The first week of school is almost finished and all those ‘back to school’ parties can be distracting! A lot of money changes hands during the first couple weeks of school…mostly it flows in one direction, out of your hands! There are lots of big expenses as well as little ones that all add up. If you can get a handle on your finances early in the year, you will be set up for success.

Here’s how the schooling expenses total for Anna:

• $5,500 Tuition
• $5,000 Residence
• $4,000 Meal Plan
• $1,500 Books and Supplies
• $16,000 TOTAL SCHOOLING

Anna’s monthly living costs:

• $50 Medical Coverage and Medications
• $100 Transportation
• $50 Toiletries, Grooming
• $30 Gifts
• $300 Entertainment
• $75 Clothing
• $605 MONTHLY LIVING COSTS

Note that Anna’s food is covered through a meal plan at her residence which means her monthly living budget is smaller and more manageable. Her school year expenses should include flight tickets or transportation home, vehicle insurance or any other large expenses.

Because the post secondary school year is typically 8 months, Anna’s expenses are $2,605 if viewed on a monthly basis or $20,840 total over the 8 months.

It’s easy to see how four or more years at post secondary school can add up quickly to some pretty big numbers if you finance it through student loans or lines of credit.

It may be easier to approach the cost this way:

• $20,100 Target
• -$4,000 Parental Contribution/Savings
• -$10,000 Summer Job (lived at home)
• -$1,000 Scholarship
• -$4,800 Part Time Job ($15/hr for 10 hours/week)
• -$19,800 TOTAL RESOURCES

= $300 Short

Anna doesn’t quite balance her budget but is so very close. An extra shift or two at work or some additional parental support will make it work.

**The big opportunity is up to 4 months each summer to earn some money as well as part time work options over the school year. Don’t forget though, unless you’re moving home for the summer, rent is still due!