Course Resumption Update
UPDATE: All UofGH classes will resume on Monday, Nov. 20 and Tuesday, Nov. 21. Please visit guelphumber.ca/updates for more information
Building a budget helps you manage how you spend your money. When you control your spending, it’s much easier to achieve your financial goals, whether that is to save, pay off debts or simply live within your means.
The secret to building a budget that works is knowing your income and expenses. Being specific about your income and expenses gives you a solid foundation to create your own personal budget that reflects what you can afford and your lifestyle. Having an honest and complete understanding of your income and expenses also allows you to separate your needs from your wants.
Below is an example of expenditures for two semesters (based on 2015/16 costs). Please note this is an example and expenditures may vary:
|Expense Item||At Home Cost||On-Campus Living Cost||Off-Campus Living Cost|
|Tuition & Fees (BASC)||$ 7,192||$ 7,192||$ 7,192|
|Books & Supplies||$ 1,200||$ 1,200||$ 1,200|
|Residence - Single||0||$ 5,952||0|
|Meal Plan (Large)||0||$ 2,850||0|
|Rent ($550/month)||0||0||$ 4,400|
|Food ($250/month)||0||0||$ 2,000|
|Utilities/Cable/Phone etc. ($345/month)||0||0||$ 2,760|
|Personal (Clothing, Entertainment, Laundry, etc.)||$ 2,000||$ 2,000||$ 2,000|
These tips will help you build a solid budget and, more importantly, stick to it!
When building your budget, consider that government student assistance is paid in two installments: 60% of your entitlement in the fall and the remaining 40% in January. You must prepare a financial plan to make sure you budget these lump sum payments carefully.
You have followed the steps and created your financial plan and you may need a bit more money, consider these options:
A bursary is money given to a student to help with finances and does not require repayment.
Apply for a bursary by completing a Financial Need Assessment Form. Academic achievement is not a consideration when evaluating a student's eligibility for bursary assistance; however students must be registered in an academic term to receive a bursary.
The required Needs Assessment Form can be found on the Awards and Bursaries for In-Course Students
Work study is a financial aid program that funds on-campus part-time jobs to assist students with financial need to meet their educational and living costs. The program offers opportunity for both financial benefits and skill development.
Work Study applications require a completed Needs Assessment Form which can be found on the Awards and Bursaries for In-Course Students
More information can be found by visiting:
Having a successful year at university includes managing your financial situation, and budgeting will help you be successful. It is a great life skill to learn to live within your means!
More financial planning tips can be found at these websites: