Understanding why students struggle financially means understanding that it’s more than bad management.
Menel Rehav, a 23-year-old Concordia student in Montreal, finds it difficult to break even at the end of the month.
“As soon as the money comes in, it just goes,” she said.
Rehav, who works part-time at the restaurant Jacopo in the Old Port while studying, maximizes her time across work and school, but still struggles to handle her expenses.
“Tracking your finances is very difficult when you’re a student,” she said.
Rehav is far from being the only student with this struggle. A recent TD Bank survey showed that 65 per cent of Canadian students feel financially unstable, with nearly half struggling to meet basic needs such as food and housing. Although 64 per cent of students say they have a budget, fewer than half manage to stick to it.
This gap between theoretical budgeting and practical application is particularly pronounced in cities like Montreal, where the average monthly cost of living is C$1,406, according to expert education consultants Tajdid.
In theory, the university setting allows a smooth transition away from the family home, facilitating the shift in priorities and responsibilities. However, the cost of food, books, and housing can quickly add up and become a source of stress.
For first-year creative writing student Juls Bianchi, the comfort of living on campus is just a temporary safety net from the financial responsibility that students face when they leave home for the first time.
“I have a meal plan, but when I leave, it’s going to be budgeting for groceries and all that stuff. For now, I’m keeping track of what I’m spending and trying to minimize it,” Bianchi said.
Living in Montreal presents another issue for Concordia students struggling to find a stable source of income.
“I’m worried I won’t be able to find a job off-campus,” Bianchi explained, as she expects many entry-level jobs will require potential candidates to speak French.
And, when students do find jobs, many struggle to balance their time between school and part-time work.
“I found myself being forced to stop working, or, on the other hand, forced to stop my semester,” said student Rehav.
Despite making compromises to stay afloat, Samantha Padisak, second year journalism student at Concordia, believes that students rarely discuss finances openly, making budgeting not just a practical challenge but a social one.
“It can be a very sensitive topic, because you don’t want to disclose everything. People tend to think less of you or that you’re unmotivated if you make less income,”she said.
Padisak believes this stigma is an obstacle, because, in her view, people should feel comfortable talking about their struggles.
“I feel like there’s no point not to communicate about finances, especially as a student. It just creates a barrier and tension between students,” Padisak said.
She also thinks university is the ideal time to learn how to budget, because she can still benefit from her parents’ support. This safety net becomes a learning opportunity for students.
“You can’t just leech off your parents throughout university,” Padisak said. “Once you’re out, you have to handle everything yourself, and you need to know how to. Right now, I manage, but I couldn’t cover my rent without my parents’ help.”
Parents also have concerns; according to the TD Survey, 87 per cent believe their children’s financial habits need improvement. Given that 94 per cent of parents of post-secondary students provide financial support, their concerns reveal the support needed in budgeting skills and financial literacy.
Budgeting as a student means managing more than just money. For many, it means balancing academic demands and financial responsibilities despite needing parental support. But ultimately, budgeting as a student is a complex lesson about independence, the hardest course you never signed up for.
