Budgeting for university

Attending university is an expensive venture. Unless you are independently wealthy or have an educational trust fund, it is essential that you have a sound financial plan and budget accordingly.

Identify the costs

The first step to developing your budget is to develop a best guess for what it will cost to attend university. Everything you will need to pay for while studying should go into your budget. You will have to take into consideration tuition and student fees, books, food, housing, transportation, clothing, etc.  

Explore available funding

Next, you need to determine all sources of funding: student loans, summer savings, part-time earnings, help from parents/family, scholarships, bursaries, trust funds, etc.

Calculate your excess or deficit

Now, subtract the two: total expenses minus total income. If your expenses exceed your income, you will have to come up with a plan to make up the difference.