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Living on a student budget

If you have not already done so, estimate your yearly student budget by listing all your expected income, and see how this compares with your anticipated expenses in the hope that you are left with some spare cash in the bank!

Budgeting accurately is never an easy process, but you can monitor and control your finances more easily with a realistic annual income and expenditure summary.

It can be difficult to predict accurately some variable expenses such as entertainment. Start by identifying bills which must be paid and include in this a small extra amount. This will leave you with the ‘flexible’ part of your income to take weekly from the bank. Don’t be too optimistic in your first budget, and be aware of how much you actually spend (try writing down everything you spend over a week or so). Budget for birthdays, parties, and other outings, or you may find yourself missing out on the best social events of the year. If there is a big gap between your planned budget and your actual spending, try to adjust your spending habits rather than your budgeting.

Consider having two bank accounts – one for essentials such as rent and food, the other for non-essentials like going out, entertainment, and holidays. Another option is to withdraw your “leisure” money once you receive your pay, and leave all remaining money in your account for essential expenses. If you don’t have the liquid cash to buy something, then don’t. Adding onto credit card debt can be a dangerous thing, especially if you are easily tempted to spend. Having a credit card may seem like a life-saver at times, but if you don’t have the funds available to pay off your bills, you can find yourself quickly buried in interest charges.

Your spending patterns will greatly differ between college or university sessions and holidays, so if you want to have more money available during the summer, make sure you save up during the school year. There are useful budgeting apps to download, and many of them are free. They can help you keep track of your day-to-day spending, and your bank balance.

Above all, remember to keep a check on your finances so that money worries do not detract from your studying and from enjoying life at college or university!

Studying at college in Quebec

The following table presents an example of annual expenses for a college student. Of course, fees may be slightly different from one college to the other.

**All costs are approximate. Rent is based on sharing an apartment ($560.00/month); food is calculated at $150.00/week and Hydro at $70.00/month