Financial Planning and Counselling
Financial planning is vital to being a successful student! The Financial Aid office helps students prepare budgets for the school year and to deal with financial crisis during the year. This process encourages students to review their income and expenses with a counsellor to identify potential problems and explore possible solutions. Through budget counselling, students can learn skills to keep their finances in good order.
Budget Planning
Plan ahead. Find out what your responsibilities are and plan how to meet them.
Planning is the key to managing your financial life at school. A realistic and well thought-out budget will allow you to control your spending.
A budget tells you where your money goes, what it does for you, and keeps you up-to-date on how much money you have left.
- Plan your budget at the start of your academic year. BE REALISTIC. If you are uncertain you can live by it, you won't! Try to figure out a realistic money spending allowance and stick to it.
- Keep track (at least for one month) of your spending habits and keep an accurate record of your savings and chequing accounts.
- Review your budget regularly, adjusting for changes in your circumstances. Click here to download our budget worksheet.
Debt Management
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Debt management is the ability to handle your current debt and knowing when and how to assume and manage further debt. Since most of us will incur debt at some time in our lives, effective debt management is essential to a sound life-long financial plan.
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Avoid using your credit card(s) on a regular basis. If you find you're turning to credit regularly, then it's time to review your budget and either decrease spending or try to increase your income.
Helpful financial links for students: