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Budgeting
For School
 So
you're ready to sign up for school but you need some help working
out a budget, or maybe you're still not sure whether you can even
afford to attend. Creating a realistic budget can help you decide
whether you have the finances to begin school and is also a useful
planning tool to ensure there will be enough money to last the entire
length of your course. After lots of hard work at school, you don't
want to have to drop out simply because of inadequate budget planning.
Creating a budget for your money isn't as limiting as it might
sound. A good plan frees you from money worries if it's realistic
and you stick to it!
There are a few things to consider when thinking about budgeting
and money management. Money management is the way you plan how you
will spend your money, as well as where, when and on what you will
spend it.
1 |
First, you'll want to identify
all potential sources of income. For example:
- save money from your summer/part-time employment earnings
- apply for any other forms of government assistance you
may be eligible to receive such as Child Related Income
Support (CRISP), Shelter Allowance for Family Renters (SAFFR),
etc.
- check with your school to see if they provide scholarships,
bursaries or grants
- ask your lender for details on assistance available for
students
- check other community agencies, organizations and businesses
to see if they provide assistance for students
- ask organizations related to your field of interest to
see if they provide educational funding
- apply for Manitoba Student Aid and apply as early as possible
to ensure you get timely notice of your assistance amounts
|
2 |
Second, you'll want to do a little
research on budgeting and money management before you make
your plan. At the end of this section, there is a sample budget
page for you to fill in. There are other places you can find
similar charts as well as great tips for planning your spending.
Here are a few Internet sites to check out if you need more
information:
You could also ask you bank/credit union for information
they might have on budgeting and money management. |
3 |
Third, make a sensible plan based
on your financial resources and the costs you'll have for the
upcoming school year. Try to get someone you trust to look over
your plan in case there are costs you didn't consider or better
yet, ways to reduce expenses to stretch your dollar just a little
further. If you come out in the hole the first time around,
don't be discouraged. Rework your plan. Can you work part-time
during school to supplement your income? Can you sell your car
and take public transportation? Don't give up too soon if your
budget is a little short, but do be realistic about whether
you really can afford to go to school. There may be other ways
of meeting your educational goals than attending school full-time.
Check out all of your options. |
Remember: Take control of your money matters;
don't let money control you and your educational goals!
|
Manitoba Student Aid Program
MONTHLY STUDY PERIOD BUDGET for Post-Secondary
Students |
| COSTS
|
RESOURCES
|
| RENT/RM.BRD
UTILITIES:
HYDRO
WATER
PHONE
GAS
CABLE
FOOD
TRANSPORTATION
RECREATION
CLOTHING
DAYCARE
OTHER(specify)
OTHER(specify)
TOTAL: |
______
______
______
______
______
______
______
______
______
______
______
______
______
______ |
PART-TIME EARNINGS
SPOUSE’S EARNINGS
ALIMONY
CHILD SUPPORT
EI BENEFITS/ALLOWANCES
CHILD TAX BENEFITS
CRISP
SAFFR
SOCIAL ASSISTANCE
OTHER(specify)
OTHER(specify)
TOTAL: |
______
______
______
______
______
______
______
______
______
______
______
______ |
| TOTAL
MONTHLY COSTS ______ |
-
TOTAL MONTHLY RESOURCES ______ |
| =
TOTAL MONTHLY NEED $______ |
| TOTAL MONTHLY NEED ____________
x ______MONTHS IN PROGRAM
=
____________(TOTAL NEED FOR LIVING EXPENSES)
+ TUITION FEES,
$______
books & supplies
TOTAL NEED $____________ |
|
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