Moving to a different city for post-secondary studies could be your first taste of freedom.
But that autonomy over your time, life and money also means a lot more responsibility — finding housing, figuring out your commute to classes, and managing a whole new set of expenses on your own.
All of that comes with a price tag — and sometimes, sticker shock.
Certified financial planner Ryan Lee said students should plan for three buckets of spending when moving away from home: fixed, variable and one-time moving costs.
The one-time costs include travelling to the new city, a chunk of money for first and last months’ rent, as well as starter furniture and some kitchen essentials. Lee estimates it could cost anywhere between $3,000 and $5,000.
If a student is moving to a colder region, Lee said that could also mean a few hundred dollars extra in warmer clothing and winter gear like new boots.
Fixed costs such as monthly rent and bills for things like internet and cellphone could run anywhere between $10,000 and $20,000 a year.
Another recurring monthly cost students need to budget for are groceries.
Then comes variable costs such as personal spending.
Commuting costs can also weigh on your budget, especially if you haven’t already thought about it, said Stefanie Ricchio, a certified professional accountant.
“Do you need to buy a car?” she asked. “If you have a car, then it’s the gas, it’s maintenance, it’s insurance that goes along with it.”
If you plan on taking public transit or a ride-share to your new school, that should be accounted for in the budget.
The first few months in a new city can be challenging as you start a new phase of life, said Laura Whiteland, certified financial planner with Inclusive Financial Planning in Truro, N.S.
But it’s important not to get overwhelmed and go slow with spending, she said.
That means avoiding larger lifestyle purchases and getting used to paying for the basics first: rent, groceries and cellphone, for example.
“What is typically shocking for most young people that I work with is the sheer cost of everything when you start putting it together,” Whiteland said.
It’s difficult to know ahead of time how much some parts of your new life will cost, she said. For instance, your grocery bill won’t be a quarter of your family’s bill just because food is more expensive for one person.
Whiteland said it’s important to prioritize needs when you’re first settling in. For example, paying for books, a laptop and anything associated with education or trade school before buying additional furniture for your apartment.
And bring as much as possible from home to save some money, such as bedding and kitchen essentials.
“The big thing as a student is you want to spend your money on what’s going to be helping you out in the future, which is education,” Whiteland said. “And keeping your expenses low, especially if you’re financing it.”
Housing and food remain the highest costs outside of tuition, Lee said. But there are ways to keep a lid on them.
Cooking meals at home rather than eating out could reduce your monthly expenses, he said.
“Another big decision is whether or not you can live with a roommate,” Lee said, which isn’t just about splitting the rent but also reducing the burden of footing utility bills.
Whiteland said even small savings during those post-secondary years could make a difference later in life when you start paying down your student debt.
“The decisions you make at 19 are going to be with you at 25 and are going to be with you at 30,” she said.
This report by The Canadian Press was first published Aug. 17, 2026.
