Monthly Student Budget Template
Budget for a Student in a Mid-Size City ($1,800/month)
| Expense | Monthly Amount | % of Budget | Notes |
|---|---|---|---|
| Needs (60%) | |||
| Rent (shared accommodation) | $700 | 39% | Roommate situation |
| Groceries | $300 | 17% | Cooking at home |
| Transportation (bus pass) | $80 | 4% | Student pass |
| Phone plan | $40 | 2% | Student plan |
| Wants (30%) | |||
| Dining out / takeout | $100 | 6% | 2–3 meals out |
| Entertainment / subscriptions | $60 | 3% | Streaming, going out |
| Personal / clothing | $80 | 4% | Toiletries, clothes |
| Coffee / snacks | $40 | 2% | $2/day average |
| Savings (10%) | |||
| Emergency fund / TFSA | $100 | 6% | Build to $1,000 first |
| Textbook / tech fund | $50 | 3% | Spread annual costs monthly |
| Total | $1,550 | — | — |
| Buffer / miscellaneous | $250 | — | Unexpected expenses |
Budget for a Student in Toronto/Vancouver ($2,500/month)
| Expense | Monthly Amount | Notes |
|---|---|---|
| Rent (shared) | $1,100–$1,400 | Room in shared house/condo |
| Groceries | $350 | Higher food costs |
| Transportation | $130 | TTC/TransLink student pass |
| Phone plan | $40 | Budget carrier |
| Dining out | $120 | |
| Entertainment | $80 | |
| Personal | $80 | |
| Savings | $100 | |
| Total | $2,000–$2,300 |
Average Student Costs by City
| City | Rent (Shared) | Groceries | Transit | Total Monthly |
|---|---|---|---|---|
| Toronto | $1,100–$1,400 | $350 | $130 | $2,200–$2,600 |
| Vancouver | $1,000–$1,300 | $350 | $100 | $2,100–$2,400 |
| Ottawa | $700–$900 | $300 | $65 | $1,500–$1,800 |
| Montreal | $600–$800 | $280 | $57 | $1,300–$1,600 |
| Calgary | $700–$900 | $300 | $90 | $1,500–$1,800 |
| Edmonton | $650–$850 | $300 | $85 | $1,400–$1,700 |
| Halifax | $700–$900 | $300 | $80 | $1,400–$1,700 |
| Winnipeg | $550–$750 | $280 | $75 | $1,200–$1,500 |
| London, ON | $650–$850 | $290 | $70 | $1,400–$1,700 |
| Kingston, ON | $650–$850 | $290 | $65 | $1,400–$1,700 |
Student Income Sources
| Source | Typical Monthly Amount | Notes |
|---|---|---|
| Part-time job (15 hrs/week) | $1,000–$1,400 | $17–$22/hr minimum wage |
| Student loans (disbursement) | $800–$1,200 | Per semester / 4 months |
| Parents / family support | Varies | $0–$1,000+ |
| Scholarships / bursaries | $100–$500 | Per month if spread over year |
| Summer savings | $400–$800 | Spread over school year |
| Co-op / internship income | $2,500–$5,000 | During co-op terms |
| RESP withdrawals | Varies | Education Assistance Payments |
| Tax refunds (GST/HST credit) | $50–$80 | Quarterly |
| Typical total | $1,500–$2,500 |
Biggest Money-Saving Tips for Students
| Tip | Monthly Savings | How |
|---|---|---|
| Cook at home (meal prep) | $200–$400 | Skip Uber Eats, pack lunches |
| Student transit pass | $50–$80 | Discounted vs regular pass |
| Buy used textbooks / use library | $50–$100 | Rent, borrow, or buy PDF |
| Student phone plan | $20–$30 | Fido, Koodo, Public Mobile student deals |
| Student discounts everywhere | $30–$50 | UNiDAYS, SPC card, student IDs |
| Share streaming subscriptions | $10–$20 | Split Netflix, Spotify family |
| Apply for all bursaries | $100–$500 | School financial aid office |
| File your taxes (even if $0 income) | $50–$80/quarter | Unlocks GST/HST credit |
Budgeting Apps for Students
| App | Cost | Best Feature |
|---|---|---|
| YNAB (You Need a Budget) | Free for students (1 year) | Zero-based budgeting |
| Mint (Credit Karma) | Free | Automatic categorization |
| Wealthsimple (for investing) | Free | TFSA, no minimums |
| Spreadsheet (Google Sheets) | Free | Full customization |
| PocketGuard | Free (basic) | Simple spending tracking |