Creating Your Financial Plan

Having a good financial plan in place for the year ahead is critical. We talk to students a lot about their financial readiness and they often express concern about having the funds they need to support themselves while they study.  That’s why it’s so important that you explore every available funding opportunity and commit the necessary time and effort it requires. It will it give you peace of mind and better equip you to deal with any unexpected financial challenges that may arise.

Money matters check-in

Review the questions below to help you assess your financial readiness.

Have you:

• Applied for student awards, scholarships, and bursaries? Begin by logging into our Student Awards Portal. Complete the general application to get started. If you want to be considered for financial needs based awards, you will be prompted to complete the financial needs application. Make sure to fill it out in full and remember to return and update as your financial picture changes.
• Applied for financial aid (i.e. student loans)? For Nova Scotian students, your application will automatically be assessed for non-repayable grants. And you don’t need to start paying back your loan until you complete your program. This is a great funding option with low interest repayment. Consider it an investment in you and your future career.  Find out more about Student Assistance.
• Applied for Disability Grants through student loans? Students with a documented disability, may be eligible for additional grants through Student Loans. Find out more from your Student Accessibility Specialist.
• Researched external award opportunities? There are a lot of community and other local/provincial/national organizations that offer awards to support post-secondary education costs. You can check out websites like yconic or Scholarships Canada for opportunities and follow our Student Awards facebook page for promotions of external offerings as they arise.
• Created your KOFE account? In support of your financial wellness, we’ve partnered with Knowledge of Financial Education (KOFE) to provide you with access to financial tools, webinars, interactive courses as well as free one on one financial coaching. Connect with them for advice on budgeting or other personal financial matters.

Create a budget

You’ve likely started to come up with a plan to pay for your tuition, fees and other educational costs associated with your program of study. But as you will quickly find, there are other costs associated with your time at college. Now is the time to think a bit more about those costs and start to create your budget, if you haven’t done so already.

Making a budget is one of the most important things you can do to start your year off on the right foot and get a head start on establishing good financial habits for the future. It doesn’t have to be a scary or overwhelming task. In its simplest form, a budget is a plan. It is a comparison between the money you have coming in and the money you have going out and helps you identify where a bit more work is needed.