Financial Wellness

Financial planning is an important component of student life. By planning how your money is to be spent, you can ensure you are prepared for the full year ahead. Without a plan, you might find yourself spending more than your college fund allows, falling behind on bill payments, and winding up in a very difficult situation. Let's be certain that won't happen! Plan ahead, stay on track, and finish happy!  

Helpful Holiday Resources
Budget Planning
Tips for Living on a Budget
Tax Deductions

Helpful Holiday Resources

The holiday season is a magical time, but it can also be hard on the wallet. Don't stress - your community has your back! The following resources are available to assist you and your family throughout the holiday season to ensure a very merry time is had by all. 

The Innisfail Christmas Bureau provides low-income families assistance in the form of toys for children and grocery gift cards.  

• Who can apply? 
  • Residents of Innisfail and Spruce View. 
• When can I apply?  
  • Between November 14 and December 13, 2023. 
• How do I apply? 
  • Visit the Co-op Mall (4303 50 Street, Innisfail) to apply. The Innisfail Christmas Bureau hours of operation are Mondays from 7pm – 8:30pm and Wednesdays from 2pm – 3:30pm. 
  • Please note the following will be required of you when applying: AB Health Care Cards for all family members, proof of residency (ie. Bill, or lease agreement), proof of income for all adults (ie. Pay stubs, loan approvals, etc.), and the most recent bank statements for all adults. 
  • Please note the Innisfail Christmas Bureau requests that only one family member comes to register the entire family. 
• Where can I get more information? 
  • Contact Barb at 403.227.3111. 

The Lacombe Family and Community Support Services (FCSS) Fill a Fridge Program assists families and individuals by providing a certificate to purchase food over the holidays. 

• Who can apply? 
  • Residents of Lacombe and Lacombe County (Bentley, Alix, Clive, Tees and rural areas) 
• When can I apply? 
  • Between November 15 and December 12, 2023. 
• How do I apply? 
  • Visit the Lacombe FCSS (#201 - 5214 50 Ave) to complete an application in person, or go to lacombefcss.net to apply online. The office is open between 8:30am - 4:30pm Monday to Friday. 
  • Please note the following will be required of you when applying: Government ID, Income Tax Notice of Assessments for all family members, and AB Health Care Cards for all family members. 
• Where can I get more information? 
  • Contact Lacombe FCSS at 403.782.6637 or visit lacombefcss.net.  

The Lacombe FCSS and Lacombe Kinsmen's Santas Anonymous program provides toys for children aged 16 and under. 

• Who can apply? 
  • Residents of Lacombe and Lacombe County (Bentley, Alix, Clive, Tees and rural areas).
• When can I apply? 
  • Between November 15 and December 20, 2023. 
• How do I apply? 
  • Visit the Lacombe FCSS (#201 - 5214 50 Ave) to complete an application in person, or go to lacombefcss.net to apply online. The office is open between 8:30am - 4:30pm Monday to Friday. 
  • Please note the following will be required of you when applying: Government ID, Income Tax Notice of Assessments for all family members, and AB Health Care Cards for all family members. 
• Where can I get more information? 
  • Contact Lacombe FCSS at 403.782.6637 or visit lacombefcss.net. 

Lacombe FCSS Coats for Kids provides winter jackets to children aged 18 and under. 

• Who can apply? 
  • Residents of Lacombe and Lacombe County (Bentley, Alix, Clive, Tees and rural areas). 
• When can I apply? 
  • Between October 16, 2023 and January 31, 2024. 
• How do I apply? 
  • Visit the Lacombe FCSS (#201 - 5214 50 Ave) to complete an application in person, or go to lacombefcss.net to apply online. The office is open between 8:30am - 4:30pm Monday to Friday. 
  • Please note the following will be required of you when applying: Government ID, Income Tax Notice of Assessments for all family members, and AB Health Care Cards for all family members. 
• Where can I get more information? 
  • Contact Lacombe FCSS at 403.782.6637 or visit lacombefcss.net. 

The Red Deer Christmas Bureau strives to ensure all families have an enjoyable Christmas by providing those in need with a full Christmas meal and gifts for children. 

• Who can apply? 
  • Residents of Red Deer, Red Deer County, Penhold or Springbrook. 
• When can I apply? 
  • Between November 1 and December 15, 2023. 
• How do I apply? 
  • Simply drop by the Red Deer Christmas Bureau (Bay #2 – 4630 61 St) Monday through Friday between 9 am – 3:30 pm to apply.  
  • Please note the following will be required of you when applying: One month’s current bank statement, proof of income (ie. pay stubs, loan approvals, income support cards, etc.), AB Health Care Cards for all family members, and proof of address (ie. government ID or a bill) 
• Where can I get more information? 
  • Contact the Red Deer Christmas Bureau at 403.347.2210 or visit reddeerchristmasbureau.com. 

The Salvation Army Adopt a Family Program assists families and seniors in need by providing Christmas presents and food/groceries. 

• Who can apply? 
  • Residents of Red Deer (Includes Burnt Lake Industrial residents), Penhold or Springbrook who... 
    • have children 18 years old and younger (must still be in the K-12 school system), or 
    • are seniors over the age of 60  
• When can I apply? 
  • Contact the Salvation Army between November 1 and December 8, 2023 to schedule your appointment.  
• How do I apply? 
  • Contact the Salvation Army at 403.346.2251 to set up an appointment. 
  • Please note the following will be required of you when applying: An interest list for your children (current needs, clothing sizes, favourite toys/activities/colours, etc.), photo ID, AB Health Care Card for all family members, previous month’s household income (pay stub, bank statement, etc.) and expenses (including current rent receipts and utilities) and custody papers, if applicable.  
• Where can I get more information? 
  • Contact the Salvation Army at 403.346.2251. 

Additionally, the Salvation Army Red Deer Church and Community Ministries (4837 54 Ave) is hosting a FREE Community Christmas Dinner on Friday, December 22 from 12-2 pm where all are welcome. 

The Sylvan Lake Christmas Bureau assists low-income families by providing grocery gift cards, children’s gifts and family entertainment for use over the holidays. 

• Who can apply? 
  • Residents of Sylvan Lake and surrounding area who have children 17 years or younger. 
• When can I apply? 
  • Call between November 2-19 to book an appointment that will be held between November 19 and December 15, 2023. Register as early as possible! 
• How do I apply? 
  • Pick up a registration form from the Sylvan Lake Community Center, Library, one of our community partners, or visit the Sylvan Lake Christmas Bureau website to print one yourself. Call 403.348.9993 to book an appointment to submit your completed registration form.  
  • Please note the following will be required of you when applying: A completed application/registration form,  government issued photo ID for all adults, AB Health Care Cards for all family members, proof of residency (must include two of: gas or electricity bill, Town of Sylvan Lake bill, cell phone bill, cable/internet bill, rental agreement), and proof of household income (ie. last two paystubs, information for Child Tax Benefit, Social Assistance, EI, pension or bank statements showing deposits for the last month). 
• Where can I get more information? 
  • Contact the Sylvan Lake Christmas Bureau at 403.348.9993 or visit sylvanlakechristmasbureau.com. 

Budget Planning 

To create a budget is to create a plan of attack that compares your financial resources to your expenses. The goal is to create a balanced budget, where your expenses do not exceed your resources, and it is important to update your budget plan if and when something changes (ie. loss of employment, change in residence, etc.). This may seem like an overwhelming task, but with our tips, tricks and resources below, your budget planning will be a breeze.  

1. Consider your financial resources. How do you plan on paying for your expenses while in school? Whether your income will come from your family, government assistance, savings or employment, you will need to determine the amount of money you will have available to you in order to know whether or not you have enough to make it through the school year. 

2. Consider your financial expenses. It is easy to overlook the expenses you incur and to underestimate the amount you spend on a regular basis. When compiling your financial expenses, be sure to include your educational costs (tuition, mandatory fees, books, supplies), basic needs (rent/mortgage, utilities, groceries, transportation) and miscellaneous or luxury expenses (Netflix, coffee runs, going out with friends, birthday/holiday gifts). When taking your first stab at your budget, be sure to include all the expenses that you currently incur as well as those that you envision yourself incurring. Would you like to be able to buy yourself a coffee every day? If so, put this in your budget plan. 

3. Review your budget. After your budget plan has been populated with all of your resources and expenses, review your bottom line - is it balanced? If your expenses exceed your resources you have two options: find a way to increase your resources (get a job, work more hours) or decrease your spending. Start out by determining your wants from your needs. Do you need to buy a coffee every day or go to the movie theatre every month? Probably not, but you do need a roof over your head. Continue to play with your budget plan until you find yourself a balanced budget.  

Tips for Living on a Budget 

There are many simple things you can do which will make a big impact on your budget. Budgeting isn't only about costs versus resources - it's about weighing the benefits of your financial obligations and deciding whether they are worth it. Living in your own rental may be an alluring idea, but is it worth thousands of dollars in debt? By making simple sacrifices you can save yourself from a heavy financial burden.   

Apply for awards and scholarships. There are students who are able to graduate debt-free thanks to scholarship winnings! Apply for as many awards and scholarships as you can. 

Live with parents or relatives. If you have the ability to stay with family during your time as a student, take advantage of this option! You may be offered free accommodations, or perhaps you can come up with a reasonable agreement that benefits both parties. If living with family isn't an option, you may want to consider living with roommates or living in affordable campus housing.  

Use alternate modes of transportation. Having a car is a luxury, not a necessity. If you are able to utilize an alternate mode of transportation, you can save big on transportation expenses. This sacrifice is not an all-or-nothing option - you can cut back in a number of ways: 

• Keep your car, but use a different mode of transportation to travel to and from school (walk, bike, longboard/skateboard, bus) 
• Set up a carpool. By splitting the cost of transportation between a few friends, everyone wins! 
• Get rid of your car all together. By selling your car, you will not only gain the income of the sale, but you will save on the various expenses associated with owing a car (insurance, gas, registration, regular maintenance, parking, etc.). 

Shop discounts. Businesses often offer discounted pricing to students with valid student ID cards. Be sure to carry your iCard with you and ask the businesses you frequent whether they have student pricing. Many grocery stores offer discounts of 10-15% off on Customer Appreciation Day (usually the first Tuesday of the month) and have specific discount days for students. Rather than shopping on an as-needed basis, plan your big grocery trips to take place on discount days. When shopping for clothing, check out the sale racks before heading to the new arrivals, or try shopping at local consignment and thrift stores. 

Tax Deductions 

Both the provincial and federal government offer tax benefits to post-secondary students. Click here for more information.  

Low or no income? There are BENEFITS to filing your taxes! The Central Alberta Poverty Reduction Alliance can help. Details here.