School Budget

Average Budget

Possible Resources

  • Savings from Summer Job - $ 1,000
  • Other Savings - $ 1,000
  • Parental Contribution - $ 500
  • Part-time Earnings during the school year - $ 500

Total Resources - $ 3,000

Estimated Expenses (Based On 8 Months)
Costs may vary dependent on program and year of study

  • Tuition/student fees: ($2382 per semester) - $ 4,765
  • Books ($945 per semester) - $ 1,890
  • Living costs ($1010 per month) - $ 8,080
  • Miscellaneous ($250 per month) - $ 2,000
  • Transportation ($80 per month) - $ 640

Total Expenses - $17,375

Please note: the example above includes only basic items. Students will require additional funds to cover such things as recreation, clothing, supplies, and other personal items.

Click here to read some tips to stretch your money!
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Budgeting Worksheet

STEP 1: HOW MUCH WILL IT COST?

Returning to school involves both direct and indirect costs. Direct costs are those incurred specifically to attend school, while indirect costs are the living expenses that continue whether you are working or going to school. Let's calculate you costs.

A) DIRECT COSTS

Item Total Cost
Application Fees
Tuition Fees
Lab Fees
Student Fees
Campus Parking
Field Trips / Practicum
Examination Fees
Books/Texts
School Supplies
SUB-TOTAL

B) INDIRECT COSTS

Item Cost Number of Months of Program Total Cost
Rent/Mortgage X =
Insurance X =
Utilities X =
*Hook-up Charges X 1 =
Food X =
Transportation X =
Clothing X =
Recreation X =
Dental/Medical X =
SUB-TOTAL

TOTAL OF ALL EXPENSES (DIRECT + INDIRECT COSTS) =

STEP 2: WHERE WILL THE MONEY COME FROM?

C) PERSONAL SOURCES

Item Total
Savings
Family
Part-time Work
Other Income

D) OTHER SOURCES

Item Total
Scholarships
Bursaries
Loans
Grants

TOTAL INCOME FROM ALL SOURCES (PERSONAL + OTHER) =

STEP 3: DEFICIT OR SURPLUS?

Now subtract your expenses from you income to determine if you have a deficit or surplus.

STEP 4: DO YOU HAVE A SHORTFALL?

If you do, ask yourself: Is my budget realistic? How can I bring my costs down? How can I increase my income? Are there changes needed to improve my spending habits?

Do not spend what you do not have!

Click here to download the Budgeting Worksheet information in an Microsoft Excel file!
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