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

[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?k...rBi_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/fina....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/ho...ey-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?k...rBi_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/...ungradsch.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 :\