During your time in post-secondary, you may have to find financial support, learn to budget, and find ways to manage your money. This section provides helpful resources and tips on money management in post-secondary.
How to manage your money (ONECA, 2013b):
- Create a budget – total up your expenses for the month (groceries, monthly subscriptions/bills, gas, transportation pass, parking, rent, etc.). Make sure you include things like entertainment and clothing in your budget.
- For some items, you may want to do some research into how much they cost. For example, reviewing grocery flyers (available online), transportation passes per month/year (bus, subway), and parking permits on campus.
- To understand what money you have to work with per month, you want to total up your fixed expenses (costs that do not change per month- rent, parking, transportation pass, monthly subscriptions). Take your income/funding per month and subtract your fixed cost amount. The remaining amount will be for groceries, entertainment, etc. With these items the price can vary and change per week/month.
- Create a budget worksheet – small purchases add up quickly, so make sure to track your spending. Using a budget worksheet will help ensure you do not overspend. Please review the sample budget tracking worksheet found in the resource section of this toolkit.
- Make sure you are paying the lowest price and using discounts when you can – Compare prices and look for coupons and discounted items whenever you can
- Start saving – Putting small deposits aside each month can add up and create a healthy f inancial habit
- Remember that you can adjust your budget as needed, and it will take time and practice to successfully manage your finances
Best practices on spending (ONECA, 2013c):
- When buying textbooks, always try to buy used or online versions of them. Depending on your campus, at the end of the semester you can return your textbook and receive a discounted refund (but if you write or highlight in the textbook, the refund price will be reduced).
- Keep an eye out for yard/garage sales, and second-hand stores for large purchase items (furniture, dresser, shelving, office equipment, etc.)
Campus spotlight: Laurentian University has established a ‘free store’ where students can come and find free clothes (adult and children), toys/books, household items, and pantry items.
- Try to bring a lunch or dinner from home as purchasing these meals can add up quickly during the week
- When buying groceries, look for no-name brands since they tend to be cheaper, use coupons, and look for items on sale through flyers (available online)
The Royal Bank of Canada (RBC) offers a free online course titled “Financial Wellness for Indigenous Peoples”, which teaches you how to manage your money and provides information on how to achieve your financial goals (RBC, 2025). To learn more about this online course, please visit their website found in the resource section at the end of this toolkit.
Reflective activity:
- With the information and resources mentioned above, create your own monthly budget planner and spending tracker for the month. At the end of the month, review your spending and savings for the month. Reflect on which areas of your spending can be improved for next month
