In university, you may have to start managing your own finances for the first time. This can appear daunting, but it is very easy to learn. Advice from friends and family, financial advisors, workshops, and social media can all be great sources of budgeting advice. In this post, we will cover some expenses you’ll have as a university student, how working can help with your expenses and how to approach work as an EngSci, and some great resources and tips to help you become a great budgeter.
Expenses
Here are some common expenses which you might encounter throughout your time at U of T.
You can find all your tuition and academic fees on ACORN; under “Finances”, find “Financial Account” and click on “Invoice & Net Cost”. Since these fees are mandatory, you should become familiar with your tuition fees and account for them when planning out the rest of your finances. Make sure to visit our Fees and Financial Aid blog post.
If you’re not commuting from home, you will need to find a place to live during your time at U of T. Besides tuition, rent will be your greatest monthly expense. Although rent is a mandatory expense, the amount you pay will vary drastically depending on where you’re staying; from personal experience, we have seen monthly rates ranging approximately from $850 to $2500. If you’re staying at a student residence such as Chestnut, these fees will appear on your ACORN invoice. Clarify whether you’ll need to pay utilities and internet fees in addition to your rent, as this will be an additional cost consideration. We cannot stress this enough; your budget must allow you to pay rent.
Finding a good place to stay within your budget can be a challenge even for the most experienced homeowners. Staying with friends or roommates can help you save significantly. Make sure to reach out to all possible friends and family inquiring if they or somebody they know might have a vacancy for you. Take advantage of services such as real estate agents, the U of T Off-Campus Housing Portal (UTORid login required), Facebook Marketplace and Kijiji. They can be great resources, but as always, be wary of scams and use these external resources at your own risk. For a guide to finding housing and to learn your rights as a tenant in Ontario, make sure to check out U of T’s Housing Resource Library.
We often take our meals for granted; however, their costs can add up. Food prices in Ontario are predicted to rise by over 5.5% in 2024, and eating out has become more costly. It is important to practice smart shopping habits and limit how often you eat out each week.
At student residences with a meal plan, your food costs are included as part of your residence payments. However, you should still budget for the occasional grocery trip (especially for residences such as CampusOne, where your room will have a kitchen) and eating out. Furthermore, if you are on a declining balance meal plan, you might want to budget your meal plan dollars. Even if you have a prepaid meal plan, you should ensure you’re maintaining proper eating habits; making the right choices at the dining hall can be the determining factor as to whether you’ll be healthy and productive throughout the day.
If you do not have a meal plan, we recommend cooking instead of eating out as much as possible. Cooking is (almost) always cheaper than eating out, can be much healthier, and is an essential life skill! Plus, the practice of meal prep can help you save time throughout the week. However, cooking requires you to spend money to acquire ingredients, and have time to cook and clean up after yourself.
There are plenty of ways to optimize your money, time, and enjoyment when cooking. You might choose to meal prep with a friend, watch videos while you cook, or do some work while you’re waiting on your pressure cooker. There are tons of websites, YouTube channels, Instagram accounts, and more that showcase affordable, healthy, and convenient cooking tutorials. Furthermore, you can always microwave your food on campus in the common room.
In downtown Toronto, you can’t go wrong with grocery stores such as Loblaws, Metro, T&T Supermarket, Walmart, or Longo’s. There are also plenty of ethnic grocery stores that carry ingredients specific to cultural dishes. If you don’t already, accompany your parents to the grocery store to learn about optimal prices, and how to identify and prioritize healthy food/ingredients.
If all you want is a quick meal, there’s fast food along College Street and Spadina Avenue, but try not to make that a habit; you shouldn’t compromise your health just for some convenience. There are also various food places on-campus, but eating out in general can get expensive.
There are tons of nearby restaurants (some of which are more elite) where you can get more authentic dishes. For example, Baldwin Street near the Exam Centre hosts many restaurants with weekly or daily specials for their dishes. Here you can find local cafés that serve drinks and sandwiches, and a variety of cuisines such as Italian, Thai, Japanese. Remember that some places offer discounts if you pay with cash!
Overall, try your best not to compromise your health for the sake of budget. There are endless strategies for healthy eating on a budget. Eating healthy also improves your academic performance, and of course your overall wellbeing.
If you will be living relatively close to campus and are physically able, we highly encourage you to walk to school! Walking is great exercise, allows you to relieve stress and interact with friends, and is completely free! Furthermore, walking can be faster than taking public transit (TTC).
One of the blog admins stayed at Chestnut during first year (approximately 1.5 km away from the engineering buildings) and only walked. If you live within a similar proximity to campus, we recommend you try walking as much as possible. If you live a little farther away, you might want to consider biking, although this can be challenging in bad weather.
Even if you will be living close to campus, you should keep some space in your budget for transportation. There will be times when the conditions are too harsh for walking, or you might need to travel to meet with your community/stakeholders for Praxis II, or you just want to get out of downtown and explore the Greater Toronto Area (GTA). Furthermore, if you’re from the GTA, you might want to visit home a couple of times per month. If you’re an out-of-province or international student and you plan on visiting home during a break, your budget should include airfare; make sure to book your flights well ahead of time to avoid extremely high prices.
If you will be commuting via public transit, make sure that your budget accounts for your transit fares. You can learn more about TTC, GO Transit, and other fares on their respective websites. Take some time to calculate logistics such as monthly passes versus individual fares, and more. If you will be driving to school, you will need to account for gas, car insurance, and parking.
For more information, check out our Blog post about Commuting in Toronto.
You will need some basic school supplies such as stationery, but your most expensive supplies will be textbooks and electronics.
We recommend that you don’t buy textbooks unless your professor tells you to! Not all professors use the listed textbooks, and some will only use them for problem set questions. Some professors also make their own textbooks, which they will provide you for free.
Laptops or tablets can be very expensive; make sure to consider the pros and cons to see if buying one is the right choice for you. Furthermore, make sure to do your research to get the most bang for your buck. If you choose not to buy a laptop, the Engineering Computing Facilities (ECF) always have available desktop computers. Furthermore, for first-year courses, you won’t have to worry about the computing power of your device; you can run programs such as C, Python, and MATLAB (which are all the programs you’ll use in first year) using an SSH (Secure Shell) remote connection.
To learn more, visit our School Supplies post.
Your budget should never come at the cost of your health. As a student, you have access to U of T sports and recreational facilities. This access is part of your incidental fees which you pay along with your tuition, so use athletic facilities to your heart’s content. You can also watch movies for free through the library or get student discounts for many streaming services, such as music, TV, and movies.
Regarding entertainment, while Toronto is a major entertainment hub, there is no shortage of budget-friendly fun. In fact, as a university student, some of your most fun moments may come from working on design teams or simply hanging out with friends in your room; we say this from personal experience! Regardless, you should set aside a certain amount for things such as shopping, hobbies, and other fun things.
Working
Working is a common way to help pay off some expenses. Even after taxes and other associated costs, you might be able to subsidize a couple of your expenses through your paycheck.
As an EngSci, you will be able to apply to many summer internships and paid research opportunities, which will allow you to gain practical work experience while earning some money. Your salary from a summer position can help with your expenses for the upcoming school year, and this is especially the case if you choose to do a PEY Co-op (of course, your jobs after undergrad can massively help with your expenses and debts, but that won’t be for at least four more years). It is important to consider some factors:
- Summer positions have their own expenses associated with them. If your workplace is very far from home, you will have to once again consider costs such as rent and food. If you’ll be staying at home, transportation will be an expense. Regardless of the position, make sure to do the math and budget appropriately.
- Have realistic expectations. The economy is complicated and unpredictable, and the job market will have ups and downs throughout your time as a student. Don’t place unreasonable pressure on yourself to find an extremely high-paying job for every summer and your PEY, but at the same time, it’s important to be ambitious and not to sell yourself short. Talk to relatives and upper-years and learn about their experiences with the job market, and make sure to try your hardest to achieve your definition of academic and professional success to shape yourself into the ideal candidate
- If your financial situation allows it, try to consider more than just salary when chasing a job.
The U of T Work Study program offers paid, on-campus positions where you can strengthen and develop meaningful skills through your work. Students typically work ten hours per week, which is less than what may be expected in a part-time job outside of campus. That said, the engineering workload is the heaviest of all programs; expect 30-35 hours of classes each week, so make sure to evaluate whether the Work Study program is worthwhile for you. To learn more about the program, check the CLNX website (UTORid login required).
Some examples of other part-time jobs are retail positions, tutoring, and even becoming a GEARS mentor or teaching assistant after first year. Part-time job experiences in EngSci vary a lot based on your academic abilities, transition to university, and the nature of the job. We have seen both extremes where students either really enjoyed their part-time job, or found it difficult to juggle the two.
Learn More
If you want to learn more about finances and budgeting, you should check out the Skule Financial Literacy Club. Here you can learn about taxes, investments, budgeting, and more. There are also online resources for students, such as www.savethestudent.org (based in the UK).
If you have any questions about financial aid programs, scholarships, grants, and/or bursary programs, you can contact Pierina Filippone, who is the Assistant Registrar for Scholarships & Financial Aid.