Budgeting 101 for college and university students

How to get an A+ in personal finance

Attending college or university is one of the best investments for your future that you can make. However, rising tuition costs can lead to a variety of financial issues for young students while they are in school. To help our future leaders avoid as much financial stress as possible, Consolidated Credit has compiled our best financial advice for college and university students.

The first step to financial health is budgeting. In this section, Budgeting 101, we will show you how to ensure that money problems don’t affect your ability to focus on studying.

Income assessment

For many students, income comes in a variety of forms. It may be a monthly stipend from parents, earnings from a part-time job, or financial aid. When figuring out how much money you have coming in each month, a lump sum financial aid payment should be divided into monthly units. Once you have this figure, you’ll be able to start making your budget.


If you are living with other individuals, figuring out your expenses can be a bit of a challenge. You may be splitting phone, cable, utility and Internet bills with a variety of people. Regardless, do your best to calculate your portion of these expenses each month. Additionally, your list of expenses needs to include everything that you spend money on whether its groceries, bus fare, bar tabs or books.

Budget and save

Making a budget as a student is essential to limit your debt load after graduation. If the bulk of your income is coming from financial aid, cutting down on your expenses will decrease the amount you will owe after you graduate. To help you save, check out the follow tips:

After graduation: Staying on track financially

Budgeting during post-secondary studies is good practice for after graduation. The good habits you have learned during the previous four years will help you make the transition to real life. Here are a few more tips to help you along the way -

Consolidated Credit is here to help

If you have any further questions about budgeting or dealing with debt, Consolidated Credit is here to help you. You can contact us by calling . Best of all, our advice is free!

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AFCC (Accredited Financial Counsellor Canada)

AFCC (Accredited Financial Counsellor Canada) is a distinguished professional designation, indicating that a counsellor has successfully completed the program and has specialized knowledge, unique skills and expertise as a qualified Credit Counsellor.

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