Managing Money

Step 1: Calculate money coming in

List all of the money you have coming in. This can include money from:

• Full- or part-time work
• Student loans
• Scholarship money
• Bursaries
• Home/your parents
• Interest from a savings account or investments

Add up your total, and calculate it into a monthly income, based on the number of months you expect to be in school. This will let you compare what you have with your expenses on a monthly basis.

Step 2: Calculate your expenses

List all your costs for a typical month. If you have trouble defining your expenses, keep receipts for everything you spend for a month or two. The goal is to get an accurate picture of where your cash is going.

Your list of student expenses could include:

• Tuition, books and supplies
• Rent and groceries; or room and board
• Utilities (cable, water, electricity, heating costs)
• Communication fees (phone, Internet connection)
• Entertainment/going out
• Insurance (health, medical, tenant and condo, travel and car insurance) — a good thing to have should something unexpected occur
• Personal products (clothing, shampoo, soap)

Split It with roommates and Cover Your Costs on Facebook! To really get a handle on your expenses, use the Split It and Cover Your Costs applications on TD Money Lounge on Facebook. If you have roommates, you can keep track of shared expenses using the Split It (Facebook App). It’s an easy way to help share your household accounting! Cover Your Costs (Facebook App) will help you tally up your student expenses and suggest ways to meet them.

Step 3: Calculate your balance

Your magic number comes from subtracting your estimated monthly expenses from the money you have coming in. If it’s a negative balance, you need to rethink your spending or consider additional financing options like our Student Line of Credit. A positive balance means you will have money left over to save for future needs.

If you have a budget shortfall:

• Trim unnecessary fees. Are you paying unnecessary fees to access your money? Remember to use your own bank’s ABM to avoid transaction fees from another financial institution. You may also benefit by switching to a no monthly fee bank account, like our Value Plus Account.
• Get more from your credit card. Look for a credit card with rates and terms that may better suit your needs (and your budget), and/or one that offers points and rebates that you can use. Learn more about three great TD Visa Cards that come loaded with features and benefits designed for students.
• Consider a line of credit. For an extra source of money or extra security when money is tight, you may want to explore the benefits of having access to a student line of credit. Some undergraduate and graduate/professional students find that the TD Canada Trust Student Line of Credit gives them the extra support they need.
• Protect yourself when cash is tight. Being short of cash when a big bill arrives can happen to just about anybody from time to time. You can feel protected and not have to worry about coming up short if you have overdraft protection on your account. Learn more about our two Overdraft Protection options.
• Share ideas with others. For more great tips on how to save money on everyday expenses, exchange ideas with other students on the TD Money Lounge on Facebook.

If your balance is positive:

• Help your savings grow! If you have more money coming in than you spend, breathe a sigh of relief. Now, think about how to make your extra money work for you, through smart saving strategies.
• Plan to hit your savings target. Use our Cover Your Costs (Facebook App) to juggle the numbers and find how you might reach your savings goal.
• Explore ways to keep secure. Even though you may have enough money coming in to cover your costs, you may want to have some funds available as a safety net. The TD Canada Trust Student Line of Credit may be your best option for having emergency funds available should the need arise.

Step 4: Revisit your student budget every term

Without doubt, you can expect lots of change in your life as a student. Your financial situation will probably change in step, as you make decisions like taking on part-time work, applying for scholarship funding, or adding expenses like a car or a bigger apartment.

Whatever the state of your budget, remember that you can speak to a TD Canada Trust representative for advice on options that will help you make the most of your money.