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Financial Planning Seminar: Budgeting Your Living Expenses Effectively

Learn essential budgeting strategies for your first year living expenses, including accommodation, meals, books, personal expenses, and more. Discover ways to pay for your education through scholarships, bursaries, part-time jobs, and loans. Plan ahead and make informed financial decisions to manage undergrad tuition costs and student debts wisely.

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Financial Planning Seminar: Budgeting Your Living Expenses Effectively

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  1. $$$$$$$$$ Financial Planning Seminar March 4, 2014

  2. Budgeting is necessary …

  3. BUDGETING YOUR FIRST YEAR

  4. LIVING EXPENSES • ACCOMMODATION • FOOD / MEALS • BOOKS AND SUPPLIES • PERSONAL EXPENSES • TRANSPORTATION • ENTERTAINMENT

  5. Residence Home Renting 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 “Adding up the Investment”Fanshawe College, 2014/15 $3656+ • Fanshawe College 2011/12

  6. 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.

  7. Where the money comes from.

  8. Many bursaries and scholarships go “unawarded” as students don’t apply 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

  9. 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.

  10. 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.

  11. Plan Ahead

  12. Undergrad tuition up five per centToronto StarPublished on Wednesday September 12, 2012 • $27,000: average school-related debt carried by undergraduates finishing school

  13. Free Money • Grants • Bursaries • Scholarships

  14. Helpful Websites www.canlearn.ca http://osap.gov.ca www.scholarshipsCanada.com www.studentawards.com www.osca.ca

  15. 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

  16. USE THE RESOURCES AT YOUR SCHOOL FINANCIAL AID OFFICES COUNSELLORS

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