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Financial Assistance: Making Ends Meet October 2011 1.

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Presentation on theme: "Financial Assistance: Making Ends Meet October 2011 1."— Presentation transcript:

1 Financial Assistance: Making Ends Meet October 2011 1

2 Understanding the costs of a university education Implement a monthly budget Become aware of financial opportunities Goals and Objectives 2

3 University Expenses ExpenseEstimated Yearly Cost* Tuition**$5,448 – 6,640 Student/Ancillary Fees$700 - 900 Books/Supplies$1,000 – 1,500 Residence$5,300 – 5,610 Meal Plan (often required for student living in residence) $3,000 – 3,700 Total (Per Year) Total minus residence/meal plan $15,448 – 18,350 $7,148 – 9,040 * Estimated costs are based on 8 months of study (two terms) ** Tuition for International students will range from $15,000 – 20,000 depending on the program and institution 3

4 Average Monthly Costs $1,100 (source: students as consumers Studentawards, 2009) 4

5 Implementing a Budget *Needs vs Wants: Most important factor in building a realistic budget is distinguishing between things you need and things you want. *Needs or Fixed Expenses: Monthly expenses associated with goods and services that keep your life stable. *Wants or Variable Expenses: Goods and services that are not essential to daily living, but are often things that make people happy or may make life a little easier or special. *Discretionary Income: Spending money on something you want versus something you need (i.e. movie ticket, snacks at a fast food restaurant) 5

6 Implementing a Budget Finding Balance *Determining how balanced your budget is: As simple as adding up all of your income and subtracting all your expenses. The result is your net gain or loss. *Net gain is a good sign! It means that you are living within your income level *Net loss means that your monthly expenses exceeds your monthly income. *Look for ways of trimming your discretionary expenses such as: Making a coffee at home instead of a Starbucks/Tim Hortons or renting a DVD instead of going out to the movies. 6

7 Implementing a Budget Worksheet Managing Your Lump-Sum Money Worksheet Lump-Sum Income Savings from Summer Job Scholarships Bursaries RESPs Lump-sum from Parents Loan(s) Other: Total Lump Sum Income0.00 Lump-Sum Expenses Tuition Books/Supplies Travel to School start Travel home end First/Last Rent/Dorm First Grocery Shop/Food Plan Other: Total Lump Sum Expenses0.00 Income - Expenses0.00 Less Emergency Fund Monthly Income (What's left ÷ 8 months)0.00 7

8 Questions? 8 Ruth MacNeil Student Awards: Wilfrid Laurier University rmacneil@wlu.ca

9 Questions? Contacting Student Awards Email: studentawards@wlu.castudentawards@wlu.ca Telephone: 519-884-0710 Ex4592 Location: 202 Regina Street, 2 nd Floor Ruth MacNeil, Associate Registrar: Awards rmacneil@wlu.ca 9


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