your research! It would be a shame to leave them on the table. Visit the Quebec government websites dedicated to Student
• Financial Assistance and the Shelter Allowance Program to find out if you qualify. You could also reach out to your college, university or municipality.
• Do family members give you a little financial help? Have your parents set aside money in an RESP for your studies and certain expenses? Talk to them about it and clarify the situation.
• Do you have a part-time job or paid internship? Once it doesn’t disrupt your studies, working a few hours a week can make a big difference in your budget.
• Do you have access to personal savings? Even though you shouldn’t dip into your savings unless necessary, it can help in the event of an emergency.

2. List all your fixed expenses

Fixed expenses are expenses that you have to pay every month such as:

• Accommodation and electricity, heating, water and gas bills;
• Transit pass subscriptions (Opus card, for example);
• Internet and cellphone bills;
• Home, car and medical insurance;
• Groceries and essential goods;
• Subscriptions (music, TV and movie streaming services, online services, etc.)

Take the time to estimate these amounts.

3. List all your occasional expenses

These are not monthly expenses, but they must be taken into account to avoid going over your budget. They include:

• School supplies, textbooks, IT equipment;
• Membership, registration and conference fees;
• Clothes, outings, restaurants, hobbies, travel and gifts.

Ideally, you should set aside a small amount every month to build an emergency fund.

4. Calculate your budget

Our free online budget calculator allows you to draw up a budget in a dynamic PDF format, save it and adjust as required. Check it out!

5. Use an application to track your budget

There are many personal finance applications such as Mint and YNAB that allow you to easily track monthly expenses versus income. Alternatively, an old-school Excel document does the job!

6. Save money throughout the year

• Lastly, keep this golden rule in mind throughout the year: learn to differentiate between wants and needs. To resist impulse buying, ask yourself a question before every purchase.
• Do I need or just want this? For example, you need to buy textbooks, but do you need or want to visit a restaurant?
• Use your student card to take advantage of discounts.
• Buy used textbooks from the student coop or online (Marketplace, for example).
• Cook at home and pack your lunch.
• Share digital subscriptions with roommates and friends.

When you track your spending, you’ll see that small purchases can add up to a few hundred dollars per month!

In a nutshell, plan and reduce your stress!

Ideally, you should draw up a budget well in advance of your studies. This will help you avoid debt and have a stress-free student experience. During your school year, ensure that you stick to your budget and live within your means. Have a good year!