Smart Budgeting Tips


Many university students have limited experience handling money and sticking to a budget.  In fact, some students graduate with crushing debt.  It is important to know where your money is going, and most importantly where it should go!

 

Budgeting helps you to differentiate between needs and wants, and avoid over reliance on loans.  It is also important to remember to budget for the unexpected, like replacing of lost books, medical emergencies and those not-to-be-missed concerts or road trips.

 

One of the most important discussions you can have with your family is about the financial support that you should or should not expect to receive from them during your years of university study.  Aim at making this discussion as specific as possible.

 

Here are some ways of funding your university education

 

Apply for scholarships

Scholarships and bursaries are in fact 'free money', because you do not have to pay them back!  Even modest awards can make a difference.  Check out our information on Scholarships to see what you may be eligible for.

 

Apply for a student loan

Canada Student Loans are your best bet for borrowing money to pursue your studies, with advantages including interest relief and future income tax benefits.  These loans are administered by provincial agencies.

 

Do you have questions about completing your application for a student loan?  The Financial Aid and Awards Office can help.  They also have information about the US Student loan program.

 

Work part-time

The typical strategy is to put money towards school from your earnings from part-time work during the school year, and full-time work during the summer.  Some students may choose to work to finance education on a part-time basis.  

 

Earning while learning does have benefits besides raising some much-needed cash.  It gives you a real stake in your education, and can provide some valuable job experience – something that puts you that much further ahead when you graduate.  However, if that job has low wages, or does not provide good experience, it may be better to focus on completing your degree as quickly as possible.

 

Consider applying for a part-time job where you can work between 10 - 20 hours a week.   At Saint Mary’s University you can work with great flexibility right on campus -- for example, in the Students’ Association, cafeterias, libraries or the University offices.  

 

As a Saint Mary's student, you can choose to take a reduced course load of 9 or 12 credit hours (3-4 courses) in the fall and winter semester, and then take the remaining credits during the spring and summer sessions.  This can help you manage your expenses and student loans and help you work part time.  

 

More information about jobs and other employment services can be found at the Student Employment Centre on the 4th Floor of the Student Centre.

 

Co-operative Education

An increasing number of programs at Saint Mary’s offer the option of alternating semesters of academic studies with paid work terms.  Companies or institutions employ students in projects related to their academic field, so you earn not only a salary but relevant job experience as well.  For more information consult the Co-operative Education Program.

 

Special Opportunity Grants

The federal government has established a small grant program for disabled, high-need part-time, and female Ph.D. students. Students can apply for these Special Opportunity Grants through their Provincial Student Aid Offices.

 

Study Abroad Award Programs

Saint Mary's University has numerous awards that are available to students who wish to undertake part of their studies at an educational institution abroad. More information about these awards can be found at the International Learning web pages.

 

Lines of Credit

Large banks offer students interest-bearing loans to help them pay for their education. More information can be attained by contacting your local bank.

  

Money Saving Tips

 

Manage your money wisely and avoid the debt trap.  There are lots of ways to save money. Here's a sample of some of the things you can do:

  • Use public transportation instead of using a car!  All Saint Mary's University full-time undergraduate students get a Metro Transit U-Pass, valid for the school year from September through April.  Compare costs – this is a really great deal!
  • Buy used books at the University Bookstore or through SMUSA’s Book Exchange.
  • Use e-mail and Skype to correspond with friends and family. 
  • Share  living expenses with roommates.
  • Keep away from credit cards unless you are sure of paying off the entire balance at the end of each month.
  • Shop at grocery stores and avoid corner/convenience stores
  • Compare prices for highly priced items such as computers.

  • Are you underestimating the benefits of a university education and overestimating the cost of attending university? Find out more information on this research carried out by the Millennium Scholarship Foundation.