Budget Calculator

INCOME for the school year	Monthly	Annually
Salary (wages, etc.)	$	$
Student Loans	$	$
Family contributions	$	$
Other (scholarships, etc.)	$	$
TOTAL INCOME	$	$
EXPENSES for the school year	Monthly	Annually
Tuition and Student Fees	$	$
Books/Supplies/Computer	$	$
Rent or Residence	$	$
Insurance (home)	$	$
Cable	$	$
Electricity / Gas / Water	$	$
Phone (local and long distance)	$	$
Groceries and Meal Plan	$	$
Household Items (cleaning supplies, laundry, etc.)	$	$
Transit (bus passes)	$	$
Automobile: Parking / Gas	$	$
Automobile: Registration / Insurance	$	$
Automobile: Repairs	$	$
Loan Payments / Interest Payments	$	$
Saving (amount you want to save each month)	$	$
Clothing	$	$
Personal Care (shampoo, makeup, etc.)	$	$
Entertainment (movies, magazines, alcohol, etc.)	$	$
Health (prescriptions, eye, dental)	$	$
Gifts	$	$
Vacation	$	$
Other:	$	$
TOTAL EXPENSES :	$	$
INCOME minus EXPENSES : (a negative number means you are spending more than you should)	$    per month	$    per year

Use a currency converter to convert between Candadian and other currencies.

Manage your budget

Creating Your Budget

When planning your budget, keep the following points in mind:

• Consider your lifestyle.
  It is important that you create a budget that is not so strict that you are constantly breaking it, or so relaxed that you are always over-spending. Remember that although you want your budget to fit your lifestyle, you may need to adjust your lifestyle while at university to fit your budget.

• Set your goals.
  Your primary goal should be to successfully complete the academic year. Your secondary goal should be to enjoy all of the excitement that goes along with university life.

• Do some research.
  Talk to someone who can give you realistic budget estimates—especially if this is your first time making a budget. How much should you budget for groceries, your phone bill, a bus pass?

• Be realistic.
  If your budget shows you that you do not have sufficient funds to survive the year, you must consider other options to finance your education.

• Consider months that will have higher expenses.
  Remember to include extra expenses such as Christmas, moving and Mother’s Day in your budgets for the appropriate months.

• Differentiate between fixed and variable expenses.
  Your power bill will not change much, but your entertainment allowance can.

• Leave room for unplanned expenses.
  Your budget should include room for things such as cab rides and repairs.

Maintaining Your Budget

• Be flexible.
  You may need to adjust your budget at certain times due to unforeseen circumstances.

• Adjust your budget along the way.
  It takes time to determine your needs and track your spending habits.

• Find ways that you can gradually change your spending habits.
  Weed out non-essential items that won't drastically alter your lifestyle.

• Keep receipts and bank records.
  These important documents will help you to keep track of how you are spending your money.

Cost-saving Tips

Learning to budget is important. Learning to stay within your budget is equally important—and can be achieved with a few tricks to save money without leaving you hungry or bored.

• Buy used furnishings.
  From table lamps to cutlery, you can find great deals on all sorts of furnishings at second hand stores and garage sales. Or even better, use Mom and Dad's old furniture.

• Keep your phone simple.
  Don’t buy services such as call waiting that you don’t need, and take advantage of packages that offer reduced-rate long-distance calling. Cell phones are an added expense that can easily be cut—especially on campus where there are free phones in many buildings.

• Consider going “cable free.”
  Many students find that with their active lives and heavy course loads, they don't even have time to watch TV. If you really want cable, choose the basic cable service and ask about special hook-up rates for students.

• Reduce utility costs.
  Turn your heat down when you are not at home (especially if you are away for a few days), turn off unused lights, take a shower instead of a bath, use blankets or a towel to stop gaps at the base of doors leading outside, buy energy-saving light bulbs, don’t leave taps running while you cook or brush your teeth. There are many little ways to save energy costs!

• Ask for student discounts.
  Many businesses offer student discounts. Remember to carry your student ID with you at all times.

• Look for cheap entertainment.
  There are lots of options, including cheap Tuesdays at movie theatres or second-run movie theatres, free or low-cost live theatre on campus, free concerts and festivals, free Huskie athletics games, free Campus Rec activities, potluck parties, and more. Use your imagination!

• Buy used textbooks.
  Many students sell textbooks when they are finished using them, either through ads in the Arts Tunnel or around campus, through the U of S Bookstore or through Browser’s—the used bookstore/café on campus. When you’re finished with your textbooks, you can sell them for cash too!

• Bring lunch, snacks and beverages from home.
  Buying lunch on campus is much more expensive than bringing a home-packed lunch. Save campus lunches for a treat. Make sure to include snacks, such as bars, gum and cookies on your grocery list, and remember that $5.00 = 5 cups of coffee on campus or 60 cups of coffee from home.

• Take a walk!
  Why not walk to school, the store or the gym? You will save on bus fare or gas and parking—and more importantly you'll do your body some good.

• Grocery shop smartly.
  Write yourself a grocery list to avoid impulse buying, and always eat before you go shopping. Take time to consider what you are buying, and why. Do you really need brand name items? Buy in quantity when it is more economical, and freeze in portions that will feed the appropriate number of people. Buy “in season” fruits and vegetables.