Duncan Day-Myron with files by Nicole Elsasser
Managing money is one of the skills that you will learn a lot about in your first year at university. From managing meal plan dollars to buying text books, to budgeting your nights out. For a lot of students, this will be the first time they had the amount of financial responsibility and freedom that comes with living on your own.
“Planning is very important when you come to school so if you can, plan up front where your money is coming from. Make sure you do a budget prior to coming to school and really try and stick to it,” said Deborah Mair, budget councilor with Student Financial Services.
One of your biggest expenses is going to be entertainment. School is great, but you’re going to want to relax every now and then.
“[With] entertainment, try to take in more things that are free around campus. Set yourself a limit on what you spend on an entertainment budget,” Mair advises. “We know people are going to go out and do things. Set a limit and stick to it.”
The University has options through Student Financial Services if you’re feeling that you might not be as well equipped financially for the school year.
“The work study program is meant to be a part-time job while you’re a full-time student for those that have financial need,” said Marie McGlone, work study coordinator. “There is a form that they need to fill out to identify that they have financial need. So usually if you’re on OSAP, you’ll qualify. You don’t need to be an OSAP student to qualify. Once you’re approved you can apply for the various work-study jobs that are posted on our work-study website.”
The work study program is useful not only for the financial benefits, but the experiences it can provide.
“A lot of students use it to get lab experience […] or working in the library. It’s wide ranging from lab work to clerical,” continued McGlone. “[However] for the first semester, I would be hesitant to do a work study position because you want to get yourself acclimatised. You don’t want to over burden yourself. Get approved for fall and winter, but consider it for the winter.”
The Student Financial Services also has services providing scholarships and bursaries. Information on submission deadlines for those is provided to first year students in their “Admission 2010” booklet and all Student Financial Services are located on the third floor of the University Centre.
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