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A few weeks ago I wrote a post about the cultural significance of  money.  Now I thought I’d discuss how to budget and balance money while at university.

I have a very clear memory of the money jar my roommates kept in the top left hand kitchen cupboard in our Montreal apartment, just above the stove.  We agreed to deposit all of our loose change at the end of every day into the jar, as a way of forcing ourselves to save.  Every week the mason jar would fill up, and by month’s end we’d count our riches.  Keep in mind this was first year university, and our majors were music, fine arts, and literature.  We didn’t know very much about money, and math did not come naturally to us.  Garth, my big-haired, English major roommate, thought that if he spent more during the week he’d get more change, and, as a result, would save more in the jar.  Contrary to Garth’s illogic however, money isn’t like credit card points.  If you spend more, you do not save more.  Once we counted the money, we decided what to spend it on.  Laundry detergent?  Our cable bill?  Even though we had good intentions at the beginning of term, by November those ‘savings’ simply became a ‘pizza fund’.  Practical?  No.  Advisable? No. Delicious?  Yes!

Courtesy of http://www.miltonplanning.com

There are three key areas to consider when budgeting for college or university. Tuition, Course Materials, and Living Costs.

Tuition differs from province to province in Canada.  Ranking lowest to highest is Quebec, Ontario, and B.C. Of course, tuition costs differ for domestic and international students, so I advice to take the time to research each before making a decision.  If you are an international student considering CultureWorks ESL and higher learning, you can find our tuition costs here.  It is important to note that Canadian tuition costs are MUCH cheaper than in the U.S.

Course materials are more predictable term by term, but on average you can budget around $800 to $1,000 per year for books, or a $100 per month, either for hard copy or electronic versions.

Courtesy of http://www.apps.carleton.edu

Living costs also vary by province.  If you choose to study in London, Oshawa, or Ottawa Ontario you can find a very spacious house to share between $700.00 and $900.00 a month. Residence is also a popular option, and you can expect to pay approximately $6,000 – $7,000 annually, or $700 per month.  You can find residence costs here for Western University, UOIT, and Carleton.  Homestays are another reasonable way to go, and can you find out about CultureWorks options here.

Courtesy of http://www.uoit.ca

Take into consideration your food budget and transportation fees as well.  Compared to the U.S., England and Australia, food is considerably more affordable in Canada.  On average, students spend about $250 per month on food in Ontario.  Residences on campus offer meal plans that cost more than if living off campus, but have great value due to their convenience.  Bus passes can range between $200-$300 per month.

Lastly, there are budgeting tips and tricks that will save you money.  Living near campus will cut transportation costs, as you will be able to walk or bike.  Carpooling is a smart idea, too.  Buying used textbooks, cooking meals with friends for the week, avoiding the use of your credit card, looking for discounts with your student card, and researching grants and scholarships will all save you money in the long run.

Courtesy of http://www.edmonton.ca

Keep in mind that your education is an investment, and as such you will spend more up front.  If you budget wisely, you can still save and live comfortably and have confidence that your return on your investment will be very valuable.

I almost forgot to mention the value of living with roommates!  Cutting costs together will help everyone save.  Just don’t follow my example.  Choose friends with math skills!

Happy saving!