{"id":57390,"date":"2025-10-01T11:53:58","date_gmt":"2025-10-01T15:53:58","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/back-to-school-finances-budgeting-for-the-school-year\/"},"modified":"2025-10-02T09:59:11","modified_gmt":"2025-10-02T13:59:11","slug":"back-to-school-finances-budgeting-for-the-school-year","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/back-to-school-finances-budgeting-for-the-school-year\/","title":{"rendered":"How to Budget as a Student: Back to School Money Tips for the Year Ahead"},"content":{"rendered":"\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>A student budget can give you a clear view of where you &#8211; and your money &#8211; stand for the year<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Creating your budget involves taking stock of money coming in and money going out<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Banking and budgeting apps can help you stay on top of your money and avoid overspending<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Heading back to school means being in charge of your finances, which makes now a great time to get a head start on your student budget.<\/p>\n\n\n\n<p>Wondering how to budget as a student in Canada? Whether this is your first time making a budget or you\u2019re just brushing up, this student finances guide can help you prepare for the coming semester.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-how-to-start-organizing-your-money\">1. How to start organizing your money<\/h2>\n\n\n\n<p>You may have a lump sum coming your way \u2013 like an OSAP grant or loan, bursaries or other<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/everything-you-need-to-know-about-student-loans-in-canada\/\" data-dig-id=\"LP-57390-a05b0943\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"&nbsp;student loans\" class=\"rbc-link-format\">&nbsp;student loans<\/a>. If your funding doesn\u2019t automatically get sent to your school, look at how much you\u2019ll need for tuition each semester. Also, take stock of any savings, summer job money and scholarship awards that can help you cover your school expenses.<\/p>\n\n\n\n<p>You can also estimate any income you\u2019ll earn over the year \u2013 from part-time jobs or side hustles \u2013 that can help pad your monthly student budget.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-how-to-plan-for-monthly-expenses\">2. How to plan for monthly expenses<\/h2>\n\n\n\n<p>Once you have a sense of what\u2019s coming in every month, you can sort out what will be going out. Think about monthly expenses like a phone bill or subscriptions, as well as once-per-semester costs such as tuition and textbooks.<\/p>\n\n\n\n<p>Then, figure out your budget for the rest of your needs:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>Food \u2014 if you\u2019re not on a meal plan<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>Transportation \u2013 to get around town and campus<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>Essentials \u2013 like laundry and toiletries<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>Some personal or discretionary spending \u2014 if you have room for it<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-what-student-savings-strategies-actually-work\">3. What student savings strategies actually work?<\/h2>\n\n\n\n<p>Now that you\u2019ve estimated what your monthly expenses are, figure out what you need to set aside from OSAP or other student loans, and what you\u2019ll have left over.<\/p>\n\n\n\n<p>Since you\u2019ve gone ahead and calculated your monthly budget, you can now look into maximizing it. Can you find ways to have money left over at the end of the month?&nbsp;&nbsp;Things like eating out less, finding a more affordable phone plan and limiting non-essential spending can help you add room to your budget for savings and emergencies. Other&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/school-and-career\/continuing-education\/back-to-school-finances-smart-spending-for-back-to-school\/\" data-dig-id=\"LP-57390-d9186ddc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"student savings strategies\" class=\"rbc-link-format\">student savings strategies<\/a>&nbsp;include taking advantage of student discounts, teaming up with others on the grocery bill and walking or cycling to class instead of driving or taking transit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-when-does-it-make-sense-to-invest-leftover-money\">4. When does it make sense to invest leftover money?<\/h2>\n\n\n\n<p>If you\u2019ve got money left over after your expenses, you could give it the opportunity to grow \u2013 and help pay back student loans faster after school. Here\u2019s an idea: Save what you don\u2019t need this semester in a high-interest savings account. Your money will earn interest and grow for as long as you save it. Or if you\u2019re comfortable, consider an investment account that could give your money the potential to grow faster.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-can-you-stay-on-top-of-your-budget\">5. Can you stay on top of your budget?<\/h2>\n\n\n\n<p>The answer is yes! While it can be easy to lose track of your spending or forget to check your budget while you\u2019re busy at school, there are ways to make it easy on yourself. With the RBC Mobile app, it\u2019s super simple to stay on top of your account balances and bill payments from anywhere. And thanks to NOMI, the app\u2019s AI-powered money management tool, you can track your spending, monitor a personalized budget and see what your money is going to do next \u2013 without having to do any of the heavy lifting yourself.<\/p>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel has-cool-white-background-color has-background\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-faqs\">FAQs<\/h3>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion aligncenter accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleab3f97a1\" class=\"collapse-toggle collapsed\" data-target=\"#accordionab3f97a1\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-57390-ab3f97a1\" aria-controls=\"accordionab3f97a1\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How much should I budget monthly as a student?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How much should I budget monthly as a student?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionab3f97a1\" role=\"region\" aria-labelledby=\"accordion-titleab3f97a1\"><div class=\"collapse-inner\">\n<p>The amount of money you need as a student will depend on several factors \u2013 like whether you\u2019re living in residence, in off-campus housing or at home with your parents. A good rule of thumb is to add up your essential expenses \u2013 like rent, utilities, groceries, transportation and education costs and divide that amount by 12 to get a monthly average. Then factor in discretionary spending \u2013 things like eating out, entertainment and travel. If you can, try to carve out 5-10% for savings or an emergency fund.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlee4cbcf62\" class=\"collapse-toggle collapsed\" data-target=\"#accordione4cbcf62\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-57390-e4cbcf62\" aria-controls=\"accordione4cbcf62\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What counts as variable versus fixed costs?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What counts as variable versus fixed costs?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordione4cbcf62\" role=\"region\" aria-labelledby=\"accordion-titlee4cbcf62\"><div class=\"collapse-inner\">\n<p>Fixed costs&nbsp;stay roughly the same each month \u2013 like rent, phone bills or a monthly transit pass.&nbsp;Variable costs&nbsp;can fluctuate \u2013 think groceries, clothes, eating out or other social activities. Knowing which costs are fixed helps you plan, while keeping an eye on variable costs can help you find areas to cut back when money feels tight.&nbsp;<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titled46471cd\" class=\"collapse-toggle collapsed\" data-target=\"#accordiond46471cd\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-57390-d46471cd\" aria-controls=\"accordiond46471cd\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Should I invest while I\u2019m a student or focus on repaying debt?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Should I invest while I\u2019m a student or focus on repaying debt?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordiond46471cd\" role=\"region\" aria-labelledby=\"accordion-titled46471cd\"><div class=\"collapse-inner\">\n<p>It depends on your financial situation. If your student loans have low interest rates (like government loans), it may make sense to invest a small amount regularly to build the habit of saving and take advantage of earning compound interest.<\/p>\n\n\n\n<p>If your debt has a higher interest rate (like credit card balances), it\u2019s worth focusing on paying that down first. A balanced approach that involves making minimum payments on low-interest loans, while contributing small amounts to a TFSA or savings account, can give you flexibility when you graduate.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleea7e6880\" class=\"collapse-toggle collapsed\" data-target=\"#accordionea7e6880\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-57390-ea7e6880\" aria-controls=\"accordionea7e6880\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How can I avoid overspending each month?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How can I avoid overspending each month?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionea7e6880\" role=\"region\" aria-labelledby=\"accordion-titleea7e6880\"><div class=\"collapse-inner\">\n<p>Set a weekly spending limit for variable costs and track your spending in real-time (the RBC Mobile app1 can help you do this). Then, break down large expenses like textbooks into monthly savings goals so they don\u2019t throw your budget off when they come due.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title7517cbe2\" class=\"collapse-toggle collapsed\" data-target=\"#accordion7517cbe2\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-57390-7517cbe2\" aria-controls=\"accordion7517cbe2\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What are some easy ways to save as a student?\u00a0\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What are some easy ways to save as a student?\u00a0<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion7517cbe2\" role=\"region\" aria-labelledby=\"accordion-title7517cbe2\"><div class=\"collapse-inner\">\n<p>Look for student discounts on transit, software, streaming services and groceries. Buy used textbooks, seek out cheaper digital options or borrow from the library. Cooking meals at home and sharing costs with roommates can go a long way toward your food budget! Even small habits, like making coffee at home, can free up extra cash over time.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-block section-inner callout-block campaign\"><div class=\"callout  horizontal\"><div class=\"callout-content\"><div class=\"callout-copy\">\n<p>Managing your money as a student can be tricky \u2013 especially if you\u2019re living away from home for the first time. Take a look at our collection of\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/school-and-career\/going-to-college-or-university\/\" data-dig-id=\"LP-57390-f0332d76\" data-dig-label=\"student-friendly tips, guides and articles\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">student-friendly tips, guides and articles<\/a>\u00a0that can help you save, spend and budget wisely while you\u2019re at school.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Get student budgeting tips to help you feel confident about money for the school year ahead.<\/p>\n","protected":false},"author":10,"featured_media":51677,"parent":57314,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[81,85,48],"rbc_content_type":[31],"rbc_audience":[49],"rbc_lob_group":[50],"rbc_difficulty_level":[33],"rbc_mmm_category":[318,367,303,348,304,312],"class_list":["post-57390","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-education","tag-paying-for-school","tag-savings","rbc_content_type-article","rbc_audience-students","rbc_lob_group-students","rbc_difficulty_level-beginner","rbc_mmm_category-banking-basics","rbc_mmm_category-budgeting","rbc_mmm_category-goals-aspirations","rbc_mmm_category-going-to-college-or-university","rbc_mmm_category-money-academy","rbc_mmm_category-school-and-career"],"acf":{"contently_publication_id":"294182","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_video_keywords":"","rbc_video_description":"","rbc_video_upload_date":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Learn how to budget as a student. 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