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How much money do you need for one year?

A photo of Anonymous Anonymous
On campus and living at home.
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A photo of ktel ktel
Living on campus: Probably $20,000-$25,000
Living at home: Probably $10,000-$15,000 (variable expenses and tuition)
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A photo of Anonymous Anonymous
Budgeting this is pretty simple. Expenses you'd encounter in either setting are:
- Travel
- Food
- Entertainment
- Toileteries/clothing
- Monthly bills

The only difference between the two would be rent. Plug in your numbers and you're set.
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A photo of ktel ktel
^ That's not very helpful for someone who has never lived on their own before. It's difficult to judge how much those things will cost.

Here are sample numbers from my budget:
Travel: $2000 (lump sum)
Food: $300/month
Entertainment: $100/month
Toiletries: $100/month (I'm a girl with really dry skin, I need LOTION)
Clothing: $100/month
Transportation: $100/month (this is for a TTC pass. Would be a lot more for a car)
Savings: $200/month
Rent: $500/month (this is the tough one. My boyfriend is subsidizing my rent somewhat as we are paying proportionally based on our income, and he makes more than me)
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@ktel wrote
^ That's not very helpful for someone who has never lived on their own before. It's difficult to judge how much those things will cost.



They're not difficult calculations. If nothing else, ask your parents what they spend.


Travel: $2000 (lump sum)



For what?!


Food: $300/month



For you and your boyfriend?


Entertainment: $100/month



For what?!


Toiletries: $100/month (I'm a girl with really dry skin, I need LOTION)



$1200 a year on lotion?


Clothing: $100/month



?!


Rent: $500/month (this is the tough one. My boyfriend is subsidizing my rent somewhat as we are paying proportionally based on our income, and he makes more than me)



So much for equality eh? lol
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A photo of mynameismattgotmlgo mynameismattgotmlgo
Mine would be more like
Travel: $1000
Food: $350/month (for myself; I eat a lot, and I eat out a few times a week)
Entertainment: $100/month
Toiletries: $20/month
Clothing: $200/year
Transportation: $600/month (car payments + gas + insurance + maintenance)
Savings: No
Rent (with utilities and such): $350/month (I live on a couch). Typical rent+utilities would be $550/month.
All totaled: $1420/month + $1200/year = $1520/month. Put that way, I see how much my car is killing my finances; without it I'd only have about $900/month in expenses.
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A photo of ktel ktel
My parents definitely spend way more money in many of those categories, so asking them wouldn't be the best example.

And Army, to explain further:

Travel: $500-$600 per trip home, probably want to go home at least twice. My boyfriend has family in Victoria too so chances are we will go there once a year. Maybe if we're lucky we can get a cheap all inclusive around Christmas (his friends went to the Dominican for $600 for EVERYTHING last year)
Food: No, $300/month is for me. That's how much I typically spend monthly on groceries, I also include eating out in this category
Entertainment: If I want to go out one night a month, that's easily $50 for alcohol and a cab. Throw in a movie or something like that and it could be more.
Toiletries: You're obviously not a girl. My body butter lotion is $20 a pop (although I often get it on special as The Body Shop frequently has sales). Throw in shampoo, conditioner, make-up, hair product, face lotion, foot lotion...yes it is more costly than you could understand. I have EXTREMELY sensitive skin and scalp so I have to buy special products. I also include prescription drugs in this category, of which I have quite a few that aren't fully covered.
Clothing: Yeah, this part of the budget is purely frivolous. I obviously don't need to spend this much
Rent: Well I've told him the max I can afford to spend on rent is about $500/month. Therefore he has agreed if he wants to stay in a more expensive apartment, he'll pick up the extra. There are two schools of thought for spending as a couple: 50/50 or proportional based on income. He makes roughly double what I will as a grad student. We're doing 50/50 for most other things though.
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@ktel wrote
My parents definitely spend way more money in many of those categories, so asking them wouldn't be the best example.



It's at least a starting point. If your parents spend $xx for the whole family you could easily calculate what you would spend in your own budget.


Food: No, $300/month is for me. That's how much I typically spend monthly on groceries, I also include eating out in this category



You're either 300 pounds or an olympic athlete with an enormously high metabolism.
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A photo of ktel ktel
I think that's pretty average for groceries. My parents definitely spend more per person. I do eat every 2 hours or so though. So yes, I eat a lot of food. I train 2 hours a day on average during my main season, probably 1 hour a day off season. Need a lot of calories to have enough energy!
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@ktel wrote
I think that's pretty average for groceries. My parents definitely spend more per person. I do eat every 2 hours or so though. So yes, I eat a lot of food. I train 2 hours a day on average during my main season, probably 1 hour a day off season. Need a lot of calories to have enough energy!


I wouldn't say that's average at all. Both my girlfriend and I spend about $200 a month for the both of us on food.
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A photo of ktel ktel
That's insane. I don't know how you do that. What are you eating?

My boyfriend and I spent $500-$600 and that's buying the basics. He's a VERY good cook and instead of buying the more packaged, more expensive option, he will do it himself for less money. And still we were spending that much on food. We probably spent your grocery budget on fruits and vegetables alone. I also drink approximately $50 of milk a month.
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A photo of ktel ktel
^ Are you living at home or on campus? And how much is your tuition?
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@ktel wrote
That's insane. I don't know how you do that. What are you eating?

My boyfriend and I spent $500-$600 and that's buying the basics. He's a VERY good cook and instead of buying the more packaged, more expensive option, he will do it himself for less money. And still we were spending that much on food. We probably spent your grocery budget on fruits and vegetables alone. I also drink approximately $50 of milk a month.


We eat very well, and, like you sound to be doing, we also cook a lot of things from scratch. The groceries are a lot of basic ingredients (chicken, eggs, flour, etc.) and not a lot of pre-made frozen foods.
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@Respects wrote
hmm so I have about $14,000 for first year from OSAP and entrance scholarship.I plan on applying for bursaries. How much extra cash do you think I need to make my year run smoothly and how many hours should I work a week? I want to get my license and a car too if possible.


Wait on the car until you can make at least $25,000 a year. Depending on your expenses, $14,000 could be just fine or you might come up a little short. Work about 25-35 hours a week.
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A photo of ktel ktel

@ARMY101 wrote

@ktel wrote
That's insane. I don't know how you do that. What are you eating?

My boyfriend and I spent $500-$600 and that's buying the basics. He's a VERY good cook and instead of buying the more packaged, more expensive option, he will do it himself for less money. And still we were spending that much on food. We probably spent your grocery budget on fruits and vegetables alone. I also drink approximately $50 of milk a month.


We eat very well, and, like you sound to be doing, we also cook a lot of things from scratch. The groceries are a lot of basic ingredients (chicken, eggs, flour, etc.) and not a lot of pre-made frozen foods.



I have no idea how you do that unless groceries are much cheaper in Ottawa than in Edmonton. I probably spend at least $100 a month in breakfast alone (milk + cereal)
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@ktel wrote
I have no idea how you do that unless groceries are much cheaper in Ottawa than in Edmonton. I probably spend at least $100 a month in breakfast alone (milk + cereal)


How?! Two boxes of cereal last the both of us a good 4-6 weeks, when we're also eating other breakfast items like oatmeal, toast, bacon and eggs, etc. Even if we both ate cereal every day that certainly wouldn't add up to $100 a month.

Milk here is $4.19 for 4 litres
Bread is $1.99
6-8 chicken breasts are $10-15
Cereal is $3.99
6 bananas are about $1.50
Pasta is about $1.50

Those are just a few staples. Are your costs significantly higher?
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A photo of ktel ktel
I can easily go through a large double box of cereal in a week. I go through two four litre jugs of milk in a week. That's $15-20 a week for breakfast. It's the most important meal of the day, and I probably refill my bowl 2-3 times. All I eat on weekdays is cereal, weekends I have eggs, bagels, etc.

Prices seem comparable to me, although I really have no idea. I have no memory for grocery prices. Luckily my boyfriend does so he can find all the deals.

You can keep trying to justify to me your ridiculously low food budget, but if you look up any sample budget online, it would recommend significantly higher amounts for a food budget. Watch Til Debt Do Us Part. She's an expert, and she doesn't even ask people to live on a budget that low.
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Well then I guess we're living more financially sound than a debt expert would recommend, which is a good thing! I do watch Til Debt, by the way.
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A photo of ktel ktel
It's a personal choice how much you want to sacrifice in the name of saving money. If someone spends $500/month on food, but they can afford it and prefer to live more comfortably, that's up to them. It's about finding the right balance between living comfortably and being frugal.
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A photo of ktel ktel
10-20 hours a week should be totally doable as far as working goes. You're in arts so will probably only have 15 hours of class a week.
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@ARMY101 wrote
Budgeting this is pretty simple. Expenses you'd encounter in either setting are:
- Travel
- Food
- Entertainment
- Toileteries/clothing
- Monthly bills

The only difference between the two would be rent. Plug in your numbers and you're set.


As a slight modification to Army's list, you can knock off travel (provided you live at home and walk/ride your bicycle) and you can also get rid of entertainment since it is possible to have fun without spending a cent. With these easy tips that I've provided, your budget will save you even more money than Army's suggestion. It will take dicipline, but it's definately possible/worthwhile.
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@Quiz wrote

@ARMY101 wrote
Budgeting this is pretty simple. Expenses you'd encounter in either setting are:
- Travel
- Food
- Entertainment
- Toileteries/clothing
- Monthly bills

The only difference between the two would be rent. Plug in your numbers and you're set.


As a slight modification to Army's list, you can knock off travel (provided you live at home and walk/ride your bicycle) and you can also get rid of entertainment since it is possible to have fun without spending a cent. With these easy tips that I've provided, your budget will save you even more money than Army's suggestion. It will take dicipline, but it's definately possible/worthwhile.


Not having any entertainment seems a tad harsh. You mean no movies? No going out to watch a hockey game? No going out to the bar if you're of age? No going clubbing if you're of age? No renting a bouncy castle?
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A photo of g93 g93

@ARMY101 wrote

@Quiz wrote

@ARMY101 wrote
Budgeting this is pretty simple. Expenses you'd encounter in either setting are:
- Travel
- Food
- Entertainment
- Toileteries/clothing
- Monthly bills

The only difference between the two would be rent. Plug in your numbers and you're set.


As a slight modification to Army's list, you can knock off travel (provided you live at home and walk/ride your bicycle) and you can also get rid of entertainment since it is possible to have fun without spending a cent. With these easy tips that I've provided, your budget will save you even more money than Army's suggestion. It will take dicipline, but it's definately possible/worthwhile.


Not having any entertainment seems a tad harsh. You mean no movies? No going out to watch a hockey game? No going out to the bar if you're of age? No going clubbing if you're of age? No renting a bouncy castle?


A politician who frequently combines alcohol and bouncy castles could be out of a job quick.
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A photo of Anonymous Anonymous

@g93 wrote

@ARMY101 wrote

@Quiz wrote

@ARMY101 wrote
Budgeting this is pretty simple. Expenses you'd encounter in either setting are:
- Travel
- Food
- Entertainment
- Toileteries/clothing
- Monthly bills

The only difference between the two would be rent. Plug in your numbers and you're set.


As a slight modification to Army's list, you can knock off travel (provided you live at home and walk/ride your bicycle) and you can also get rid of entertainment since it is possible to have fun without spending a cent. With these easy tips that I've provided, your budget will save you even more money than Army's suggestion. It will take dicipline, but it's definately possible/worthwhile.


Not having any entertainment seems a tad harsh. You mean no movies? No going out to watch a hockey game? No going out to the bar if you're of age? No going clubbing if you're of age? No renting a bouncy castle?


A politician who frequently combines alcohol and bouncy castles could be out of a job quick.


What?
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