Identifying Your Costs

Annual Expenses:

• Course Fees (Tuition and Ancillary Fees): Costs vary by program and residency status.

  • Domestic Students (Ontario Residents):

    • Arts and Sciences: $7,289

    • Business: $11,217

    • Computer Science: $9,818

    • Engineering: $10,778

• International Students:

  • Arts and Sciences: $37,281

  • Business: $40,370

  • Computer Science: $34,835

  • Engineering: $43,424

• Books and Supplies: $1,200 to $2,600 per year

• Residence: $7,862 to $11,076 per academic year

• Meal Plan: $3,250 to $6,500 per year

• Health and Dental Care:

  • Domestic Students: $316

  • International Students: $1,072 (includes UHIP and YFS/Glendon Plan)

Monthly Expenses:

• Personal Expenses: $350/month ($4,200/year)

• Clothing: $50/month

• Toiletries & Personal Care: $30/month

• Entertainment: $75/month

• Phone Bill: $60/month

• Subscriptions: $15/month

• Emergency/Unexpected Costs: $40/month

• Fitness or Gym Membership: $40/month

• Miscellaneous: $40/month

• Rent (Off-Campus Housing): $800–$1,500/month (varies by location and type)

• Utilities: $200–$350/month

• Transportation:

  • Public Transit User: $150–$200/month

  • Car Owner: $450–$700/month

• Food: $450–$800/month

Determining Your Resources

• Personal Savings

• Income During the School Year (Part-time jobs or internships)

• Family Contribution

• Scholarships and Bursaries

• Government Financial Aid/Student Loans (e.g., OSAP)

• Other Resources

Calculating Your Budget

• Total Annual Costs: Sum of all yearly expenses

• Total Monthly Costs: Multiply total monthly expenses by the number of academic months (8 or 12)

• Total Expenses: Combined annual and monthly costs

• Total Resources: Sum of all financial resources

• Budget Balance: Subtract total expenses from total resources

  • Positive Balance: Sufficient resources to cover expenses

  • Negative Balance: Need to increase income or reduce expenses

Attitudes that should be de-buked about budgeting

NOT BUDGETING FOR FUN

It’s important to budget money aside for fun activities or hobbies because maintaining a balance between financial responsibility and personal enjoyment helps prevent burnout and keeps you motivated. Personally it made budgeting better, I was more motivated in school, and still stayed on track with my financial goals. Budgeting became something I could stick with long term, without feeling like I was missing out on life.