With the school year just getting underway, university and college students like you are dealing with new financial responsibilities. From covering expenses to managing loans, you have some significant financial obligations to deal with—quite possibly, for the first time in your life. Good financial planning can help you avoid money problems, allowing you to focus on your studies and graduate with as little debt as possible.

The Financial Consumer Agency of Canada (FCAC) offers a broad range of online resources to guide and inform Canadians every day and during major transitions in their lives. Given the financial realities of student life, it makes sense for you to create a realistic budget. Among FCAC’s various online tools, you should try out our budget and expense calculators. In addition, we offer useful tips for important steps, like accurately estimating expenses and identifying ways to reduce them.

FCAC’s materials will continue to support you once you have a budget in place. All you have to do is to stick to it by: keeping records; tallying your purchases; and adjusting your spending and your budget over time. These are excellent habits to establish.

A budget will help you balance your money with your regular expenses.

It will also help you minimize your debt.

Findings from the Canadian University Survey Consortium’s 2015 study show that 78 percent of students work to help fund their education. Also, in addition to support from government, family and other personal sources, 28 percent receive scholarships and awards that go toward their academic expenses.

The time is right for you to develop your financial knowledge. Get started by checking out FCAC’s online information and tools to meet your information needs. You can find them at this address: canada.ca/money.