I wanted to share my budget as a full-time graduate student living in a moderately priced Canadian city. I work part-time for the Psychology Department at my university, and my boyfriend and I split our rent. He covers our groceries and gas.
Monthly Net Pay: $4,000
Fixed Monthly Expenses:
- Rent (plus utilities): $675
- Personal allowance: $300
- Gym membership: $91.98
- Macbook payment: $53.30 (paid off by November 2026)
- Phone bill: $34.99
- RRSP: $50
Total Monthly Expenses: $1,205.27
Additionally, I pay my tuition fees every four months, which are fixed at around $1,700. I cover these payments from my High-Yield Savings Account (HYSA), to which I contribute during my studies.
I save the remaining amount of my income—about $2,000 per month—into my HYSA, which currently has $20,000. This account serves multiple purposes: it’s my emergency fund, it covers tuition fees for my final year, and it will also help with our first home purchase in the long term.
I’m also a graduate student, but my pay is a lot lower and my tuition is almost triple what you pay.