Budgeting Information for Students

Taking Charge of your Financial Future

Paying for your education begins with a plan. A good financial plan will include an estimate of resources and costs over your academic career. A financial plan provides an opportunity to evaluate your current financial situation and make sound decisions for the future.

Creating a Financial Plan:

Develop a budget for your academic year

  • Step 1: Include all realistic resources available to you, such as savings, employment earnings, Government Assistance (loans and grants), family support, scholarships and bursaries.
  • Step 2: Search out all possible sources of funds available. The Student Financial Services website is a good place to start.
  • Step 3: List your expenses. Be realistic, accurate and budget for the unexpected.
  • Step 4: Track all your daily expenses and compare them with your budget. There are free expense tracker apps available for your phone and computer to help track where your money is spent.
  • Step 5: Review your plan and make the necessary adjustments to be financially successful! Remember your most expensive months will likely be September and January.

If the expenses exceed income and you come up with a negative figure, you need to re-evaluate your financial plan. Spending in certain areas will have to be reduced to keep you financially healthy. Cut back wherever you can to ensure that your resources can cover all your expenses.

If you do happen to have money left over, that's great! Put this into a savings account or other investments. That way, you can save to meet future goals. Keep your budget up to date as your income and goals change.

Example of estimated costs for 2017-18 for two semesters. Please note this is an example and expenditures may vary depending on program of study, living costs etc.

Expense Item On-Campus Living Cost At Home Cost Off-Campus Living Cost
Tuition & Fees (Arts) $ 7,849 $ 7,849 $ 7,849
Books & Supplies $ 1,320 $ 1,320 $ 1,320
Residence - Double $ 6,082 0 0
Meal Plan (Full) $ 5,050 0 0
Rent ($550/month) 0 0 $ 4,400
Food ($250/month) 0 0 $ 2,000
Utilities/Cable/Internet etc. ($350/month) 0 0 $ 2,800
(Clothing,Entertainment,Laundry  etc.)
$ 2,200 $ 2,200 $ 2,200
TOTAL $22,501 $11,369 $20,569

Government Student Assistance Payments

Government student assistance is paid in two installments, usually at the start of each of your study semesters. Government loans are usually allocated 60% in the fall and 40% in the winter semester; government grants are usually split equally between the fall and winter. It is important that your financial plan reflect these lump sums and that you make use of them appropriately over the two semesters.

Still a little short or looking for some extra money?

Consider applying to one or more of these U of G's programs specifically created to assist students with demonstrated financial need: Bursaries, Work Study, and/or Undergraduate Research Assistantships

Using Money Wisely - some useful tips

  • Buy used textbooks and sell your text books back at the end of semester.
  • Make a list when shopping for groceries and stick to it. Find a friend to share the cost of bulk items and don't shop at a convenience store where items are usually more expensive.
  • Enjoy free activities on campus or in the community. Borrow movies and magazines from the local library.
  • Pack a lunch every day to save money.
  • Plan to treat yourself once in a while, and make sure you include this in your financial plan.
  • Bring a reusable mug with your coffee already made; it is good for the environment and your wallet.
  • Avoid impulse purchases; stop and ask yourself "do I need this or do I want this?". If you think you need the item, first look for bargains and sales. You can ask a store to put an item on hold for 24 hours while you do a bit of price checking.
  • Save each day's loose change to make a weekend fun fund, or have a small amount automatically transferred to a savings account each month.
  • Use credit with caution. Check the interest rates on credit cards. You should never carry a balance on a high interest credit card. If you need credit, it is better to see if you qualify for a government loan or a student line of credit at your bank.

Helpful links from the Credit Counselling Society:

My Money Coach

Video: Things You Need to Know About Your Credit Score

Video: The Cost of Making Minimum Credit Card Payments

Video: How to Get Your Credit Report for Free

Important Websites:


Financial Consumer Agency of Canada

Debt Free Forever

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