$$$$$$$$$. Budgeting is necessary … BUDGETING YOUR FIRST YEAR HOMERESIDENCEOFF-CAMPUS (RENTING) FANSHAWE $7,730$14,440$14,450 WESTERN $14,765$23,110$22,190.

$$$$$$$$$

Financial Planning Seminar

March 4, 2014

Budgeting is necessary …

BUDGETING YOUR FIRST YEAR

HOME RESIDENCE OFF-CAMPUS(RENTING)

FANSHAWE $7,730 $14,440 $14,450

WESTERN $14,765 $23,110 $22,190

LIVING EXPENSES

• ACCOMMODATION

• FOOD / MEALS

• BOOKS AND SUPPLIES

• PERSONAL EXPENSES

• TRANSPORTATION

• ENTERTAINMENT

“Adding up the Investment” Fanshawe College, 2014/15

• Fanshawe College 2011/12

  Home Renting Residence

Tuition $3656+ $3656+

Books and Supplies

$1600+ $1600+ $1600+

Computer Related Expenses

$500 $500 $500

Housing $0 $4960 $7104 (includes meal plan)

Food $640 $2080 $640

Entertainment (34 weeks, $30 a week)

$720 $720 $720

Clothing $600 $600 $600

Misc. (trips home, medical, etc)

$560 $1320 $560

Total $8276 $15436 $15380

$3656+

Fact: spending $2.50 a day on coffee costs you $912.50 a year.

Divide your expenses into “wants” and “needs”. You need groceries. You want concert tickets.

Where the money comes from.

$

Paying for Your Education

• Part-time job

• Education Savings

• Bursaries (a cash award that is based primarily on financial need, but academic standing may also be considered)

• Scholarships (academic achievement, volunteer work etc)

Websites

scholarshipscanada.com

studentawards.com

Many bursaries and scholarships go “unawarded” as

students don’t apply

Paying For Your Education

• Loans (borrowed funds that must be paid back, often with interest)

Bank Loans

OSAP – Ontario Student Assistance Program http://osap.gov.on.ca

Listen to the announcements regarding financial aid information.

Research Your Financial Plan

Talk with your family.Visit the guidance office.Listen to morning announcements.Search online scholarships and bursaries.Search post secondary institutions’ websites and

financial aid publications.Go to your local bank and discuss options.

Plan Ahead

Undergrad tuition up five per cent

Toronto StarPublished on Wednesday September 12, 2012

•$27,000: average school-related debt carried by undergraduates finishing school

Free Money

•Grants

•Bursaries

•Scholarships

Helpful Websiteswww.canlearn.ca

http://osap.gov.ca

www.scholarshipsCanada.com

www.studentawards.com

www.osca.ca

Be Smart – Take the Credit

• Education Credit – You can claim a full-time education amount of $400 for each whole or part month in the year in which you are enrolled in a qualifying education program.

• Textbook Credit – You are eligible to claim one textbook amount for each month that you are in school.

Full-Time = $65 Part-Time = $20

USE THE RESOURCES AT YOUR SCHOOL

FINANCIAL AID OFFICES

COUNSELLORS