Why budget planning matters?
University life can be exciting — but it can also bring new financial responsibilities. Planning your budget early helps you avoid financial stress, stay on track with your studies, and make the most of your student experience.
At UFV, we provide tools and resources to help you plan, manage, and balance your finances.
Budgeting basics
Here are some simple steps to get started with budgeting as a student:
- Set financial goals – Know what you want to achieve (e.g., saving for rent, paying off credit cards, or building an emergency fund).
- Track your spending – Use a diary, budgeting app, or spreadsheet to see where your money is going.
- Identify your income sources – Consider part-time jobs, bursaries, loans, family contributions, or savings.
- Spend smart – Shop for deals, cook at home, and share costs with roommates when possible.
Typical student expenses
When building your budget, be sure to include:
- Rent or room & board
- Groceries and household supplies
- Transportation (car payments, insurance, fuel, bus pass)
- Debt payments (credit cards, lines of credit, student loans)
- Medical and dental costs
- Clothing and personal expenses
- Entertainment and recreation
- Prescriptions and ongoing health needs
Tip: If you’re moving away from home for the first time, remember to budget for initial setup costs (furniture, kitchen supplies, deposits).
Sources of income
Your income may come from a mix of sources. Common examples include:
- Part-time or summer employment
- UFV bursaries and scholarships
- Government financial aid (loans and grants)
- RESP or family contributions
- Personal savings
Financial check-up
Ask yourself these questions to keep your budget realistic and healthy:
- Do I know how much I spend each month?
- Am I paying off high-interest debt as quickly as possible?
- Do I have a small emergency fund (ideally 3 months of living expenses)?
- Am I balancing my needs (rent, food, transportation) with wants (entertainment, extras)?
Budget worksheet
Planning your finances is easier when you can see all your income and expenses in one place.
Download the Budget Planning for your Education worksheet to map out your yearly costs and income.
Online calculators or student budget forms
- Education Savings Calculator
- Student Aid Estimator
- Loan Repayment Estimator
- RBC Student Budget Calculator
- Scotiabank Money Finder Calculator
- Toronto Dominion/Canada Trust Student Budget
Resources
Budget planning is a skill, and UFV is here to support you.
- Explore Financial Aid & Awards programs (bursaries, scholarships, grants, and loans).
- Book a one-on-one appointment with a Financial Aid & Awards Advisor for personalized budgeting help.
- Visit Financial Planning Resources for additional resource links.