The first year of university could be your first time living on your own and learning how to manage your money wisely. Finances can be an overlooked aspect of university prep, which can have an impact on success way beyond your school years. We spoke with three first year Laurier students — otherwise known as Golden Hawks — to find the three keys to first-year financial success:
1. Get the real cost.
2. Get educated.
3. Get a budget.
1. The real cost
Let’s break down the costs of university that aren’t listed in your viewbooks. Here are some real monthly budgets from first-year students with three different lifestyles: The Commuter, The Renter, and The On-Campus Resident.
The Milton commuter
This Golden Hawk lives at home. Some of their essentials are covered by family so are not listed in their monthly expenses.
| Monthly Expense | Cost |
Gasoline for personal car | $180 |
| Clothes — new and used | $20 |
| Entertainment / fun purchases | $30 |
| TOTAL | $270 |
The Brantford renter
This Golden Hawk rents an apartment close to campus. They have one roommate, so all costs have been divided in half. Some of their essentials are covered by family so are not listed in their monthly expenses. Upfront costs below show one-time expenses from the very beginning of the school year.
| Monthly Expense | Cost |
Move-in fees (moving truck, used furnishings) — upfront cost | $1,050 |
| Streaming | $7 |
| Rent | $1,025 |
| Renter’s insurance | $25 |
| Utilities | $95 |
| Groceries (store, food bank, plus free groceries from parents) | $170 |
| Wifi | $40 |
| Entertainment / fun purchases | $50 |
| Food — meal(s) out / delivery | $50 |
| Transit (public transit plus Uber rides) | $18 |
| Gasoline — travel home and back | $40 |
| Laundry | $30 |
| Pet care — two cats | $70 |
| UPFRONT TOTAL | $1,050 |
| TOTAL | $1,620 |
The Waterloo resident
This first-year Golden Hawk lives in a Waterloo University residence building. Upfront costs below show one-time expenses from the very beginning of the school year.
| Monthly Expense | Cost |
Living essentials (bedding, décor, cleaning supplies) — upfront costs | $600 |
| Accessories (desk supplies, pens) — upfront costs | $190 |
| Technology (iPad, Macbook, headphones) — upfront costs | $2,700 |
| Rent | $490.25 |
| Smart Phone | $67.80 |
| Entertainment / fun purchases | $84.23 |
| Athletics & Recreation pass | $32.56 |
| Meal Plan (plus Flex Dollars) | $987.50 |
| Eating out / delivery | $50 |
| Transit (bus pass) | $31.23 |
| Travel home and back | $100 |
| Laundry | $30 |
| UPFRONT TOTAL | $3,490 |
| TOTAL | $1,873.57 |
2. Get educated
Learning how finances work, and how they can work for you, will help ease your stress as you transition to this increasingly independent phase of your life.
- Identify and separate your needs and wants.
- Understand debt and credit. Know the terms of your loans, how interest is calculated, and when payments are due.
- Learn how to manage your time effectively.
- Get into the habits of intentional spending and delayed gratification.
3. Get a budget
Use the FCAC budget planner to map out your own expenses and all the ways you plan to pay for them so you can avoid having “too much month left at the end of your money”.
- Start a new habit of setting aside emergency funds.
- Budget for fun by setting aside a realistic percentage of your earnings or allowance.
- Prioritize public transportation, carpooling, and car-sharing.
- Factor weekends into your budget.
- Learn to cook nutritious, budget-friendly meals.
The wrap-up
Feeling financially prepared before you start university will go a long way to improving your experience and securing your overall mental and financial health. If you start to think about budgeting now, you’ll set yourself up for a golden financial future in first year and beyond.
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