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The Canadian Foundation for Economic Education and The Building Futures Network present “Key Things to Know about the Cost of Post-Secondary Education” Some things to think about: Seven out of ten new jobs now require a post-secondary education.
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Government of Canada Survey (1999) – www.canlearn.ca
The average cost of mandatory supplies and equipment for college and trade schools runs between $50 to $5,000.
The following chart, from the Canadian Bankers Association, shows estimates for the total cost of schooling – as well as what it would take in terms of monthly savings to be able to cover those costs.
Source: Canadian Bankers’ Association – Information Booklets – www.cba.ca
Source: Survey of Approaches to Educational Planning (SAEP) (www.statcan.ca/daily)
- Application fees
- Tuition fees
- Extra fees
- Books and student supplies
- Living costs
- Health Insurance
- Other costs – e.g., Athletic Fees, Student Union Fees
Let’s take a quick look at each.What Does It Cost to Go to College or University?
The least expensive housing option is often to live at home while attending a post-secondary institution.
If that is not possible, consider other options that may help to reduce the cost such as:
- living with a relative
- living off campus (other expenses arise though such things as transportation)
- sharing accommodation with others
- living in a student co-op
These vary according to each situation. It can include:
- public transit
- automobile upkeep
- parking fees
- carpooling costs
- purchase of bicycle or other form of transportation
Students are required to have health insurance while studying. The circumstances of the coverage and the costs need to be investigated and included in costs.
Note: Some of these fees may be recoverable but would mean loss of opportunity for participation.
1. Determine your fixed costs, such as tuition, rent, and
2. Estimate variable expenses, such as food, laundry, clothing
3. Don't overlook one-time expenses, such as trips home,
gifts, books, and course materials.
4. Include your "small" expenses, such as coffees, snacks,
5. Don’t mistake wants for needs.
Source: The Student Zone (www.teucu.com)
In terms of planning your savings to cover the costs of post-secondary education, one rule to know is…
The Rule of 72
Divide the number 72 by the interest rate you earn each year and that’s the number of years it will take to double your money
Example: $5,000 invested at 6% per year will take 12 years (72 divided by 6) to double to $10,000.
To learn about building a budget, visit any of the following web sites: