Advanced Education and Literacy
Budgeting For School
So you're ready to sign up for school but you need some help working out a budget, or maybe you're still not sure whether you can even afford to attend. Creating a realistic budget can help you decide whether you have the finances to begin school and is also a useful planning tool to ensure there will be enough money to last the entire length of your course. After lots of hard work at school, you don't want to have to drop out simply because of inadequate budget planning.
Creating a budget for your money isn't as limiting as it might sound. A good plan frees you from money worries if it's realistic and you stick to it!
There are a few things to consider when thinking about budgeting and money management. Money management is the way you plan how you will spend your money, as well as where, when and on what you will spend it.
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First, you'll want to identify all potential sources of income. For example:
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Second, you'll want to do a little research on budgeting and money management before you make your plan. At the end of this section, there is a sample budget page for you to fill in. There are other places you can find similar charts as well as great tips for planning your spending. Here are a few Internet sites to check out if you need more information:
You could also ask you bank/credit union for information they might have on budgeting and money management. |
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Third, make a sensible plan based on your financial resources and the costs you'll have for the upcoming school year. Try to get someone you trust to look over your plan in case there are costs you didn't consider or better yet, ways to reduce expenses to stretch your dollar just a little further. If you come out in the hole the first time around, don't be discouraged. Rework your plan. Can you work part-time during school to supplement your income? Can you sell your car and take public transportation? Don't give up too soon if your budget is a little short, but do be realistic about whether you really can afford to go to school. There may be other ways of meeting your educational goals than attending school full-time. Check out all of your options. |
Remember: Take control of your money matters; don't let money control you and your educational goals!
Manitoba Student Aid ProgramMONTHLY STUDY PERIOD BUDGET for Post-Secondary Students |
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| COSTS |
RESOURCES |
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| RENT/RM.BRD
UTILITIES:
FOOD TRANSPORTATION RECREATION CLOTHING DAYCARE OTHER(specify) OTHER(specify) TOTAL: |
______
______ ______ ______ ______ ______ ______ ______ ______ ______ |
PART-TIME EARNINGS
SPOUSE’S EARNINGS ALIMONY CHILD SUPPORT EI BENEFITS/ALLOWANCES CHILD TAX BENEFITS CRISP MSB SOCIAL ASSISTANCE OTHER(specify) OTHER(specify)
TOTAL: |
______
______ ______ ______ ______ ______ ______ ______ ______ ______ ______
______ |
| TOTAL MONTHLY COSTS ______ | - TOTAL MONTHLY RESOURCES ______ | ||
| = TOTAL MONTHLY NEED $______ | |||
| TOTAL MONTHLY NEED ____________
x ______MONTHS IN PROGRAM
= ____________(TOTAL NEED FOR LIVING EXPENSES) + TUITION FEES,
$______ TOTAL NEED $____________ |
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