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How to review your student budget during COVID 19

Posted on Wednesday September 23, 2020

How to review your student budget during COVID 19

Budget management: The new fiscal reality of post-secondary education

Whether you’re back in class or learning remotely, your education is going to look very different this year! Both in terms of training and finances, many unique challenges await. To help you adjust to this new normal, let’s take a closer look at the best ways to finance your studies.

Distance learning: What does it cost?

Apart from that new computer mouse you want so badly, what can you expect in education costs this year? Beyond tuition fees, which vary from one institution to another and sometimes even from one program to another, your entire lifestyle is being affected by new ways of learning. To manage your budget, think about both the savings and expenses that distance education can bring.

Plan a budget to create an optimal study environment

Studying online calls for a big cup of coffee, a good Internet connection, high-performance tech and a space that promotes concentration and calm. 

Your study area is crucial to your well-being. By making it ergonomic, you will create the optimal conditions for success as easily as if you were in the classroom.

Transportation, accommodation and food: When distance learning saves you money

In addition to being able to listen to your teacher’s lectures with your slippers on, let's consider another important advantage of distance learning: saving a little money! Taking an online course is an opportunity to make significant savings on your travel expenses (think about gas and wear and tear on your car). As for housing, you no longer need to find a place near university—you can even stay with your parents if you feel like it! As for food cravings, a little snack prepared between classes will cost you a lot less than something you’d buy at the corner café or the university cafeteria—and it’s usually healthier, too! 

Financing your education: Where to get the money you need

It's not only your cat that wants to actively contribute to your academic success. In today's environment, where mutual assistance and support are the order of the day, there is no shortage of options when it comes to financing your studies. With a little imagination and organization, and sound management of your priorities and budget, you’ll have access to several interesting solutions.

Working during the pandemic is possible!

Since you're a student, you know all about the importance of An excellent way to finance your studies is to work full-time during the summer season and then part-time during the school year. This past summer, the Covid-19 crisis shook up the entire job market, especially for students. Several sectors of the economy that normally employ large numbers of student workers have been hard hit by the pandemic. In some areas, jobs have simply dried up, while in others, the hours available are limited (restaurants, hotels, tourism, etc.).

It's time to use all the assets you have at your disposal. If you have a special talent, why not create your own job? For example, if you study literature and your grammar is impeccable, maybe you could do editing work for a company? Working at a distance in complete security is possible. It’s simply a matter of taking time to explore potential avenues and seize opportunities.

From CESB to RESP: Government support for the student community

The Canadian government made the Canada Emergency Student Benefit (CESB) available to all post-secondary students who were unable to find summer employment or who had seen their work hours significantly reduced. If you benefited from the CESB, you may have been able to put some of it aside to pay your tuition fees. If so, now is the time to put that small surplus to good use.

Do your parents and grandparents love you so much that they've already set aside some money for you? It's time to show them your appreciation for that popular RESP, the education savings account where deposits are accompanied by generous government contributions that grow year after year—tax-free. This account was created precisely to provide for your needs during your studies!

A multitude of options for student loans and scholarships

Did you get a surprise the last time you checked your savings account? Is the amount available a bit less than you’d hoped for? If so, don't worry. Other financing options are available.

If you need financial assistance, check with the Government of New Brunswick and your educational institution about loans and other forms of financial assistance. To meet your needs, we also offer a wide range of financial products to support your education, from loans to bursaries and a no-fee account.

Learning how to manage your money professionally pays off!

You don't have to be a budding accountant or manage huge amounts of money to be convinced of the importance of establishing a budget! In fact, the less money you have, the more useful a budget will be to you.

To make a good budget, you’ll need to analyze your income and expenses. Carefully review everything that went in and out of your accounts on a monthly and yearly basis. Tuition, books, food, outings, driver's licence and savings are just a few examples of what you should include in your budget. If you're going to spend, you might as well do it wisely. If you're looking to better understand and organize your spending, investments, credits, taxes and savings, check out our friendly financial literacy guide (available in french only)!

With adjustments, support and organization, you’ll have less on your mind—but not less in your wallet. That way, you can enjoy your studies without racking up too much debt and master the art of paper writing between loads of laundry (because time is also money!).

You might also like :

Tuition that is among the highest in Canada
A diploma that comes with a debt
Distance learning: 5 tips for success

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