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Financial wellness

Did you know that financial habits and overall well-being are connected? The impact of financial stress can have effects on physical, mental and financial health. We have prepared a series of resources to help you integrate financial literacy into your life and improve your overall well-being.

The aim of the University Works program is to support students who demonstrate a need to reduce financial stress during their studies. Our on-campus employment program is designed to help full-time undergraduate students gain useful career-related experiences while obtaining a competitive wage.

Financial literacy and well-being

Financial literacy is the knowledge and skillset an individual needs to make good decisions about money throughout their life. It involves the understanding of concepts such as saving, investing and debt while engaging in informed and effective decision-making when it comes to financial resources. It is important that you build a foundational knowledge of managing your finances as financial decisions can impact your overall well-being.

Learning financial literacy is important to well-being as:

  • Financial stress takes a toll on mental and physical health. Financial education helps to limit stressors that impact your health by creating effective budgeting and saving plans—thus preparing you for the future to manage economic challenges.
  • Money and health are interconnected. Effective money management strategies can help individuals lead healthier and more productive lifestyles. It is essential for you to differentiate between needs and wants, and to understand the importance of budgeting and saving. Such financial abilities empower you to pursue the resources you need, make good decisions and take of your body, mind and relationships –all of which encompass well-being.


A budget is used to keep track of where your money is going, keeps you up to date on your balance and helps to control spending. This form of financial planning is key to managing your expenses while studying. 

Budgeting tips - Budgeting

Budgeting Tips:

  1. Build your budget at the beginning of each school year and employment contract to best determine your financial standing or need for additional resources.
  2. Consider the following expenses in the creation of your budget: accommodations, program of study, meal plan, spending habits and travel costs.
  3. Be realistic when making your budget to increase your likelihood of sticking to it. Be sure to consider your existing spending habits and allocate funds for unexpected purchases or emergencies.
  4. Create weekly and monthly budgets to regularly monitor your expenses. This helps to ensure financial wellness by making the process less overwhelming and allows you to identify budget issues before they become a problem.

Ontario Tech offers an online budget calculator to guide you in your budget-making process. Visit Student Awards and Financial Aid for more budgeting resources.


Credit is the ability to borrow money with the understanding that you'll pay later. There are many credit options for students. 

Credit options - Credit
  1. Credit cards: Be careful using your credit card as a student. If you do not have the cash to pay for something, don’t buy it!
  2. Student line of credit: A student line of credit is a repayable loan from a banking institution that helps you pay for your post-secondary education. Unlike government student loans, a student line of credit is not based on financial need. You can combine a student line of credit with other forms of financial assistance (bursaries, scholarships and government loans).

Credit offers an alternative approach to affording your expenses and managing your budget. For more information on credit cards and student loans, visit Student Awards and Financial Aid.

Financial planning and literacy

Financial planning is vital to being a successful student, which is why Ontario Tech offers financial literacy workshops that are  tailored to help students with their finances. Workshops provide students with tips on how to afford education and living expenses while also equipping students with information on effective financial management skills.

More information - Financial planning and literacy
How the Student Awards and Financial Aid (SAFA) team can help you:
  • The SAFA team is available to help you prepare budgets for the school year and assist if you are experiencing a financial crisis. This process encourages you to review your income and expenses with a Financial Aid Officer to identify potential problems and explore possible solutions. Through budget counselling, you can learn skills to keep your finances in good order.
  • SAFA hosts a Show me the money workshop during the fall semester to cover information about the Ontario Student Assistance Program (OSAP), internal bursaries, scholarships and awards and explores a wide range of additional financial resources.
  • During Financial Literacy week in November, students are invited to attend a variety of virtual workshops aimed to limit financial stress and improve financial well-being.
For more information on financial literacy resources and assistance at Ontario Tech, visit Student Awards and Financial Aid.

Looking for additional assistance?

There are many donor awards, scholarship and other financial resources you may be eligible for.

Learn More - Looking for additional assistance?