Post-Secondary Education, Money and Me! Some ideas to help students look after money – Part 1

Part 1: Financially, what does your academic year look like?

By the Association of Saskatchewan Home Economists

Money seems to disappear quickly and one wonders where it went! Managing expenses for your post-secondary education can be challenging. It is not easy to focus on school work if you are worried about money. Setting up a spending plan can help you understand your money needs and lessen your stress.

With some effort and planning, you can be in control of your financial fate. Developing your own spending plan can help you get the most from your money and help stretch the money to the end of the school year.

Every person has a different set of circumstances and that is why you need to have your own plan. You can start by talking to a person at your financial institution. Most financial institutions have programs or pamphlets on developing budgets and tips on money management. You can also review information by researching sites such as:

Then consider creating your own plan following these steps:

  1. Before the term starts, list the money you have and other potential sources. This includes your bank account, scholarship and bursaries, donations, gifts, loans, employment, family support, and registered education plans. Total your expected income.
  2. Before the term starts, list the amounts of regular/essential expenses for the year and total them. This includes tuition, educational materials, child care, housing, food, utilities, telecommunication and digital plans, transportation, insurance, regular medical costs, credit card and car payments.
  3. Include a small cushion amount in you expense list. This is for totally unanticipated expenses that may suddenly occur.
  4. From your total expected income, subtract the total of regular/essential expenses to determine the amount of money remaining for irregular expenses (cosmetic, clothing, repairs to vehicle, gifts, and entertainment/activities/sports).
  5. Before the term starts, list the amounts of regular/essential expenses for the year and total them. This includes tuition, educational materials, child care, housing, food, utilities, telecommunication and digital plans, transportation, insurance, regular medical costs, credit card and car payments.
  6. Record, analyze and revise:
  • Identify ways and means in which you can eliminate/lower your expenses by selecting alternate options or eliminating the expense.
  • Plan to record daily transactions on a spending sheet or in a book.
  • Keep in mind it is easier to borrow money than to repay it.
  • Consider if you may need to find a job to help meet your expenses.

Never be afraid to ask for help from professional sources!

Part 1 of a 4 part series:

Part 1: Financially, what does your academic year look like?

Part 2: How to be your own Financial Manager and How am I doing?

Part 3: Tips to stretch your dollars

Part 4: Be Your Own “Accountant”

Home Economists and Educators Linda Ashley and Millie Reynolds are the chief compilers of information collected from professional financial institutions, high school and university students, ASHE Board of Directors and computer sources.

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