Budgeting for year back at school...

[m4gician]

There is no easy way to say this, but I htikn it's a good idea to have a budget at least planned your years expenses.

I would like to compile a thread of proven tips from experience that worked well for you.

Managing Credit is huge,
Avoid spending too much on food, drinks (unless you're on "daddy's buck"), etc.

[hello1214]

$40 a month on food
$200 a month on alcohol and stuff for alcohol
$380 for rent

thats how my budget goes...less $200 on alcohol and expenses are pretty low

[andrew2good4u]

$40 a month on food
$200 a month on alcohol and stuff for alcohol
$380 for rent

thats how my budget goes...less $200 on alcohol and expenses are pretty low

40$ a month on food? Will you be eating crackers 3 meals a day?

[Dibble]

Well,

Since there's no specification as to whether you live at home (commute), live on residence, or rent your own place... I've tried to come up with a basic idea of how your spending might be.

Live on Residence
Essentials
Groceries: $150-200/month
Miscellaneous*: $50-100/month
Transit**: $20/month
Luxuries
Going Out/Dining Out/Take Out***: $80-$160/month
Transit [Extra]**: $20-40/month
Shopping: $100-250/month

*This includes small things like toiletries, shampoo/conditioner, toilet paper, so on so forth -- They add up, trust me
**Depends on how often you travel but if it's only for groceries it shouldn't be any more than $20/month assuming $5 per roundtrip every week. If you go out once or twice a week more, that works out to about $20-$40 more per month you'd be spending.
***$20/per outting a person -- Once to Twice a Week

Note: If you live close to your parents and go home once a week or so, you can potentially save on groceries and mischellaneous goods.

Live at Home
Essentials
If you Commute by Car
Parking Pass
Gas

If you Commute by Transit
Transit Pass

Luxuries
Going Out/Dining Out/Take Out***: $80-$160/month
Shopping: $100-250/month

Hope this helps!

P.S. I've left out rent/car costs and such since I have no idea what those costs might be and you should most likely already know those costs. These costs include things that are a little harder to quantify unless you've actually experienced it.

[aznkalun]

40$ a month on food? Will you be eating crackers 3 meals a day?

could also alternate between KD and instant noodles :lol:

[alv077]

As much as I whine and complain about how expensive school is, after planning out 5 years realistically, I think it is pretty reasonable.

Unlike some other estimates, I include everything that I will end up having to pay back - not just strictly school related stuff. Gives a better, more realistic picture of how much money I will need to have saved up imo.

http://spreadsheets.google.com/pub?key=p4mwQJcJ2rBi_nqUtqUAAMQ

Some notes that were cut out...

Tuition fees
http://www.afm.uwaterloo.ca/financing-fees.htm
http://accounting.uwaterloo.ca/macc/macc_tuition.html

Residence fees (assume v1 during 1st year, uwp 3/4 person suite for upper years)
http://findoutmore.uwaterloo.ca/financing/expenses.htm#residence

Meal plan fees (Assume: standard meal plan for v1, basic uwp meal plan with $750 grocery and 'eating out' allowance)
http://findoutmore.uwaterloo.ca/housing/mealplans.htm

Clothes + Entertainment
Includes: beer,club and atheletic fees, clothing, essentials (toothpaste, deodourant, shampoo, soap, gel, etc.), laundry, evil girlfriends, and whatever else that ends up being deemed necessary

Co-op fees
http://findoutmore.uwaterloo.ca/financing/expenses.htm
"... an additional fee is payable in the academic term immediately prior to a work term."

Incidental fees
http://www.afm.uwaterloo.ca/financing-fees.htm

Books + Supplies (Assume prices of books remain constant after first year. Pens/Pencils/stationary/rip-off binders)
http://findoutmore.uwaterloo.ca/financing/expenses.htm

Co-op profits (assume average Toronto job)
http://www.cecs.uwaterloo.ca/pdfs/hourly-salary-survey-ca-2006.pdf

[bokep]

$200/month in food
$75-150/month in alcohol/bars
$500/month in rent
$50/month in random stuff

looks about right for me

[winner2000]

As much as I whine and complain about how expensive school is, after planning out 5 years realistically, I think it is pretty reasonable.

Unlike some other estimates, I include everything that I will end up having to pay back - not just strictly school related stuff. Gives a better, more realistic picture of how much money I will need to have saved up imo.

http://spreadsheets.google.com/pub?key=p4mwQJcJ2rBi_nqUtqUAAMQ

Some notes that were cut out...

Oh man, you're budgeting yourself to death! I mean it's great to have a rough idea of how much uni will cost you, but just a little FYI -- after 1B, you can throw those estimates out the window. Tuition, in particular AFM tuition (and other deregulated programs) rise at 4-8% per year, NOT stay constant as you've listed. Same with residence fees -- and that's assuming you are IN residence for those 3-4 years. And the co-op fee will be paid for EIGHT terms, not four -- that's $2000+ extra right there you didn't budget. You also forgot your costs for GETTING to your co-op job.....driving? bus? Unless you plan to walk, that won't be free either. And your co-op earnings can vary widely -- not everyone can bank on a big-4 job.

[kt11]

And why would anyone assume their going to get their Master's? Doesn't the program require you to keep a 75% to stay in as well...:|

[alv077]

Oh man, you're budgeting yourself to death! I mean it's great to have a rough idea of how much uni will cost you, but just a little FYI -- after 1B, you can throw those estimates out the window. Tuition, in particular AFM tuition (and other deregulated programs) rise at 4-8% per year, NOT stay constant as you've listed. Same with residence fees -- and that's assuming you are IN residence for those 3-4 years. And the co-op fee will be paid for EIGHT terms, not four -- that's $2000+ extra right there you didn't budget. You also forgot your costs for GETTING to your co-op job.....driving? bus? Unless you plan to walk, that won't be free either. And your co-op earnings can vary widely -- not everyone can bank on a big-4 job.

Ouch... I thought that applying to the upper year llc was pretty much a gaurentee that we will be getting in res? :(

4-8% hike, extra co-op fees? ouch...

thanks for the input though =P gotta go rework the estimates :)

*edit* when exactly are the coop fees charged? the term before and the term that the coop takes place?

[winner2000]

TBH I'm not sure about how the whole LLC thing works, although I'm pretty sure that residence is NOT guaranteed. Regardless, I just meant that rez fees (or rent in general) would be rising every year...they never stay constant.

As for the co-op fees, you'll pay them every term starting 2A -- not on actual work-terms though (see more details here: http://www.cecs.uwaterloo.ca/manual/money/10_4.php).

And just for a rough idea, here's my tuition "bill" for my 4A term (which is due in like 2 weeks...eek)

Charges


08/04/2007 Undergrad Full time Tuition 4,852.00 CAD
08/07/2007 UW Place Room 2,987.00
08/04/2007 Co-op Fee 535.00
08/04/2007 FedofStdnts-Administered Fees 197.46
08/04/2007 Student Services Fee 127.00
08/04/2007 Accountancy Endowment Fund 75.00
08/04/2007 Student Co-ordinated Plan 46.05
08/04/2007 Federation of Students Fee 34.67
08/04/2007 Work Report Marking Fee 14.00
08/04/2007 ARTS Student Society 7.00
08/04/2007 Radio Waterloo 5.50
08/04/2007 WPIRG 4.75
08/04/2007 Imprint 3.30
08/04/2007 CanCopy Fee 1.65

Total Charges:

8,890.38

[goobelygoop]

NINE THOUSAND DOLLARS FOR ONE TERM?!

*faints*

[kt11]

TBH I'm not sure about how the whole LLC thing works, although I'm pretty sure that residence is NOT guaranteed. Regardless, I just meant that rez fees (or rent in general) would be rising every year...they never stay constant.

As for the co-op fees, you'll pay them every term starting 2A -- not on actual work-terms though (see more details here: http://www.cecs.uwaterloo.ca/manual/money/10_4.php).

And just for a rough idea, here's my tuition "bill" for my 4A term (which is due in like 2 weeks...eek)

Charges


08/04/2007 Undergrad Full time Tuition 4,852.00 CAD
08/07/2007 UW Place Room 2,987.00
08/04/2007 Co-op Fee 535.00
08/04/2007 FedofStdnts-Administered Fees 197.46
08/04/2007 Student Services Fee 127.00
08/04/2007 Accountancy Endowment Fund 75.00
08/04/2007 Student Co-ordinated Plan 46.05
08/04/2007 Federation of Students Fee 34.67
08/04/2007 Work Report Marking Fee 14.00
08/04/2007 ARTS Student Society 7.00
08/04/2007 Radio Waterloo 5.50
08/04/2007 WPIRG 4.75
08/04/2007 Imprint 3.30
08/04/2007 CanCopy Fee 1.65

Total Charges:

8,890.38


Can't you opt out of certain charges?

[Lone_Prodigy]

Charges

08/04/2007 Undergrad Full time Tuition 4,852.00 CAD
08/07/2007 UW Place Room 2,987.00
08/04/2007 Co-op Fee 535.00
08/04/2007 FedofStdnts-Administered Fees 197.46
08/04/2007 Student Services Fee 127.00
08/04/2007 Accountancy Endowment Fund 75.00
08/04/2007 Student Co-ordinated Plan 46.05
08/04/2007 Federation of Students Fee 34.67
08/04/2007 Work Report Marking Fee 14.00
08/04/2007 ARTS Student Society 7.00
08/04/2007 Radio Waterloo 5.50
08/04/2007 WPIRG 4.75
08/04/2007 Imprint 3.30
08/04/2007 CanCopy Fee 1.65

Total Charges:

8,890.38

I assume that's for two semesters?

Those school fees are a killer. Just looked at mine (UBC):

Athletics and Recreation Fee $181.76
AMS Fee $33.50
Athletics and Intramurals $21.00
Graduation Fee $7.00
Med/Dent Fee $0.00
Sexual Assault Fund $3.00
Science undergrad society fee $22.00
AMS Student Services Fee $9.00
Student Aid Bursary Fund $12.00
Student Legal Fund $1.00
Ubyssey Publication Fee $5.00
Upass $176.00

Over $400 for two semesters. Opted out of the Medical fee which is almost $200. The good thing is the Upass which provides unlimited public transit. It might be higher if I'm in rez.

[winner2000]

Yeah you can opt-out of the things on page 6 (http://www.adm.uwaterloo.ca/infofin/students/fall07ungradsch.pdf), plus the medical/dental. Doesn't total up to more than $200-300, but better than nothing I guess.

And the bill is just for ONE term...not two :\

[matkun]

I'll throw mine up as well I guess.. from UW

4A Computational Science - Physics (not CS Faculty.. Science Faculty.. so I pay 1k less in tuition)

08/04/2007 Undergrad Full time Tuition 2,268.00 CAD
08/04/2007 Co-op Fee 535.00
08/04/2007 FedofStdnts-Administered Fees 197.46
08/04/2007 Student Services Fee 127.00
08/04/2007 SCI Endowment Fund 50.00
08/04/2007 Student Co-ordinated Plan 46.05
08/04/2007 Federation of Students Fee 34.67
08/04/2007 Work Report Marking Fee 14.00
08/04/2007 SCI Student Society 9.00
08/04/2007 Radio Waterloo 5.50
08/04/2007 WPIRG 4.75
08/04/2007 Imprint 3.30
08/04/2007 Science Foundation 3.00
08/04/2007 CanCopy Fee 1.65

I'm renting a pretty good place off-campus for $450 a month + utilities, so I expect to pay about ~$2000-2200 for 4 months.

I got out of residence after first year.. You can get off-campus housing that's better for much cheaper. Res prices are a rip off.

[goobelygoop]

I agree rez can get pricey, but I'd SOOOOO much rather wake up at 8:15am and get to my 8:30 class with 2 minutes to spare -- plus I like coming back to my room between classes to chill and re-do my makeup (I'm sure some care about that more than others!)

[matkun]

I agree rez can get pricey, but I'd SOOOOO much rather wake up at 8:15am and get to my 8:30 class with 2 minutes to spare -- plus I like coming back to my room between classes to chill and re-do my makeup (I'm sure some care about that more than others!)

In first year I would come back inbetween classes, but I found that actually hindered my studying. Having to bike/walk for 10-20 minutes to get home means that:

1) Inbetween classes you'll either eat, be with friends or study/work on assignments.
2) You are more likely to stay on campus and finish something instead of slacking and leaving early, thinking you'll come back later (which mostly doesn't happen).

I've found staying on campus for ~5-6 hours, whether I have many classes or just one or two really helped me with getting assignments done, doing reading for class and studying.

[alv077]

And why would anyone assume their going to get their Master's? Doesn't the program require you to keep a 75% to stay in as well...:|

The table is meant for me to plan how much money I need to have prepared... The plan is to get into MAcc, so it makes sense to prepare to pay for it :)

And yeah, we need to keep a 75% to stay in

[hello1214]

crackers kd? no i eat pretty good chicken, pasta, beef...bought in bulk and frozen so it averages out to be that much maybe $10 more

[nkwu]

I know for the LLC, a bunch of upper years have a whole floor to themselves - all Acctg this semester (UWP). and AFIK, LLC has no priority for residence. IF they did, as a non accounting student I would be pretty pissed off depending on the room allocations. It doesn't make sense to have priority, especially now with the res overload (hahaha, REV triples...)

Res prices work about to be around the same cost as a good house a lot of times too. But you're probably gonna end up living off campus after 1B too.

For those who get refunds for all their ancillary fees: how many can we exactly get back? I wasn't sure if it was worth it to spend the time to get a refund from so many places. I know the cost adds up, but going through the effort to get a few dollars back from imprint seems a bit pointles.

But anyways, I think you are overplanning for sure. But it IS a good idea to have a good estimate on what you need. save that co-op money too. Beg, borrow, steal. Get as much free food and stuff as you can. Hit up the surplus sales. Do anything. Oh, What accounting are you in? I heard Public 1A tuition broke 10 grand this year.

[matkun]

For those who get refunds for all their ancillary fees: how many can we exactly get back? I wasn't sure if it was worth it to spend the time to get a refund from so many places. I know the cost adds up, but going through the effort to get a few dollars back from imprint seems a bit pointles.


I just always get this refund:
08/04/2007 SCI Endowment Fund 50.00

Easy $50 bucks back. Just go and sign my name at the science office, and they mail it.

[goobelygoop]

I heard Public 1A tuition broke 10 grand this year.

No it didn't.

[Pricyber]

Other than tuition(including faculty fees etc.)
Food: packing sandswitch (so kinda free)
Transportation: TTC bus pass ($90 a month)
Entertainment: None
Books: Hopefully $100 for each course
Around $2000 + $8300(Tuition)
Total: 10300

[xIcewind]

My tuition for first semester is $3700, so x2 is $7200. [All fees included.]

Add on 10.8k for residence, $400 for internet (or $200 if I split with roommate), $400 for cell phone (possibly, with the Telus Student Plan). Assuming $300 for books for both semesters:

$19200 for the year. =/

Not including spending money per month.

[hello1214]

wow 10k for res? thats a bit much

[lil_c09]

wow 10k for res? thats a bit much

Seems like a meal plane is included as he did not post any budget for food.

[xIcewind]

Mmm. Of the 10.8k for residence, about 3700 of it is part of a declining balance meal plan.

This is a double room, by the way, so one room mate in the room.

McGill's New Residence Hall.

[hello1214]

10k is still much could have got cheaper offcampus but their residencies are nice and things like internet and cable and hydro are included

[xIcewind]

Unfortunately, not for me, I don't think. No internet, land line, or cable -- utilities are, though.

[hello1214]

damn that sucks they charge so much but they dont even include that...there are common rooms though you can try to run some cables through there and steal cable lol