Learn how to make a budget and help fund your education
If there’s one thing that’s on every Toronto Metropolitan University (TMU) student’s mind, it’s money. Whether it’s paying tuition, making rent or going out with friends, dealing with money can be stressful. Even though finding valuable deals helps ease the pain on your wallet, it’s only half the battle. It should come as no surprise that being aware and in control of your finances is what really pays off.
If you don’t know where to start with making a plan to pay for school or creating a monthly budget, no sweat — Student Financial Assistance is the team to help you with exactly that. Beyond reviewing your Ontario Student Assistance Program (OSAP) or out-of-province and U.S. loan applications, Student Financial Assistance also provides useful resources for financing your education.
To learn more about Student Financial Assistance, I sat down with Dilery and Shahrukh, 2 Career Boost students who work there as department assistants. If you want to make a financial game plan and you’re not sure where to start, this interview’s got some tips you won’t want to miss.
Dilery, left, is a second-year Business Management student, and Shahrukh, right, is a third-year Business Technology Management student, both in the Ted Rogers School of Management (TRSM).
Ido: What does the Student Financial Assistance team do to help support students?
Dilery: The Student Financial Assistance team helps students navigate the financial side of university, which can feel a bit overwhelming. Our main focus is to support the administration of government student aid at the university and provide access to planning opportunities through 2 main areas: OSAP and the Career Boost student employment program. Our goal is to address any financial barriers so students can focus on their studies and make the most of their time at TMU.
I: What is OSAP and how do I know if I’m eligible for it?
Shahrukh: OSAP is a government-funded program that helps students cover the cost of tuition, books and living expenses. It offers loans and grants based on factors like your income, your family’s income and your program information. The eligibility guidelines are available on the OSAP website. Students must submit an application and have it assessed to determine eligibility.
I: Aside from OSAP, how else can I fund my education?
D: One of the best starting points is applying for scholarships, awards and bursaries. TMU’s AwardSpring (external link, opens in new window) platform is a database that includes over 1,400 awards and matches you with opportunities to help you with tuition, books and living expenses! Students can also independently explore external funding options, like student lines of credit or private loans from a reputable banker or credit union. Many students will end up combining a few sources of funding.
I: How do I balance working a job with my studies?
S: The Career Boost program offers TMU students hundreds of paid on-campus job opportunities that are designed to provide valuable and flexible work experience while you study. With Career Boost, you’ll usually be working around 10 hours a week during the school year. Your supervisor will be accommodating if you need schedule adjustments, especially around exam season.
I: How do I create a budget and stick to it?
D: My number one tip would be to keep track of all your money. Start by listing your sources of income and all of your expenses. At the end of the month, you can calculate the difference between your income and expenses to understand how much you’re actually saving or over-spending. Once you know where your money’s going, you can start planning and setting boundaries.
In terms of sticking to those boundaries, I’d suggest prioritizing your needs over your wants. When money’s tight, as it often is in university, the smartest move is to focus on your needs, like rent, groceries and transportation, first. Once that’s covered, use what’s left over for wants, like entertainment or late-night Uber Eats.
I: Any discounts TMU students should be aware of?
S: Your OneCard (your TMU student ID) will get you discounts and free admission at more places than you might think, including restaurants and a grocery store near campus. I even got student discounts when I showed my OneCard while travelling in Europe, so it’s always worth it to carry it around. You should sign up for post-secondary discounts for the TTC and GO Transit for a cheaper commute.
My thanks to Dilery and Shahrukh for telling me about Student Financial Assistance and for those tips on saving money as a TMU student!
Until next time,
Ido, your student ambassador