Financial planning budget worksheets

Budget Planner Worksheet


Completing these worksheets is an extremely important part of planning your finances. Please don't proceed any further until you have determined how much it will cost you to go to school.

HOW MUCH MONEY WILL I SPEND EACH YEAR?

To determine how much money you will need for each year, you must decide what expenses you will be incurring. If you will be taking courses for more than one year, estimate your expenses for one year at a time.

EXPENSE

AMOUNT ($)

Application Fee: Most students applying to UFV must pay an application fee of $45. This must be paid when you apply, well in advance of starting classes.



Tuition Fees: Tuition fees are specific to each program and are also based on the number of courses you are taking. Generally full-time students pay on an average of $3,000 to $4,000 each academic year depending on the program of studies. If you are not sure how much your tuition will cost please contact at (604) 864-4601 or (604) 702-2618.



Books and Supplies: Students will have to pay for books and supplies and may also have to pay for extra supplies or equipment. Those costs vary from $400 to $2000 depending on the length of the program. The specific costs for your program are also available through Student Financial Aid Services.



Rent/Room and Board/Mortgage Costs: There is a great variation in costs for accommodation in the Fraser Valley. Currently, sleeping rooms average about $325, room and board $400. Rentals vary from $350 upward depending on size, location, and quality. Students paying mortgages should include those costs.

Estimated cost per month $__________ x __________ months = Total



Getting Started Costs: Many students leaving home for the first time are not aware that there will be one-time costs associated with hook-up fees such as telephone and cable. You may also have to buy or borrow furniture, dishes, and other things you need to get going.



Utilities: This will include hydro, telephone, heat, and cable.

Estimated cost per month $__________ x __________ months = Total



Food: This will vary depending whether you are single or feeding a family. Single students estimate around $150-$200 per month for food. This cost could be much higher, depending on your family situation.

Estimated cost per month $__________ x __________ months = Total



Transportation: Local transportation costs can vary depending upon whether you have a car or take the bus. If you have a car you will be looking at insurance, fuel, maintenance, and parking. If you take courses at more than one campus you may be looking at additional fuel costs for commuting.

Estimated cost per month $__________ x __________ months = Total



Return Trip Home:
(once or twice a year)



Medical/Dental: Don't forget to include medical plan premiums as well as glasses, contacts, prescriptions, and dental care.

Estimated cost per month $__________ x __________ months = Total



Clothing: Planning your clothing needs in advance is a good idea as you may not have much left over for clothing. However, you will want to include items such as a winter jacket or boots that may be necessary for the year.



Miscellaneous: Can mean many things (laundry, shoe repair, alimony, children's lessons, entertainment etc.).

Estimated cost per month $_________ x __________ months = Total



Other: This could mean any other things that you can think of that do not fit anywhere else on your budget (daycare, credit card payments etc.).

Estimated cost per month $__________ x __________ months = Total



TOTAL OF ALL
ESTIMATED COSTS: (A)



WHERE WILL THE MONEY COME FROM?

The next important step is to determine whether you will have enough money to go to school. Estimate your income for one year at a time.

INCOME

AMOUNT ($)

General Savings: If you have saved money it helps. This might include gifts from family members, a Registered Educational Savings Plan, or money set aside by you and your spouse.



Savings from Recent Employment: Start saving now. Put funds aside every month from your pay cheque. You will need to estimate your net income for each month and remember to deduct all necessary monthly expenses from your net income to arrive at your estimated savings. Estimated monthly income from all sources:

$________minus monthly expenses $______ = $______ savings per month.

Savings per month $__________ x __________ months = Total



Contribution from Parents: Parents of children who have completed high school recently are usually expected to contribute financially according to their financial ability. Some parents have saved in advance for their children's education, while others arrange personal loans.



Part-Time Work While Attending UFV: Many students work part-time while attending UFV. If you feel you can and it won't jeopardize your course work, estimate your net take-home pay.

Estimated net earnings per month: $_________ x _________ months = Total



Government Income: Some students are eligible to apply for government income to attend school. The most likely sources are: Canada Pension Plan; Canada Employment Centre; Indian and Northern Affairs Canada; B.C. Ministry of Aboriginal Affairs;  Orphan's Benefits. It is important to research these sources well before you apply for school as they often take a long time for approval.

Estimated monthly government income: $_______ x _______months = Total



External Awards: Students may apply for the bursaries, awards, and scholarships donated to UFV. However, there are also many external bursaries to research.  Many have specific application deadlines so it is important that you check into these sources very early.



Other Income: Enter any other income you may receive. This could include gifts from relatives; support paid directly to you; liquidation of assets, such as term deposits or bonds; or sale of personal items.



TOTAL OF ALL
ESTIMATED RESOURCES: (B)



DO YOU HAVE ENOUGH MONEY TO GO TO SCHOOL?

By comparing your total costs and total resources you will see if you have enough money to go to school.

Total Estimated Costs: (A)



Total Estimated Resources: (B)



If your total resources are equal or greater than your costs, you are in good financial shape to attend UFV. If you see that you will need more funds to attend UFV, here are some ideas you may consider:

Review your costs. Have you been realistic? Can some of your costs be reduced?

Review your resources. Have you researched all possible sources of income. Have you underestimated any sources?

Talk to your family. They may be able to assist you.

Apply online for your Canada-B.C. Student Loan
6 to 8 weeks
before you register:

www.StudentAidBC.ca

Continuing your full-time studies without
renewing your student loan?
Apply for Interest-Free Status:

www.StudentAidBC.ca

UFV Bursaries
Applications accepted every semester.
Apply online through your myUFV account!

UFV Scholarships
Applications accepted from
March 15th to May 10th

For more information, including award criteria,
please visit www.ufv.ca/scholarships

    
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