$$$$$$$$$. budgeting is necessary … budgeting your first year homeresidenceoff-campus (renting)...
TRANSCRIPT
$$$$$$$$$
Financial Planning Seminar
March 4, 2014
Budgeting is necessary …
BUDGETING YOUR FIRST YEAR
HOME RESIDENCE OFF-CAMPUS(RENTING)
FANSHAWE $7,730 $14,440 $14,450
WESTERN $14,765 $23,110 $22,190
LIVING EXPENSES
• ACCOMMODATION
• FOOD / MEALS
• BOOKS AND SUPPLIES
• PERSONAL EXPENSES
• TRANSPORTATION
• ENTERTAINMENT
“Adding up the Investment” Fanshawe College, 2014/15
• Fanshawe College 2011/12
Home Renting Residence
Tuition $3656+ $3656+
Books and Supplies
$1600+ $1600+ $1600+
Computer Related Expenses
$500 $500 $500
Housing $0 $4960 $7104 (includes meal plan)
Food $640 $2080 $640
Entertainment (34 weeks, $30 a week)
$720 $720 $720
Clothing $600 $600 $600
Misc. (trips home, medical, etc)
$560 $1320 $560
Total $8276 $15436 $15380
$3656+
Fact: spending $2.50 a day on coffee costs you $912.50 a year.
Divide your expenses into “wants” and “needs”. You need groceries. You want concert tickets.
Where the money comes from.
$
Paying for Your Education
• Part-time job
• Education Savings
• Bursaries (a cash award that is based primarily on financial need, but academic standing may also be considered)
• Scholarships (academic achievement, volunteer work etc)
Websites
scholarshipscanada.com
studentawards.com
Many bursaries and scholarships go “unawarded” as
students don’t apply
Paying For Your Education
• Loans (borrowed funds that must be paid back, often with interest)
Bank Loans
OSAP – Ontario Student Assistance Program http://osap.gov.on.ca
Listen to the announcements regarding financial aid information.
Research Your Financial Plan
Talk with your family.Visit the guidance office.Listen to morning announcements.Search online scholarships and bursaries.Search post secondary institutions’ websites and
financial aid publications.Go to your local bank and discuss options.
Plan Ahead
Undergrad tuition up five per cent
Toronto StarPublished on Wednesday September 12, 2012
•$27,000: average school-related debt carried by undergraduates finishing school
Free Money
•Grants
•Bursaries
•Scholarships
Helpful Websiteswww.canlearn.ca
http://osap.gov.ca
www.scholarshipsCanada.com
www.studentawards.com
www.osca.ca
Be Smart – Take the Credit
• Education Credit – You can claim a full-time education amount of $400 for each whole or part month in the year in which you are enrolled in a qualifying education program.
• Textbook Credit – You are eligible to claim one textbook amount for each month that you are in school.
Full-Time = $65 Part-Time = $20
USE THE RESOURCES AT YOUR SCHOOL
FINANCIAL AID OFFICES
COUNSELLORS
