Making Your Budget Work for Post-Secondary School
4 useful tips to keep you on track financially as we head into the new school year.
There's much to look forward to as a post secondary student! You'll meet new friends and form strong connections with your peers. Maybe you'll join a club or organization, or get involved in your student community. Without a doubt, you're sure to gain a new sense of independence as you develop your skills and values. Not only does the post secondary experience expand your worldview as you learn from experts in your fields of interest, but as a post secondary student, you're positioning yourself to jump start your career!
While the opportunities ahead are limitless, it's important to start thinking early about how you're going to budget your education. Paying for tuition fees, rent, and items you're likely to need like textbooks and a laptop may seem daunting, but we have some tips to help keep you on track.
1) Get informed
Think ahead about what costs are associated with your ongoing studies. Be realistic about your current circumstance, and create a budget that will prioritize your needs but also give you a little flexibility for fun and entertainment. Knowing well in advance expected costs of your academic year, and keeping track of deadlines associated with your payments will help ensure you don't incur any late fees or get surprised by any unexpected outstanding balances.
2) Get a part-time job
When you become a post secondary student, getting a part-time job can help you gain valuable career and academic experience, while helping you meet the cost of your studies. At Laurentian University, we offer numerous part-time job opportunities for students, such as our Work Study program. Over 200 employment opportunities are available to students each year who demonstrate financial need at Laurentian and who submit a Work Study application.
3) Apply for scholarships and bursaries
Scholarships (based on academic merit) and bursaries (based on financial need) are excellent sources of financial support. Familiarize yourself with Laurentian's full list of student awards. Think about it this way: If you've invested 5 hours of time into applying for a $1,500 scholarship that you are then awarded, you've just banked $300 / hour. Investing in yourself can make a positive impact on your finances. What's more, scholarships are a fantastic way to perk up your resumé!
4) Consider your options
You'll have all sorts of choices ahead of you, when you become a post secondary student. Are you anxious to make social connections with like minded students? Sharing the cost of an apartment rather than paying for your accommodation on your own is a great way to save some cash. Find out about residences available on Laurentian's campus. Are you a light eater? Consider and select the meal plan that is best suited for you and your needs.
Laurentian's marché-style Great Hall dining experience awaits where everything is prepared right before your eyes. Selecting the right meal plan could save you hundreds of dollars per semester. What about textbooks? Did you know that you can purchase new copies of texts, or you can pick up less costly used versions! You also have the option to rent textbooks on a semester basis. Laurentian's campus bookstore will help you make the right decision to get you geared up for your courses.
Remember, while it's a normal experience that money may be a little tight for the average student, by taking charge of your budget before you start your post secondary education, you're making a positive investment in yourself. And you deserve it.
How else can we support you? Find out more about Laurentian's future driven priorities and programs by connecting with a member of our Liaison Services team either by e-mail at firstname.lastname@example.org or telephone at 1-800-263-4188.
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