BMO Student Budget Calculator

Need a little help figuring out your budget for the school year?

BMO has three easy steps to help you figure out your budget for the school year.

Enter the best estimates for your income and expenses below. Simply drag the sliders left or right for a quick estimate, or expand each category to enter detailed information on each item. You can also enter the amount in the input box to the right of each slider.

TIP - The more detailed the information you enter into the calculator is, the more accurate your estimate will be. An easy way to ensure you account for all your savings and expenses is to click on the "Expand" button for a comprehensive list of categories.

How many months will you be in school?

Months in school

How much money will you have for the school year?

Expand

Savings

$0
$50,000
$100,000

Savings and Income

Job

Income from part-time job, summer job, full-time job, contract or occasional jobs.
RESP Saving Plan

Registered Education Savings Plan
Loans

Government loan programs, bank loan programs.

A Student Line of Credit gives you access to money when you need it. There are no annual or monthly fees, and you can make interest-only payments while you are in school and for up to one year after graduation, effectively lowering your monthly payments.
Other

Savings

Money you have kept aside to help pay your expenses. This money is most likely in your bank account.

A great way to help you manage your money during the school year is to open a separate chequing account just for school. Then set up a weekly automatic transfer from your main savings account to your chequing account for the amount of money you need on a weekly basis. A savings account is included in a BMO student discount program at no extra cost.
Scholarships

Funding from scholarships, grants and bursaries.

Be sure to check what scholarships and bursaries you might be eligible for. BMO offers over $59,000 in scholarships – check http://www.scholarshipscanada.com/ search/keyword.asp and search "BMO" under "Scholarship Name" to see if you qualify.
Parental Support

Parental or family financial assistance.

Total:

Sub total

What are your expenses?*

Expand

Fixed Expenses

Fixed expenses

$0
$25,000
$50,000

Monthly Expenses

Monthly expenses

$0
$2,500
$5,000

Fixed Expenses

Tuition

Course and other associated fees as outlined by your school. These may include medical, administrative, activity, memberships, lab or library fees.

Check out your school’s website for details on your program’s tuition and associated fees.
Other

Other one-time costs such as vacation travel, new computer, new car etc.

Books

Text books, class materials and other supplies required for a course.

Textbooks can be a substantial part of your education costs. Buy used books whenever possible. Search your schools online bookstore for cost saving used books and book rental opportunities.

Total:

Sub total

Monthly Expenses

Housing

Residence fees or rent.

Be sure to know what is included in your rent. If utilities are not included (heat, hydro, water etc.) ask about the average cost each month and be sure to budget for them. Don’t forget to ask about any taxes on top of the fees as they can add up.
Transportation

Car (include insurance, maintenance, gas), public transportation, taxi, transportation home etc.

Take public transportation whenever possible. Find out if your local transit authority offers monthly passes or student discounts which could save you money.
Utilities

Hydro, heating, gas, water etc.

Power off. Save money by turning off lights, turning down the heat and unplugging unused electrical items when you’re not home.
TV / Cable

Call before you install. Ask about any promotional bundles to package your cable, internet and phone.
Health / Personal

Doctor, dentist, eye-care, hair stylist, prescriptions, toiletries, spa treatments, gym memberships.

Consider on-campus services for many of your health and personal needs. They were designed for students and are often more cost effective.
Other

Food / Household

Groceries, meal plan, sundry or household items such as cleaning supplies, batteries etc.

Save money by clipping coupons. Also, joining a group discount website, making your own coffee and packing a lunch are great savings ideas.
Phone (mobile)

Shop around and see if your favourite carrier has a student or other discount plan.
Internet

Most carriers offered "bundled" services at a better cost. This often includes cable, internet and phone.
Entertainment / Shopping

Movies, music, clothing, gifts, pub nights, eating out (includes snacks and coffee).

Take advantage of student discounts. They are everywhere. When you open an account with the BMO student discount program, you’ll receive a free SPC card so you can take advantage of exclusive discounts and deals from hundreds of merchants across Canada.
Credit Card / Loan Payment

Whenever possible, pay off your entire credit card balance every month. It’s a good habit to get into. If you are not able to, try to pay more than the minimum monthly balance. The faster you pay off the balance, the less interest you’ll pay.

Total:

Total

View Report

Clear

*Expenses shown in the Cash-o-Meter include your monthly expenses multiplied by the number of months you are in school, plus your Fixed Expenses.