Hi everyone! Liam here. We have reached the final step! You have learned about responsibility, savings, and borrowing. Now, we are going to put it all together to create a personal budget for your first year out of high school. This is your blueprint for success in the real world!I am Maya! A budget is just a plan that makes sure you can afford the life you want to live. Today, we are going to identify the key considerations for your first year, whether you are heading to an apprenticeship, college, university, or the workplace. We will look at your income, your hidden costs, and how to use tools to stay on track.Hi! I am Chloe. The first and most important step in any budget is separating your needs from your wants. Why is this so important? Because when money is tight, you need to know exactly what you can cut. Your needs are your non-negotiables: tuition, rent, groceries, your cell phone plan, and transit. Your wants are the “nice-to-haves”: that daily coffee, new clothes, or a concert. If you do not separate these, you might find yourself with a brand new pair of sneakers but no money for your bus pass. How would you prioritize your spending if your income suddenly dropped by fifty dollars? Knowing your needs makes that decision easy.And I am Noah. Let us look at the “Income” side of your budget. For most students, this includes part-time work, but also government assistance like O S A P grants and loans, bursaries, and scholarships. You should also consider informal support from family or your local community. But here is a reality check: if you have a part-time job, you do not actually keep everything you earn. Your gross income is before the government takes its share. You need to account for deductions like income tax, Canada Pension Plan contributions, and Employment Insurance. If you earn fifteen dollars an hour, you might only see twelve dollars in your bank account after these deductions. Always budget based on your net income—the money you actually take home!Now for the “Expenses.” Estimating the costs of achieving your goals can be tricky. Beyond tuition and program costs for things like an apprenticeship, you have to look at ongoing living expenses. If you are renting an apartment or living in residence, have you considered the cost of hydro, heating, and internet? What about laundry? If you have to pay five dollars per load, that is twenty dollars a month! Then there are groceries, cleaning supplies, and toiletries. And do not forget transportation. A transit pass might be included in your tuition, but if not, you need to budget for it. If you have a car, you are looking at insurance, gasoline, and repairs. These small costs are the “budget killers” that catch people by surprise. What is one hidden cost you think most students forget to plan for?We also have to consider the math of the future. If you are using a savings account, you are earning compounded interest, which helps your budget grow. But if you are borrowing, that interest is working against you. When you develop your budget, make sure you include your future loan payments. Even if you do not have to pay them back yet, knowing they are coming helps you save more today. You can use online tools and apps to track your spending in real-time. Many of these apps connect directly to your bank account and tell you exactly how much of your “Groceries” budget is left. Using these tools gives you the understanding you need to manage your spending and, in the process, save money for your long-term dreams.Let us talk about resources. Who can support you in considering your options? You can talk to your school guidance counselor, a financial aid officer at your college or university, or even your local community center. They can help you research the requirements for federal student grants and loans. Many Canadian banks also have financial planning tools designed specifically for students. Do not be afraid to ask for help! Being smart with money does not mean knowing everything; it means knowing where to look for the right information. Have you started researching the bursaries and scholarships available for your specific program? There is so much money out there that students never apply for. That could be your grocery money for the whole year!So, to recap your first-year blueprint: One: identify your total net income, including jobs, grants, and family support. Two: separate your needs from your wants. Three: account for all hidden living expenses like laundry and internet. Four: use digital tools and apps to track every dollar. And finally: research every possible source of non-repayable income like scholarships. A budget is a living document. It will change as you learn and grow, but having one today means you are in control of your destiny tomorrow. You are ready for this transition!We have covered so much in this series, from the fundamentals of responsibility to the details of your first-year budget. You now have a complete financial toolkit. You know how to grow your wealth, how to borrow wisely, and how to plan for your future. This knowledge is your greatest asset as you step out of high school. We are so proud of the time you have spent learning these skills. Keep your budget updated, keep your goals high, and always remember that you are in charge of your financial story.Think about your first week after graduation. What is the first thing you will do with your first paycheck or student loan deposit? If you have a budget, you will already know the answer. You have the power to stay debt-free, save for your dreams, and live a life of freedom. Keep practicing your math, keep using your tools, and keep being the amazing, responsible student you are. We believe in your success! Good luck with your first postsecondary year, and remember: your budget is your friend!That wraps up our financial literacy series! We hope you feel empowered and ready to take on the world. It has been an honor to help you build your roadmap. Stay curious, stay informed, and always keep calculating. Your future self is going to be so happy with the work you did today. See you later, and happy budgeting!
