Will I Have Enough Money?

YES – IF YOU ARE SERIOUS ABOUT A BUDGET PLAN AND USE MONEY PENNY’S FINANCIAL TRACKER…

Budgeting for law school can be a very difficult task. However, if you are successful at it, your financial worries will disappear and you will be in a far better position to enjoy your three years of law school.

The rewards at the end of your three years of law school are worth the trouble! Your total debt load will be lower; mentally and physically you will be in better shape because you will have avoided three years of financial stress; and as a bonus you may have better grades and an articling position.

Please remember to keep in mind the following tips when creating and implementing your budget plan:

1. Prepare a Careful Budget

Carefully determine the expenditures you might require for the 8-month period from September to April.
Be very tough on yourself and only plan to spend for what is absolutely necessary.
For your reference a Sample Budget can be referenced which estimates costs for a single student living on campus in a one-bedroom furnished apartment. Please use it as a guide.
If you are entering the joint program with NYU, please reference this sample budget.

2. Separate Your Wants from Your Real Needs

This is without question the toughest step in living on a strict budget. There are numerous small expenditures that easily add up, but if you can eliminate some of these expenditures, you can live more comfortably and with less stress. Consider the following:

Could you share accommodation, or live with family to reduce costs?
Do you need a car or could you depend on public transportation?
Is your cell phone necessary or is it used primarily for social purposes? (If you decide you can afford it, please turn it off during classes and meetings).
Do you need cable? (How much time do you think you'll have for TV anyway?)
Bring your lunch to school;
Shop wisely and take advantage of lower prices and sales.

For those students who will be living independently for the first time before entering Osgoode, it is highly recommended that you seek advice from friends and relatives about realistic budgeting and expectations. It is also wise to make use of the professionals at Royal Bank or other financial institutions for advice on you finances.

3. Don’t Forget the Most Useful Tool - Money Penny’s Financial Tracker

While boring and time consuming, keeping track of every penny you spend will pay off in the long run. All too often money just disappears and you have no idea where it went. Money Penny’s Financial Tracker will make life at law school easier by helping you keep track of all your expenses. In this way you can make informed decisions about what you really want and need to spend your money on. Law students who keep track of their finances in this way will go through law school with less stress and graduate with less debt. You are invited to download Money Penny's Finance Tracker (MS Excel) as a way of keeping track of your expenses. (MS Excel doc). We've added (as a new tab) a student line of credit interest calculator to the Finance Tracker. Simply enter your current LOC balance, make sure the listed interest rate is accurate for your LOC, and your monthly interest payment will be calculated for you. It will then automatically be carried over to the "payment for student LOC" entry under your budget.

4. Take Advantage of Professional Financial Help

The special arrangement that we have established with the Royal Bank gives you the perfect opportunity to take advantage of the expertise of professionals who understand the three years of financial burden that law school can provide, and are there to help you as an Osgoode student.

First Two Weeks of Term: For the first two weeks of classes we have a representative from the Royal Bank here on site to help Osgoode students with financial planning, putting in place the student line of credit and answering any financial questions that you might want answered.

First Year Financial Seminar: Within the first month of school, generally during orientation week, we offer a very popular financial seminar for first year students. The seminar provides two services. First, it offers entering students information about all of Osgoode’s financial programs including student budgeting and financial planning for your three years of law school. It is a perfect opportunity to ask all those financial questions. For more information or to view a video of the seminar visit the First First Year Financial Seminar section of the website.

Upper Year Financial Seminar: For graduating students, we offer a financial seminar in second or third year to address financial matters that are relevant as students finish law school with debt and head out into the working world. Topics include: repayment of loans; budgeting and planning for the future. For more information or to view a video of the seminar visit the Upper Year Financial Seminar section of the website.