Financial Assistance: Making Ends Meet October 2011 1.

Financial Assistance:Making Ends Meet

October 2011

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Understanding the costs of a university education

Implement a monthly budget Become aware of financial opportunities

Goals and Objectives

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University ExpensesExpense Estimated Yearly Cost*

Tuition** $5,448 – 6,640

Student/Ancillary Fees $700 - 900

Books/Supplies $1,000 – 1,500

Residence $5,300 – 5,610

Meal Plan (often required for student living in residence)

$3,000 – 3,700

Total (Per Year)

Total minus residence/meal plan

$15,448 – 18,350

$7,148 – 9,040

*Estimated costs are based on 8 months of study (two terms)**Tuition for International students will range from $15,000 – 20,000 depending on the program and institution

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Average Monthly Costs$1,100

Rent/Residence fees, $488

Food & Non-Alcoholic

Beverages, $259

Transportation, $159

Telecom/Cable, $93

Clothing, $99

Supplies (personal care/school), $84

Entertainment, $62

Alcohol & Tobacco,

$62

(source: students as consumers Studentawards, 2009)4

Implementing a Budget

* Needs vs Wants: Most important factor in building a realistic budget is distinguishing between things you need and things you want.

* Needs or Fixed Expenses: Monthly expenses associated with goods and services that keep your life stable.

* Wants or Variable Expenses: Goods and services that are not essential to daily living, but are often things that make people happy or may make life a little easier or special.

* Discretionary Income: Spending money on something you want versus something you need (i.e. movie ticket, snacks at a fast food restaurant)

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Implementing a BudgetFinding Balance

* Determining how balanced your budget is: As simple as adding up all of your income and subtracting all your expenses. The result is your net gain or loss.

* Net gain is a good sign! It means that you are living within your income level

* Net loss means that your monthly expenses exceeds your monthly income.

* Look for ways of trimming your discretionary expenses such as: Making a coffee at home instead of a Starbucks/Tim Horton’s or renting a DVD instead of going out to the movies. 6

Implementing a BudgetWorksheet

Managing Your Lump-Sum MoneyWorksheetLump-Sum Income  

Savings from Summer JobScholarshipsBursariesRESPsLump-sum from ParentsLoan(s)Other:

Total Lump Sum Income 0.00

Lump-Sum Expenses  

Tuition

Books/SuppliesTravel to School startTravel home endFirst/Last Rent/DormFirst Grocery Shop/Food PlanOther:Other:Other:

Total Lump Sum Expenses 0.00

Income - Expenses 0.00

Less Emergency Fund  

Monthly Income  (What's left ÷ 8 months) 0.00

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Questions?

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Ruth MacNeilStudent Awards: Wilfrid Laurier [email protected]

Questions?

Contacting Student Awards

Email: [email protected]: 519-884-0710 Ex4592Location: 202 Regina Street, 2nd Floor

Ruth MacNeil, Associate Registrar: Awards [email protected]

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