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# The Frugal Scholar's Budget Pie Guidelines

Please consult our Frugal Scholar Toolkit guide for help with these worksheets.
Use this worksheet to help you allocate your money for monthly living expenses after budgeting for tuition and books.
Click on each Resource or Expense item to learn more types of funding available to you and typical living costs in Montreal.
Resources
Funding from you \$ - ___________________________________________________________________________
Funding from family \$ - ___________________________________________________________________________
Funding from gov't \$ - ___________________________________________________________________________
Funding from school \$ - ___________________________________________________________________________
Funding from work \$ - ___________________________________________________________________________
Funding from bank \$ - amount you plan to borrow from the bank during the year.
Total Resources: \$ - ___________________________________________________________________________
Less Tuition/Books \$ - This is your estimate of your annual tuition and cost of books/supplies/equipment
Net Resources : \$ - divided by 12 \$ -
BUDGET PIE GUIDELINES
Financial Expenses % of net inc. Guideline \$ Actual \$ Actual % + or - Revised \$ Revised % Remarks
Insurances and/or Emergency Fund 5% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Interest on credit card/line of credit 10% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Subtotal 15% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Living Expenses
Rent 35% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Heating /Electrical 5% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Food 12% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Misc travel 3% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Drug store/Toiletries/Laundry 3% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Subtotal 58% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Discretionary
Clothing 2% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Amusements/Eating out/misc 15% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Tel/cell phone/internet 5% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
"Latte factor" 5% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Subtotal 27% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!
Total 100% \$ - \$ - #DIV/0! \$ - \$ - #DIV/0!

## Surplus (Deficit) \$ - \$ - #DIV/0! \$ -

The Frugal Scholar's Budget Pie Guidelines
The Frugal Scholar's One Year Budget Plan
For Year:

Student Expenses Plan your expenses and your resources for one year at school.
a)Input your education expenses for the number of terms you will be full time.
b)Input your monthly living expenses and your overall expenses for one, two or three term(s) will be calculated
OVERALL
Expenses Notes Monthly one term two terms three terms
Education Expenses (X1 months) (X4 months) (X8 months) (X12 months)
Tuition tuition is charged by the term prior to the start of classes
Books and Equipment add up all your bookstore and other purchase receipts!

## Total Education Expenses 0 0 0

Living Expenses
Rent did you 100% responsible for a lease or are you with roommates? 0 0 0
Heating/Electricity if heating and electricity are included in rent, do not input expense 0 0 0
Food think about eating out expenses as well as groceries 0 0 0
Clothing think about necessary outdoor wear as well as impulse buying 0 0 0
Toiletries/Laundry think about necessary personal hygiene items, cleaning expenses 0 0 0
Telephone/Cell land lines are less necessary, but think about your cell expenses 0 0 0
Internet /Cable shop around for internet/cable deals, maybe you can do without? 0 0 0
Transportation monthly transit passes are tax deductible, car and gas very costly 0 0 0
Amusements think about what you want to do and what you can afford 0 0 0
Insurances you may want tenant insurance or need supplemental health 0 0 0
Other Expense(s) specify: i.e. travel costs, medical expenses, unexpected emergencies 0 0 0
Total Living Expenses 0 0 0 0

## Total Education+Living Expenses 0 0 0

www.mcgill.ca/studentaid/
The Frugal Scholar's One Year Budget Plan

## Flip over Page ->

Student Resources
a) If you have money coming in a lump sum, input the amount in the column for the number of terms the money will cover.
b) If you have monthly money coming in, input the amount under monthly and the overall amounts by term will be calculated.
OVERALL
Resources Notes Monthly one term two terms three terms
(X1 months) (X4 months) (X8 months) (X12 months)
Parents overall amount whether for tuition and/or a monthly allowance
Non-Custodial Parent(s) overall amount whether for tuition and/or a monthly allowance
Relative(s) overall amount whether for tuition and/or a monthly allowance
Trust funds, Bonds, RESP overall amount whether for tuition and/or a monthly allowance
Federal/Provincial Loan amount expected/assessed for the budget period provided
Provincial bursary/Grant amount expected/assessed for the budget period provided
Government income overall CSST, Family Allowance, Social Aid, Orphan's Benefits etc
Income tax rebate expected overall GST/PST rebate from Fed/provincial gov't
Work study/Part-time job monthly salary net of taxes 0 0 0
Teaching/Research Assistant monthly salary net of taxes 0 0 0 0
Awards Scholarships/Bursaries/Fellowships usually awarded in lump sum
Previous savings own savings in cash or investments available for withdrawal
Summer savings do not include summer living expenses- only your surplus savings
Student line of credit lump sum planned borrowing from student line of credit
Other resource(s) specify: lump sum tax refund, gift from family, lump sum earned income
Total 0 0 0

## Total Deficit (Surplus) Surplus will be shown with a negative sign 0 0 0

www.mcgill.ca/studentaid/
The Frugal Scholar's One Year Budget Plan

www.mcgill.ca/studentaid/
The Frugal Scholar's Overall Budget Plan
For Years 20__-20__

Student Expenses Plan your overall expenses and resources for your full program at McGill.
a) Input your One Year education cost and your overall two, three, four or five year program expense will be calculated.
b) Input your One Year living expenses and your overall two, three,four and/or five years(s) living expense will be calculated
ANNUAL OVERALL
Expenses Notes One Year Two Yrs Three Yrs Four Yrs Five Yrs NOTES
Education Expenses
Tuition input your annual tuition to calculate your 2,3, 4 or 5 year cost \$ - \$ - \$ - \$ - \$ -
Books and Equipment input your annual estimate for the cost of books and equipment \$ - \$ - \$ - \$ - \$ -
Total Education Expenses \$ - \$ - \$ - \$ - \$ -
Living Expenses
Rent are you 100% responsible for a lease or are you with roommates? \$ - \$ - \$ - \$ - \$ -
Heating/Electricity if heating and electricity are included in rent, do not input \$ - \$ - \$ - \$ - \$ -
Food think about cost of eating out as well as groceries \$ - \$ - \$ - \$ - \$ -
Clothing think about necessary outdoor wear as well as impulse buying \$ - \$ - \$ - \$ - \$ -
Toiletries/Laundry think about necessary personal hygiene items, cleaning expenses \$ - \$ - \$ - \$ - \$ -
Telephone/Cell land lines are less necessary, but think about your cell expenses \$ - \$ - \$ - \$ - \$ -
Internet /Cable shop around for internet/cable deals, maybe you can do without? \$ - \$ - \$ - \$ - \$ -
Transportation monthly transit passes are tax deductible, car and gas very costly \$ - \$ - \$ - \$ - \$ -
Amusements think about how you have fun and what you can afford \$ - \$ - \$ - \$ - \$ -
Insurances you may want tenant insurance or need supplemental health \$ - \$ - \$ - \$ - \$ -
Other Expense(s) specify: i.e. travel costs, medical expenses, unexpected emergencies \$ - \$ - \$ - \$ - \$ -
Total Living Expenses \$ - \$ - \$ - \$ - \$ -

## Total Education+Living Expenses \$ - \$ - \$ - \$ - \$ -

Hint: Use the Frugal Scholar's One Year Budget Plan as your One Year numbers! Flip over Page ->

www.mcgill.ca/studentaid/
The Frugal Scholar's Overall Budget Plan
Student Resources
a) Input the amount you estimate you will receive in each year of studies.
b) The overall amount from each Resource is in the far right column and at the bottom you will find your surplus (deficit) after one, two, three, four and/or five years.

## Parents annual amount whether for tuition and/or a monthly allowance \$ - \$ - \$ - \$ - \$ - \$ -

Non-Custodial Parent(s) annual amount whether for tuition and/or a monthly allowance \$ - \$ - \$ - \$ - \$ - \$ -
Relative(s) annual amount whether for tuition and/or a monthly allowance \$ - \$ - \$ - \$ - \$ - \$ -
Trust funds, Bonds, RESP annual amount whether for tuition and/or a monthly allowance \$ - \$ - \$ - \$ - \$ - \$ -
Federal/Provincial Loan amount expected/assessed for each year \$ - \$ - \$ - \$ - \$ - \$ -
Provincial bursary/Grant amount expected/assessed for each year \$ - \$ - \$ - \$ - \$ - \$ -
Government income i.e. CSST, Family Allowance, Social Aid, Orphan's Benefits etc by year \$ - \$ - \$ - \$ - \$ - \$ -
Income tax rebate expected i.e GST/PST rebate from Fed/provincial gov't each year \$ - \$ - \$ - \$ - \$ - \$ -
Work study/Part-time job annual salary net of taxes each year \$ - \$ - \$ - \$ - \$ - \$ -
Teaching/Research Assistant annual salary net of taxes each year \$ - \$ - \$ - \$ - \$ - \$ -
Awards Scholarships/Bursaries/Fellowships expected each year \$ - \$ - \$ - \$ - \$ - \$ -
Previous savings own savings in cash or investments available each year \$ - \$ - \$ - \$ - \$ - \$ -
Summer savings your surplus summer savings available for each year \$ - \$ - \$ - \$ - \$ - \$ -
Student line of credit New lump sum planned borrowing from student line of credit \$ - \$ - \$ - \$ - \$ - \$ -
Other resource(s) specify: New lump sum tax refund, gift from family, lump sum earned income \$ - \$ - \$ - \$ - \$ - \$ -
Total \$ - \$ - \$ - \$ - \$ - \$ -

Total Surplus (Deficit) If (Deficit)- you need to find new sources of funding \$ - \$ - \$ - \$ - \$ - \$ -

www.mcgill.ca/studentaid/
The Frugal Scholar's Student Debt Plan
Our website had great advice on debt management if you need it!
This worksheet will help you plan how much debt you incur over the course of your full time studies at McGill.
Note that the different debt sources are similar to the sources on your Minerva financial profile.

## Sources of Student Debt Notes U0 U1 U2 U4 U5 Total

Bank loan(s)/Line of Credit Input today's total bank debt in appropriate year \$ -
Credit card Input today's total bank debt in appropriate year \$ -
Government student loan(s) Input gov't loan NOT Bursuries for each year \$ -
McGill loan(s) Input loans NOT Scholarships/Grantsfor each year \$ -
Other debt(s): Input today's total "OTHER" debt (i.e family,employer) \$ -
Total student Debt including current year \$ - \$ - \$ - \$ - \$ - \$ -

Calculation Boxes- Use this section to describe the terms and conditions of each loan/credit card.
List of Bank loans
U0 Loan BanK A at 7% interest only
U2 Loan Bank B at 5% interest only
Line of Credit Bank A max.5,000 P + 3 int.
Total \$ -
List of Credit Card Balances
Visa max \$2500 at 21% mthly pymt
Mastercard max \$2500 at 21% mthly pymt

Total \$ -