All applications will ask for a budget. Some budgets may be quick and short but others might be long, detailed and very thorough. Budgets can take a long time to fill out, so it’s best to have a definitive , pre-planned budget already filled out that you can use as a reference point for any and all applications. Doing this will save lots of your time and will reduce your stress when you’re scrambling to get an application done on time.
Download our Budget Worksheet template to assist you with this section of the application process.
Tips and Hints
- Be honest with your income and expenses… the worst that can happen is you get turned down, the best that can happen is you get it!
- Scholarship and bursary juries know that you get money from somewhere, if you present a ZERO budget they will not believe it.
- It is okay to be reasonable with your entertainment expenses. Juries know that you buy McDonald’s, take your kids to the cheap theatres, go to socials. Think like a thrifty starving student – where would your entertainment come from? How would you pay for it?
- Most students don’t spend $200/month on clothes, but might – over the course of a year- spend $1200. Think of underwear, new winter boots, kids clothes, more socks…. consider all of those expenses over a year and then divide it by 12.
- Students who are funded still get scholarships and bursaries … so tell them about your funding!
- If you share expenses with a partner or roommate, decide on one consistent way of showing your expenses and income. If you share the rent costs, don’t say that you pay all of it, but include all of the partner/roommate’s income as well.
- Explain! Explain why you have some expenses out of the ordinary… explain why you need $100/month for this, that or the other thing. Explain! If you give an explanation, then the jury will understand your expenses. They have expenses too, they will understand it!
- Use N/A when something does not apply to you (i.e. parent’s income or investment income) and ZERO (0) when it applies to you but you do not receive anything.
- If you have a line of credit or credit card, specify how much is already there for debt, how much is available still to use and how much your monthly payments are. (i.e. Mastercard $5,000 limit, $3,200 owing, $1,800 available, $75 minimum monthly payment)
All students have financial need! Don’t be shy about being honest!