Getting by on a student budget can be difficult. Getting by on a student budget following the Christmas season of spending can seem impossible. The Brunswickan sat down with a number of students to discuss their money matters.
Post-secondary education is expensive. At the University of New Brunswick, tuition and fees for the year come to $6,180 per student. Students living in UNB’s traditional residences with a 14-meal plan from week-to-week can expect to pay $7,864 in residence and meal plan fees.
According to a Statistics Canada survey completed in 2002, 53 per cent of students revealed that they had savings put aside for university, whether it came from their own pockets, family or government funding. 43 per cent reported that their parents had been saving for them and 23 per cent said had savings put aside that were self-earned.
Cailean Fallon, a second year science student, budgets $50 per week for her living expenses outside of residence life. She also drives a vehicle and said the majority of her money goes toward gas, food and alcohol. Fallon believes that the majority of students spend most of their money on food and alcohol in an average week.
Rachel Hogan, a third year nursing student, lives at home and has a part time job as a swimming instructor. She said the money she earns in the run of a week mostly goes toward food and going out for meals.
“For me [saving money] should be more important than it is. I need to save up money for Thailand,” she said, referring to a month-long trip to the country planned for this summer. “If I don’t save, then there is no way I can do the travelling I want to do.”
Saving money for travelling during summers and following graduation is also a common goal for students. Second year arts student Emma Pinfold plans on travelling through Europe following graduation. Also a part time worker, Pinfold is very cautious with her money and spends it mostly on social occasions like going out to a bar or to dinner with friends.
“I think it’s important because school’s just not about academics. It’s about getting out and knowing people and being involved in the social activities around you,” she said.
“Some people save, but a lot of people spend a lot. I think most people spend money on food and gas for vehicles and stuff like that.”
Fallon does not believe that students pay much attention to spending or outlining a budget for themselves.
“The majority of students I know rely on their parents when their bank account balance dwindles. Those that do have budgets also have jobs. I think the responsibility of having a job and making your own money forces you to take control of bank balances,” she said. Fallon added that she plans to take on a part time job this semester.
For students looking to organize a budget for themselves or see where their money is going, visit http://www.youcandealwithit.com/budgeting_tools.
Post new comment