Financial wellness is the ability to meet basic needs and manage money for the short- and long-term. Review the information and resources below to enhance your financial literacy and start taking charge of your finances.
What’s your financial literacy score? Take this Canadian financial literacy self-assessment quiz to find out. Start the quiz now.
Creating a budget is an important step in your university financial plan. Your budget will help you manage your money and prepare for upcoming expenses.
Find out your costs
Start by estimating your tuition and fees by viewing CUE’s Fee Schedule. Your actual statement of account will be available one month prior to the start of each term in your Online Services for Students. Be sure to include miscellaneous costs like books and living costs. Will you be living in residence? Do you pay rent each month? Don’t forget to include transportation costs.
Determine your financial resources
Review the financial resources that are available to you. Here are some examples:
- Government Student Loans and Grants
- Scholarships and Bursaries
- Family Support
- Registered Education Savings Plans
- Employment earnings and savings
- Student line of credit (financial institution)
Create a Budget
You can make a budget in 3 easy steps using the Financial Consumer Agency of Canada’s Online Budget Planner. Get started here.
S.M.A.R.T. Financial Goals
Use the S.M.A.R.T. method to set financial goals to help you focus and see results.
S = Specific
M = Measurable
A = Achievable
R = Realistic
T = Timely
Here’s an example. You may have a goal to save more money each month. Making this into a SMART goal might look like this. “I will save $50 each month and put it into a high interest savings account or a Tax Free Savings Account (TFSA). I will achieve this by calling my cell phone company to ask for a reduction in fees, and I will cancel one streaming service to equal the $50. By the end of one academic year, I will have saved $400.00. By the end of my 4-year degree, I will have saved $2400.00.”
Before taking on debt of any kind, consider whether it will help you meet your financial goals. Choosing to take on debt to get a university degree may be considered good debt because it may increase your future earning potential. Taking on debt for discretionary expenses like furniture purchases and vacations may be considered bad debt because those items lose their value.
Living debt free is a goal worth prioritizing. Here are some tips to lower your chances of taking on more debt.
- Save for your financial goals
- Use your credit card responsibly
- Avoid “buy now, pay later” plans
- Reduce your banking fees
- Get electronic alerts from your financial institution regarding your bank account balance
- Look for ways to increase your income
Coming soon!