Law school isn’t just a test of endurance in the classroom—it’s also a crash course in financial survival. We’re here to help. Welcome to your four-step guide to managing your money.
Law school is an exciting, life-changing chapter, but it can also feel like one giant invoice. You’re investing in yourself in every way: your time, your talent, and, yes, your money. So much money. In fact, the average graduate leaves law school with more than $71,000 in student debt¹—a weight that can influence where you live and even the kind of law you choose to practice.
We get it. It’s a lot. But here’s the good news: with a bit of planning and some smart strategies, you can take control of your money instead of letting it control you.
Your four-part financial curriculum:
1. Make a budget
Budgeting may not sound exciting, but it’s the clearest path to peace of mind. A budget is less about cutting out things you love and more about showing yourself where your money really goes.
• Start with the essentials—tuition, rent, transportation, debt, groceries.
• Spot easy wins—unused subscriptions, impulse buys, or daily extras that quietly add up.
• Use digital tools— Like My Plan, sponsored by Lawyers Financial (that’s us!) and powered by Conquest.
A budget isn’t a punishment—it’s a roadmap. Once you see the full picture, you can steer your finances toward the future you want.
2. Earn while you learn
Your schedule is already full, but there are ways to boost your income without burning out:
• Part-time work—positions like legal assistant can keep you connected to the profession while bringing in steady pay.
• Scholarships and grants—many are designed specifically for law students. Make applying part of your study routine.
• Leverage your skills—tutoring, translation, or freelance writing can all provide flexible income streams. If you’re a writer with an idea for a Lawyers Financial blog, pitch it—we’d love to hear from you.
The bonus? These opportunities don’t just add to your bank account—they build your experience, strengthen your network, and open doors you may not expect.
3. Stay ahead of stress
Financial stress is common, but it doesn’t have to take over. Practical steps can make a real difference:
• Use available resources — many universities offer financial counseling services, often free or low cost. Lawyers Financial also offers pro bono financial planning to every member of Canada’s legal community—whether you plan with a partner or on your own.
• Build an emergency fund — even a small safety net can ease anxiety when the unexpected happens.
• Protect your well-being —time management and prioritization aren’t just academic skills—they’re tools to keep stress at bay.
Stress is part of the law school experience, but unchecked financial anxiety doesn’t have to be. Recognizing early signs of strain and responding quickly is one of the best investments you can make in yourself.
4. Think long-term (your future self will thank you)
The way you manage your money now sets the stage for your career. Small, intentional steps today create stability tomorrow.
• Plan for loan repayments —as soon as those paycheques start arriving, make repayment a priority.
• Invest early — tools like TFSAs and RRSPs can be powerful—really powerful—if you start using them sooner rather than later.
• Set goals — buying a home, starting a firm, or building financial independence. Whatever your goal, knowing where you’re heading helps you decide what matters most.
Think of this stage as an elective. You’re not putting out fires here, but the habits you build now will prepare you to seize opportunities after graduation.
We can help
It’s your money, but you don’t have to do this alone. As your not-for-profit partner, we’re here to help you build a plan that works for you, so your finances become a source of support, not stress.
Try My Plan—for free. And when you need advice, our team of financial planners is standing by to help.
1. Source: Canadian Lawyer Magazine, “The Debt Burden,” August 2018.
