Budget planning
Plan ahead
Find out what your responsibilities are and plan how to meet them.
Planning is the key to managing your financial life at school. A realistic and well thought out budget will allow you to control your spending.
A budget tells you where your money goes, what it does for you and keeps you up-to-date on how much money you have left.
- Plan your budget at the start of your academic year. Be realistic. If you are uncertain you can live by it, you won't. Try to figure out a sensible money spending allowance and stick to it.
- Keep track (at least for one month) of your spending habits and keep an accurate record of your savings and chequing accounts.
- Review your budget regularly and adjust for change based on your circumstances. Download our budget worksheet [RTF - 121 KB].
Debt management is the ability to handle your current debt and knowing when, and how to assume and manage further debt. Since most of us will incur debt at some time in our lives, effective debt management is essential to a sound life-long financial plan.
Avoid using your credit card(s) on a regular basis. If you find you're turning to credit regularly, then it's time to review your budget and either decrease spending or try to increase your income.
Helpful financial links:http://www.canlearn.ca/
http://www.debtfreegrad.com/
http://www.cibc.com/ca/student-life/kidsandstudents.html
http://www.scotiabank.com/
http://www.bmo.com/
http://www.tdbank.ca/student