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Create a Student Spending Plan - alis
Setting up a spending plan before you start school can help you manage your money and save you a lot of stress.
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Education & Training
Pay for Your Education
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Create a Student Spending Plan

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Setting up a spending plan before you start school can help you manage your money and save you a lot of stress. 

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Budget for Student Life

Figuring out how much your post-secondary education will cost is the first step in planning how to pay for it.

A spending plan is a budget that helps you:

  • Understand what you can afford
  • Plan to reach your goals
  • Get the most for your money
  • Make your money last until the end of the school year

All that's required is a little organization and about an hour of your time each month to record, review, and revise your plan.

Get started with the spending plan below to figure out how you'll pay for school and living expenses. 

Note: If you're planning to apply for a student loan, visit Alberta Student Aid to learn about the funding available to you before you create your spending plan.

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Apply for Free Money to Pay for School

Your training and education will cost money, but you may be eligible for scholarships, bursaries, and grants to help you pay for school.
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Save Money on Housing and Transportation

When you go to post-secondary school there are several things you should think about to make where you live, and how you get around, more affordable.

Spending plan for students

Money you have upfront (before school starts)

Take time to think of every resource that you have. This is the money you’ll have in hand when you start school. If you’ll be getting some lump sum amounts, like a student loan or grant that’s deposited in your bank account all at once, enter it here.

All money added.
Expenses you pay upfront

Tuition, fees, books, and supplies will make up the bulk of these one-time costs. But remember that if you're living on your own for the first time, you may need some basic furniture, linens, and kitchenware (although friends and family may also be able to lend you these items).

All expenses added.
Regular monthly expenses

Figure out how much you’ll spend regularly each month. If you have to guess on some of the numbers, estimate slightly high to ensure you have some flexibility in your budget.

All monthly expenses added.
Irregular expenses

Make sure you budget for irregular expenses like gifts, repairs, and registrations that may come up occasionally.

All irregular expenses divided by the number of months in school.
Monthly income

Include all your sources of income each month.

Monthly balance

This section includes all the numbers you've entered above to calculate your monthly balance.

Upfront expenses subtracted from upfront money.
Total resources divided by number of months in school plus monthly income.
Expenses subtracted from resources.

If your balance is positive, you have enough money to live on during the school year. If your balance is negative, you need to make adjustments to your spending plan or income.

Save, email or print your answers

   

Spending Tips for Students

  • Stay on track with your educational goals by creating a summer spending plan to guide you during the summer months.
  • Always have 1 or 2 months of expense funds saved for unexpected costs and unplanned income delays. It can take up to a month after you start a summer job before you get your first paycheque. Tuition deposits are often due before loan certificates are cashed and RESP redemption forms can take 4 to 6 months to process. 
  • GST cheques are sent out in October, January, April, and July. Use these to cover unexpected expenses.
  • April tax refunds are a great way to pay off any debts incurred during the school year. Save extra refund money to supplement your fall income.
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