How do I budget for life while I’m at college or university?

Plan your budget even before you start your postsecondary education or training. Figure out how much you have to spend (be sure to refer to your Extended Care and Maintenance Agreement) and what you need to spend it on. Making a budget and sticking to it means you can make informed decisions – and that means, in the end, you achieve your goals.

A good place to learn about budgeting is Financing Your Education.  

Try out the Student Budget Calculator at The Globe and Mail (Globe Campus).

As a youth with Crown ward status, you may not have a family home to live in, so housing on or off campus may be of special concern to you.

There are options for living off-campus.  Check with your university/college housing office.

To find housing on campus, go to the main website of the college or university you’re planning to attend.  Learn about applying for residence and what it costs to live there.  Get tips on life in residence and living with roommates.

Keep in mind that many university and college residences are closed over the winter holiday period:

• Some institutions expect students to vacate their accommodations 24 hours after the student’s last term exam.
• Some institutions allow students to stay on in residence and may charge an extra fee; others may not.

If you need accommodation during holiday periods, discuss this -- in advance -- with the Student Support/Housing Office at the university or college. Remember that there may be a deadline by which you must notify them that you want to stay in residence over the holidays.

Of course, you can also talk to your caseworker/social worker, foster parent or your local children’s aid society to get help planning for holiday accommodation.

Most colleges and universities have a health centre/clinic and counselling centres for students.

Your tuition (and other fees) pay for insurance for health and dental plans. 

As a youth with Crown ward status, you may already have health insurance.  Some universities and colleges allow students to opt out of their institution’s plan(s), and will refund those fees.  Usually there’s a deadline by which you’d have to notify the school that you are choosing to opt out.   Check with the institution you’re attending.