Here’s how to develop a simple budget for one term:

Step One

Estimate Available Funding

Estimate how much money you will have to spend. This includes:

  • part-time employment, or summer work
  • savings
  • government student assistance (student loans and grants)
  • bank loans
  • family support
  • U of S scholarships and bursaries
  • external awards (not granted by the university)
  • Third-party funding (e.g., band funding)

Step Two

Estimate Costs

Estimate how much money you will spend. This includes:

  • tuition,
  • books,
  • materials/supplies,
  • transportation,
  • rent,
  • utilities,
  • food,
  • entertainment,
  • car payments,
  • gas,
  • etc.

Step Three

Do one simple calculation

Available funding - costs = budget

  • If the total budget is greater than zero, congratulations! You should have enough to cover your costs.
  • If the total budget is zero or less than zero, you will need to look for ways to save, or ways to increase your income