Why a Budget Worksheet Matters
Graduate studies at Wilfrid Laurier University (WLU) are rewarding but come with unique financial challenges. Tuition, research fees, books, living expenses and occasional travel can add up quickly. The graduatestudentbudget worksheet is a free, downloadable spreadsheet designed to help you:
- Visualise all expected income sources (scholarships, teaching assistantships, loans, parttime work, etc.).
- Track recurring and oneoff expenses.
- Identify gaps early and explore funding options before they become crises.
- Maintain a clear record for personal use or for discussions with supervisors and the Graduate Studies Office.
Getting the Worksheet
The worksheet is hosted on the universitys Graduate Studies website. To download:
- Visit WLU Graduate Studies.
- Select Resources & Forms from the navigation bar.
- Click Student Budget Worksheet (Excel) and save the file to your computer.
It is compatible with Microsoft Excel, Google Sheets and other spreadsheet programs that support .xlsx files.
Worksheet Overview
The spreadsheet is divided into three main tabs:
1. Income
| Category | Description | Monthly Amount |
|---|---|---|
| Scholarships & Bursaries | Universityawarded awards | |
| Teaching/Research Assistantship | Stipend for assigned duties | |
| External Funding | Grants from agencies or industry | |
| Parttime Employment | Oncampus or offcampus work | |
| Student Loans | Canada Student Loans, OSAP, etc. | |
| Other Income | Family support, investments |
2. Expenses
| Category | Description | Monthly Amount |
|---|---|---|
| Tuition & Fees | Program tuition, ancillary fees | |
| Rent / Mortgage | Housing costs (on or offcampus) | |
| Utilities & Internet | Electricity, water, phone, internet | |
| Food | Groceries and occasional meals out | |
| Transportation | Public transit pass, gas, parking | |
| Textbooks & Supplies | Course materials, lab fees | |
| Health & Insurance | OHIP, private health plans | |
| Research Expenses | Conference travel, fieldwork, software | |
| Personal / Misc. | Clothing, recreation, emergency fund |
3. Summary
The Summary tab automatically calculates total monthly income, total monthly expenses, and the resulting surplus or deficit. Conditional formatting highlights a negative balance in red, prompting you to adjust numbers or seek additional funding.
How to Use the Worksheet Effectively
Step 1 Fill in Income: Enter the exact amount you expect from each source. If you receive a stipend that varies by semester, average it over the year for a monthly figure.
Step 2 List Fixed Expenses First: These are costs that rarely change (rent, tuition, health insurance). Use your lease agreement or official fee schedule as reference.
Step 3 Estimate Variable Expenses: Look at past bank statements or creditcard receipts to gauge realistic averages for groceries, transport and personal spending.
Step 4 Review the Summary: Aim for a positive balance. If the worksheet shows a deficit, consider:
- Applying for additional scholarships (check the WLU funding page).
- Increasing parttime work hours, within the limits of your study permit.
- Reducing discretionary spending.
- Discussing a possible research assistantship increase with your supervisor.
Step 5 Update Regularly: Revisiting the worksheet each month keeps you aware of changes and helps you stay on track.
Tips for Specific Situations
International Students: Include mandatory health insurance (UHIP) and any additional visarelated fees. Exchangerate fluctuations can affect the real value of scholarships; add a contingency buffer of 510%.
Parttime Teaching Assistants: TA salaries are paid per credit hour. Multiply your hourly rate by contracted hours and divide by four to get a monthly estimate.
ResearchIntensive Programs: Anticipate travel and fieldwork costs early. Many faculty members have discretionary research funds that can offset these expenses; discuss eligibility with your advisor.
Where to Get Additional Help
- Graduate Studies Office Offers oneonone budgeting appointments.
- Financial Aid & Awards Office Provides uptodate lists of internal scholarships.
- Campus Student Services Money Management Workshops Free sessions held each semester.
- Student Union Frequently shares discount codes for transit, groceries, and software.
Conclusion
The Wilfrid Laurier University Graduate Student Budget Worksheet is more than a spreadsheet; it is a proactive planning tool that gives you control over your financial wellbeing while you focus on research and coursework. By completing it at the start of each academic year and revisiting it regularly, you can avoid unexpected shortfalls, make informed decisions about workstudy and funding, and ultimately enjoy a smoother graduate experience.
