How to build a student budget that works.
Being a postsecondary student requires diligent planning and adjustment. From tuition to textbooks, education costs can add up quickly, not to mention groceries and rent if you are moving away for school. That’s why monitoring your expenses and maintaining a budget is critical to properly managing your money.
A budget, commonly outlined monthly, tracks your expected income or allowance against your expenses. Budgeting can assist you with making informed financial decisions and ensure your funds are allocated appropriately.
Here is a step-by-step guide to building and maintaining a successful student budget that will allow you to focus on your postsecondary education.
Step 1: Map out your income/allowance
Make a list of your income sources for the school year. For example:
- Student line of credit
- Scholarship
- Grants or bursaries
- Income from your job
- Money from loved ones
Step 2: Review your postsecondary expenses
Ensure you include all expenses you plan to incur when planning your monthly budget, both your scheduled and one-time expenses. These costs may include the following categories:
- Tuition Fees
- Textbooks
- Rent or dorm fees
- Cellphone bill
- Groceries
- Entertainment/going out
- Clothing, shopping or personal care
- Transportation
Step 3: Calculate your bottom line
When you subtract your expenses from your income, this is your bottom line, and you’re aiming for a positive number. If the figure is negative, this means you are spending more money than you are earning. This will require you to re-evaluate your spending habits to ensure you maintain a positive bottom line
Step 4: Monitor your budget regularly
Budgeting is not a one-and-done plan and needs to be integrated into your life so that you can proactively plan your spending for the month ahead.
Access to our Monthly Budget Builder makes setting achievable goals throughout your postsecondary journey easier than ever.
Plus, explore our Student Solutions, which offers the perfect package to support you or the student in your life – giving budgets some breathing room. Visit your local branch today to meet with one of our experts and learn more.

Kate Deslippe
Manager, Sales & Service
Amherstburg Branch

Kayla Fraser
Assistant Manager, Sales & Service
Thunder Bay Branch