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.

The first step to developing your budget is to determine exactly what it is going to cost you to attend university. You will have to take into consideration tuition and student fees, books, food, housing, transportation, clothing, etc. 

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

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