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Simply put, a budget is a financial plan that tracks how much money you have coming in (i.e., income), and how much money you have going out (i.e., expenses). Ideally, to live within your means your income should be greater or at least equal to your expenses. If your expenses exceed your income then you are spending more money than you have, which means you need to rely on debt or savings to cover the remainder.

While you can make a budget on your own, we recommend taking advantage of free, existing budgeting tools to help you get started. The Financial Consumer Agency of Canada (FCAC) offers a free online which walks you through the process of creating a budget from scratch, allows you to save your budget, and provides you with next steps and suggestions based on your personalized budget.

Whether or not you use a budgeting tool, to start the budgeting process you will need to look back at your finances over the last few months to determine your realistic income and expenses. In order to try and be as accurate as possible, look at your bank statements and receipts to get the actual amounts earned and spent, rather than estimating.

When listing out your expenses it may be helpful to list them out in order of priority, starting with your ‘needs’ and ending with your ‘wants'. For example, things like rent and food would be ‘needs’, whereas tickets to the movies or new clothes would be ‘wants’. NOTE: Some of your expenses, such as your rent, will likely be the same each month, whereas others, such as the amount you spend on food or gas, are variable and will change month to month. For variable costs look at several months to get an idea for the average amount you spend.

What if my expenses are higher than my income?

If your budget shows that you’re spending more than you’re bringing in, it may be time to make some adjustments to your lifestyle. This can mean either reducing the amount you’re spending by trying to cut some expenses, or by finding ways to increase your income.

Financial goals are personal objectives that you want to achieve with your money, whether in the short-term or long-term. They can range from something as small as saving up to buy a new phone, to something as large as buying a house or saving for retirement. Your financial goals may differ from those of your family and friends, as financial goals are personal choices based on your own unique financial situation, needs, and preferences.

Examples of some common financial goals include:

• Paying off debt
• Saving up for a vacation
• Building an emergency fund
• Moving into your own place
• Buying a home
• Saving for retirement
• Making a large purchase

Start by considering what you want your life to look like, both in the near future and the long-term. Once you have your goals in mind, do some research to get an idea of how much money you will realistically need to achieve them.

From there, begin to look into ways to incorporate your financial goals into your budget, such as allocating some of your budget to savings or to go towards paying down a debt. For more help on how to plan to meet your financial goals, check out the Financial Consumer Agency’s .

Credit refers to your ability to obtain products or services before making a payment.

A credit report is a summary of your credit history and includes detailed information about your credit cards and loans, including when you opened a card or loan, if you make payments on time, how much you owe, and more. In Canada, Equifax and TransUnion are the two main credit bureaus that create credit reports. For more information on what information is included in your credit report and who can access it check out the Financial Consumer Agency of Canada’s webpage on .

A credit score is a three-digit number between 300 and 900 that indicates how well you manage your credit. Lenders look at your credit score to get an idea of how risky it would be to let you borrow money. A high score indicates you manage your credit well, whereas a low score indicates you do not, and are at a high-risk of not being able to repay a loan. According to Equifax Canada, .

While your credit report and score are a history of how well you’ve managed your credit, lenders like banks and credit card companies are not the only ones who look at them. Landlords can look at your credit report to make a decision on whether they want to rent to you, and employers can use your credit report to help determine if they want to offer you a job or give you a promotion.

Due to the broad range of implications your credit history can have on your life, it’s important to try and keep your credit report and score in good standing. Some things you can do to keep your credit history in good standing include:

• Making payments on time
• Paying off your credit card in full each month whenever possible
• Staying below your credit limit

Your credit score is also affected by how long you’ve had credit. All other things being equal, someone with 10 years of good credit history, will have a higher score than someone with 1 year of good credit history.

Debt is money that you owe to another person or entity. An example of debt would be an unpaid credit card balance, which is a debt owed to the credit card company.

You accumulate debt when you borrow money. There are many different ways you can borrow money depending on your circumstances and how the money will be used.  

Examples of ways you can borrow money include:

• Credit Cards
• Lines of Credit
• Student Loans
• Mortgages
• Vehicle Financing
• Buy Now, Pay Later Plans (E.g., Afterpay)

For more borrowing options and information check out the Financial Consumer Agency of Canada’s webpage on .

When borrowing money, it is important to keep in mind that you will very likely have to pay back more than just the amount you borrowed (otherwise known as the principal). Most loans will also charge interest, which is the monetary charge of borrowing, as well as fees.

Interest is typically charged as a percentage of the amount that you borrowed. Depending on the type of debt, you may be required to regularly pay off the full interest amount, or the interest may be added to your balance owing. If your interest is added to your balance, it is usually compounded, which means that future interest will be charged based on the principal borrowed plus the accumulated interest from past periods. For more information on interest rates and how they work check out from the Financial Consumer Agency of Canada.

With compound interest, you will find debt can grow very quickly. If you are borrowing money from a source that uses compound interest, such as a credit card, aim to pay off your balance each payment period, or keep your unpaid balance as low as possible to reduce the amount of interest you have to pay.

Not all debt is created equal. Debt is often considered good or bad based on how you use the money that you borrowed.

Good debt is a debt that is expected to produce value for you in the future. Student loans are often considered to be a good debt, as paying for an education is expected to help you get a better job or higher income later on.

Bad debt is a debt used to purchase a product that will be consumed or lose value. Financing on a car is often an example of bad debt as cars depreciate in value over time. Similarly, paying for a vacation that you can’t afford with your credit card is bad debt as the vacation has no monetary value after it's over.

While there may be times that taking on bad debt is unavoidable, do your best to keep it to a minimum and only use it on ‘needs’ and not ‘wants’.

Here are some resources for building a strategy to manage your debt:

• – Financial Consumer Agency of Canada
• – Financial Consumer Agency of Canada
• – Financial Consumer Agency of Canada
• – National Student Loans Service Centre (NSLSC)
• – Government of Ontario

If you need more help managing your debt, consider contacting a financial advisor at your bank or financial institution, or an accredited not-for-profit credit counsellor.

You can typically access student discounts with a university student card, or by signing up for student savings programs, such as , for a small fee. Note that some discounts may only be available to students on certain dates or times, so check ahead before shopping!

Examples of retailers that offer student discounts as of September 2024:

• Amazon Prime (Student)
• Apple
• Bath & Body Works
• Booking.com
• Bulk Barn
• EyeBuyDirect
• H&M
• Lenovo
• Microsoft
• Pizza Hut
• Rexall
• Samsung
• Spotify

• Shopping – If you plan to go shopping, especially for large purchases, take some time to research if there are any ways to reduce the amount you’re going to spend. This can include things such as comparing prices at different stores or locations to find the lowest price or finding coupons or discount codes to use.
• Transportation – If you drive, check to see if your car insurance offers a discount to students, or carpool with classmates. If you take public transit and are a member of the SGA or GSA, make sure to use the bus pass you receive as a member of the student association. (Please note that
• Textbooks and class materials – When purchasing textbooks, or other required material for a class such as lab equipment, verify if used or rental versions are available as they are often more affordable. Similarly, when you complete a course, consider selling your lightly used textbooks to other student to make some money back.
• Food – Cooking meals at home is the best way to reduce the amount you are spending on food. If you do have room in your budget to go out for dinner, look to see if there are any days or times that restaurants you enjoy offer deals or discounts on their food. For example, some restaurants may offer cheaper prices for lunch as opposed to dinner, or have daily specials that offer popular meals or drinks at a lower price.  
• Money-saving tools – Check to see if there are any tools or apps you can use to save money, such as rewards or loyalty programs. Many retailers offer these programs with benefits ranging from a fixed discount on your purchases, to rewards or discounts when you spend certain amounts of money. For more information check out Innovation, Science and Economic Development Canada’s webpage.

• Make a budget to track your monthly income and expenses.
• Avoid carrying debt, including credit card debt.
• Avoid charging purchases to your credit card if you do not have the means to re-pay it.
• Start building an emergency savings fund to cover unexpected expenses, or sudden loss of income.
• File your income taxes every year.

Sometimes, even if you take all the right steps to manage your money a financial crisis can occur. If you’re living on a tight budget, unexpected expenses like a broken laptop, car troubles, or emergency vet bills are all things that could put you in a precarious financial position. Similarly, losing a source of income like a job or a scholarship may be out of your control and could impact your ability to cover your expenses.

What are some solutions if you were to fall into a financial crisis?

• Contact your bank or financial institution to see what emergency options may be available to you, such as payment holidays or mortgage relief.
• Verify with your student association as well as any clubs that you might be a member of to see if they have any resources available to you.
• Ask family or friends that you trust for help.
• You can reach out to the Student Awards Office.

Taxes are filed on an annual basis after the year has ended, meaning you would file 2024 taxes in early 2025. Typically, the earliest you can file your taxes would be mid-February, and the deadline for submitting your filing would be the end of April.

There are several different options for filing taxes, including filing a paper tax return, using a certified tax software to file electronically, or to authorize a representative like an accountant or family member to file for you. Some of these options are free, while others have varying costs.

For more information on ways to file your taxes, visit the Canada Revenue Agency’s (CRA) webpage on .

If you need help filing your taxes consider checking out a free tax clinic. The CRA’s website has resources to help you find a .

– Canada Revenue Agency (CRA)

– Canada Revenue Agency (CRA)

 (Video) – Canada Revenue Agency (CRA)