Budgeting For Student Life
Housing, food, clothes, tuition, books, extra curricular … the list goes on and brings with it the stress of college life.
Now that students are enrolled into first year and are on your own, you are now personally responsible for what use to be the job of Mom and Dad. Keeping yourself washed and fed, getting enough sleep to wake up at the sound of your alarm and being those studious individuals your parents hope you to be…this puts a lot of pressure on any student.
After you drink away all of the life lessons learned during Frosh Week and all of the program information told to you during the first few weeks of class, remember this tool and it will assist you in surviving your first years of college. This life saving piece of information is called Budgeting.
You can budget things such as time and money in order to gain the most and achieve the greatest successes but without knowledge on how to begin, you may find yourself stuck in a place that will leave you stressed about more than just that paper that you haven't started or that mid-term you haven't studied for.
The student definition of budgeting is simple. How much money you have coming in and the portion of that money that will be required in order to cover required expenses. By recognizing how much income you have access to for a given year, you can then begin to track what items through out that year are going to be necessary in order to meet your needs.
Budgeting allows you to eliminate the things you do not absolutely need (like that extra shirt or pair of pants) and create an allowance of money for necessities such as money for food, tuition, supplies and rent that are all required to produce a foundation for student success.
Assistance in starting a budget is a key motivator for any student. By setting up a meeting with an individual who has experience and knowledge about budgeting they will take into consideration your personal qualities in order to assist you in setting up a plan that is right for you. Fanshawe College offers students free services at the Financial Aid Office located in Building E room 2020 and can be reached at 519-452-4280. They will assist you one on one in order to address common financial issues for students such as housing, textbook costs and basic living as well as recommend current scholarships and bursaries to help you on your way.
Tuition, Textbooks and Transportation:
Tuition is non negotiable when you enroll into a program at any university or college but there are other ways of saving once classes begin. It is important to listen to your professors regarding book purchases, as they will let you know what resources are necessary for their class. The on campus Bookstore offers you a supply of all the text books required for each class, however they are standard prices.
Search the Internet at www.fanshawec.ca and keep your eyes peeled around the school for flyers that give you dates for the Used Book Store in the Student Centre (SC2012/2014) or the Book Buy and Sell. These novelty services are great for students looking for books at a cheaper price by purchasing them through other students who have previously taken the course. The Book Store buys back textbooks at the end of each semester but keep in mind this only applies to certain books and they will be at a discounted price that is often cheaper than what you initially bought it for.
Fanshawe also offers a free buss pass for all full-time students and is available for pick-up once you register at the beginning of your semester saving you money on gas and taxi services for the entire year.
Housing around London:
Residential units in London cost anywhere from $250 -$1,500 in rent per month and it is your responsibility to recognize what is reasonable keeping an eye out for the best deals.
Utilities may or may not be included in your rent and housing layouts differ in the number of roommates living in one unit, ranging from one to six bedrooms. Both of these need to be considered as they can increase or decrease the amount you are paying per month.
Most landlords will require a lease to be signed by all tenants agreeing to pay a certain rent price and be liable for their unit. Those living in the house must come to a personal agreement in regards to phone, television and Internet that are normally not included in the rent. Companies provide bundle services where tenants receive all three services for one price but it is up to you to decide what makes sense for you to ensure you are not spending beyond your means.
Fill that stomach:
Since YOU will be the one grocery shopping it is time to recognize what you are spending this portion of your money on. You will gradually get to know what grocery stores are more expensive than others as well as, which places charge you extra for grocery bags (Food Basics and No Frills) that adds up unless you learn quickly and bring your own means of carrying your food home. Also be aware of on sale items each week and cheap items such as pasta and tuna that are quick, easy and go a long way.
Making the trip to the grocery store is well worth it in the end. Continuous purchases at the corner store or that fast food joint at the school will rack up a large chunk of change that will last you only until the next meal. Although they are “convenient” that only applies to distance where corner stores will jack up their prices two to three times more than your local grocery store.
The Extras:
Extra spending money should be included in your budget. Not allowing yourself some downtime can result in exhaustion and prevent you from experiencing all that Fanshawe has to offer to its students. Be sure to take that Friday night to let loose with a drink or hit up The Out Back Shack on your break in between class where you can socialize with new friends and forget for a moment the responsibilities for tomorrow.
This is not an easy lifestyle as it takes drive and determination for your plan to be a success but with the right tools you are well on your way. Welcome to adulthood!
Money Saving Tips For Survival
- Plan ATM usage once or twice a week; then leave your card in your room to avoid spontaneous withdrawals.
- Look for community programs like Green Market Basket to save on food expenses.
- Learn to plan meals ahead and make extra.
- Work part-time while in school. Even 10 hours per week at $7.75/hour will earn you $2635 over 34 weeks.
- Plan meals and bring your lunch to school. Buying a lunch at school. ($5/day over two semesters) is a cost that totals $750.
- Take advantage of school discounts.
- Pay off your credit card in full, don't fall into the minimum payment trap where you soon will be paying interest on what you did not pay off, in turn harming your future credit rating or buying power.
- Apply for bursaries; you never know what you can qualify for.
- Look into work-study. It is provided to students who wish to work on-campus and have demonstrated financial need. Application forms are available in the Financial Aid Office.
Now that students are enrolled into first year and are on your own, you are now personally responsible for what use to be the job of Mom and Dad. Keeping yourself washed and fed, getting enough sleep to wake up at the sound of your alarm and being those studious individuals your parents hope you to be…this puts a lot of pressure on any student.
After you drink away all of the life lessons learned during Frosh Week and all of the program information told to you during the first few weeks of class, remember this tool and it will assist you in surviving your first years of college. This life saving piece of information is called Budgeting.
You can budget things such as time and money in order to gain the most and achieve the greatest successes but without knowledge on how to begin, you may find yourself stuck in a place that will leave you stressed about more than just that paper that you haven't started or that mid-term you haven't studied for.
The student definition of budgeting is simple. How much money you have coming in and the portion of that money that will be required in order to cover required expenses. By recognizing how much income you have access to for a given year, you can then begin to track what items through out that year are going to be necessary in order to meet your needs.
Budgeting allows you to eliminate the things you do not absolutely need (like that extra shirt or pair of pants) and create an allowance of money for necessities such as money for food, tuition, supplies and rent that are all required to produce a foundation for student success.
Assistance in starting a budget is a key motivator for any student. By setting up a meeting with an individual who has experience and knowledge about budgeting they will take into consideration your personal qualities in order to assist you in setting up a plan that is right for you. Fanshawe College offers students free services at the Financial Aid Office located in Building E room 2020 and can be reached at 519-452-4280. They will assist you one on one in order to address common financial issues for students such as housing, textbook costs and basic living as well as recommend current scholarships and bursaries to help you on your way.
Tuition, Textbooks and Transportation:
Tuition is non negotiable when you enroll into a program at any university or college but there are other ways of saving once classes begin. It is important to listen to your professors regarding book purchases, as they will let you know what resources are necessary for their class. The on campus Bookstore offers you a supply of all the text books required for each class, however they are standard prices.
Search the Internet at www.fanshawec.ca and keep your eyes peeled around the school for flyers that give you dates for the Used Book Store in the Student Centre (SC2012/2014) or the Book Buy and Sell. These novelty services are great for students looking for books at a cheaper price by purchasing them through other students who have previously taken the course. The Book Store buys back textbooks at the end of each semester but keep in mind this only applies to certain books and they will be at a discounted price that is often cheaper than what you initially bought it for.
Fanshawe also offers a free buss pass for all full-time students and is available for pick-up once you register at the beginning of your semester saving you money on gas and taxi services for the entire year.
Housing around London:
Residential units in London cost anywhere from $250 -$1,500 in rent per month and it is your responsibility to recognize what is reasonable keeping an eye out for the best deals.
Utilities may or may not be included in your rent and housing layouts differ in the number of roommates living in one unit, ranging from one to six bedrooms. Both of these need to be considered as they can increase or decrease the amount you are paying per month.
Most landlords will require a lease to be signed by all tenants agreeing to pay a certain rent price and be liable for their unit. Those living in the house must come to a personal agreement in regards to phone, television and Internet that are normally not included in the rent. Companies provide bundle services where tenants receive all three services for one price but it is up to you to decide what makes sense for you to ensure you are not spending beyond your means.
Fill that stomach:
Since YOU will be the one grocery shopping it is time to recognize what you are spending this portion of your money on. You will gradually get to know what grocery stores are more expensive than others as well as, which places charge you extra for grocery bags (Food Basics and No Frills) that adds up unless you learn quickly and bring your own means of carrying your food home. Also be aware of on sale items each week and cheap items such as pasta and tuna that are quick, easy and go a long way.
Making the trip to the grocery store is well worth it in the end. Continuous purchases at the corner store or that fast food joint at the school will rack up a large chunk of change that will last you only until the next meal. Although they are “convenient” that only applies to distance where corner stores will jack up their prices two to three times more than your local grocery store.
The Extras:
Extra spending money should be included in your budget. Not allowing yourself some downtime can result in exhaustion and prevent you from experiencing all that Fanshawe has to offer to its students. Be sure to take that Friday night to let loose with a drink or hit up The Out Back Shack on your break in between class where you can socialize with new friends and forget for a moment the responsibilities for tomorrow.
This is not an easy lifestyle as it takes drive and determination for your plan to be a success but with the right tools you are well on your way. Welcome to adulthood!
Money Saving Tips For Survival
- Plan ATM usage once or twice a week; then leave your card in your room to avoid spontaneous withdrawals.
- Look for community programs like Green Market Basket to save on food expenses.
- Learn to plan meals ahead and make extra.
- Work part-time while in school. Even 10 hours per week at $7.75/hour will earn you $2635 over 34 weeks.
- Plan meals and bring your lunch to school. Buying a lunch at school. ($5/day over two semesters) is a cost that totals $750.
- Take advantage of school discounts.
- Pay off your credit card in full, don't fall into the minimum payment trap where you soon will be paying interest on what you did not pay off, in turn harming your future credit rating or buying power.
- Apply for bursaries; you never know what you can qualify for.
- Look into work-study. It is provided to students who wish to work on-campus and have demonstrated financial need. Application forms are available in the Financial Aid Office.
