One more week of summer means a last scramble to get organized for back to school. Now that you’re on your own, are you looking after yourself? It’s easy to work through the checklist of registering for courses, gathering supplies and packing your bags but have you taken the opportunity to work through the dollars and sense? Whether you’re starting post secondary education or well along the path of higher learning, it’s never too late to take stock of your financial position and set a plan for success. Here are a couple actions to get you started:

1. Estimate your expenses (tuition, books, accommodation, food, transportation, bills and entertainment
2. Estimate your income (savings, family contributions, scholarships/bursaries and employment)
3. Research your future. What are your future employment opportunities and how much can you expect to earn? What are regular living expenses (no more student living for you!)? Don’t forget to add in student loan repayment.

Tip: Add up the annual numbers and multiply by the number of years you expect to be a student to get a complete picture.

Some A+ goals:

• Set a budget and stick to it
• Finish post secondary school with zero or very little student or credit card debt
• Cultivate your network and obtain a part time or summer job in the industry of your future
• Find a healthy balance between the demands of post secondary education and your health

The next post will be about working with the numbers and tips and tricks to frugal student living. Your ideas and suggestions are welcome!