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Student Budgeting

Being a student can be challenging, and keeping track of your money while juggling school, work and everything in between is not always easy. Budgeting is a practical skill that helps you plan your spending, avoid money deficiency and stay on track toward finishing your education. Whether you’re just starting out or wanting to have more control over your finances, the tips and resources below can help.

Build Your Budget

A budget is a financial plan that tracks your expected income and expenses over a set period. Here are income sources to account for:

  • Student loans and grants
  • Part-time work
  • Family support

Expenses include, but are not limited to:

  • Fixed: Tuition, rent, transit pass and phone
  • Variable: Groceries, textbooks, supplies and personal care
  • One-time: Move-in costs, technology and enrollment fees

Once you’ve gathered your income and expenses, it’s time to build your budget. Planners from Financial Consumer Agency of Canada and StudentAidBC can help you estimate costs and create a customized budget. Follow these steps to start planning:

  1. Add your total income for the term
  2. Estimate total expenses for the term
  3. Subtract expenses from income
  4. Track spending weekly or monthly and adjust as needed

*Note: if there’s a deficit, look for ways to reduce costs. See Find Additional Funding below.

Manage Your Costs

These practical tips for people in B.C. are habits you can adopt to reduce your spending to use your money for the things you need:

  • Transportation
    • U-Pass BC for eligible post-secondary students (discounted transit pass)
  • Food
    • Campus food banks: Many B.C. post-secondary institutions have one; contact your student union or campus services to see if your school provides this support 
    • Free or subsidized meal programs on campus
  • Banking
    • Switch to a student bank account with no monthly fees. Most Canadian banks offer one
    • Use debit over credit when possible. If using a credit card, pay the balance monthly or use a low-interest student card
  • Textbooks
    • Buy used or rent textbooks through campus bookstores
    • Check the campus library. Many textbooks are available on reserve for free
    • Check open educational resources to see if your textbooks are available for free
  • Discounts
    • Student Price Card (SPC) for discounts on everyday purchases
    • Check your student union for campus-specific deals on software, gym memberships and other services
    • Many museums, transit systems and entertainment venues offer student rates with a valid student ID

Free Resources on Campus and in B.C.

Here are some resources you may not know about:

  • Financial aid offices: Post-secondary institutions have on-campus support that can help with emergency funds, budget counselling and connecting you to bursaries
  • Campus financial wellness or counselling programs: Many B.C. institutions offer free one-on-one financial coaching for students
  • BC211: Community-based financial support, including food, housing and emergency assistance
  • StudentAidBC: Information on managing and repaying student debt

Find Additional Funding

Funding is available beyond student loans:

 

For more support, connect with a WorkBC Centre near you. Services are free and available to residents of B.C.