Budgeting 101

Alright, this week's topic is Budgeting 101. Now, if I can give any advice it would be to be a stickler all your years of university and not just your first two. Once I realized (after my first two years) that I would have enough money with bursaries, help from my parents, and money made during the summer, I began to spend way too much money and then would have no idea where it was all going. So I decided to set up an excel spreadsheet where I could keep track of all my spendings. This is by far by favorite budgeting tip. I hate making budgets and limiting myself to certain things so I decided that if I just kept track, I wouldn't spend my money on stupid little things like a Chai tea everyday, and could put that toward more important things like clothes and going to New Zealand :) But saving has taken a backseat for me these days which is not good. Also another good tip is to listen to your parents and put money away in a savings account! If you are smart with your money it can add up fast and you will have a down payment for something before you know it. I wish I would have listened better. Oh well, gotta start sometime. ALright, enough of me, here are week 4's Bugeting Tips 101:

If you are worried about how you are going to make it through the school year without having to phone you parents begging for money, or worry about eating Kraft Dinner for the entirety of the semester, here are some budgeting tips you need to look at:

1) Live in residence. For your first year, at least, it is usually the cheapest way to go. Otherwise, if you prefer to live beyond “the dungeon,” make sure you have a few roommates. This is an easy way to minimize costs if you want to live off-campus.

2) Don’t forget that your first month in school will be the most costly. Installation fees for phone and internet, paying rent and damage deposits, tuition, and books will all add up faster than you think. So make sure to set some extra money aside from your summer job to make the first month’s costs not so overwhelming.

3) Instead of buying a car that you have to pay insurance on and costs to up-keep it, buy a bus pass and go for public transportation.

4) Once you are settled in and know your costs, make a list of your monthly expenses (rent, food, bus pass, car payment, tuition, books, etc) and figure out how much needs to go towards the essentials.

5) Next, you can figure out how much you can afford to put towards socializing and going out. Make this a reasonable amount and stick to it. Remember, first year students don’t always have the luxury of living the high life!

6) You don’t need to drink every time you go out. Be the designated driver once in a while and you will be surprised how much money you will save when you do not drink all the time.

7) Try not to eat out at restaurants all the time. This will take a lot of your money if you are not careful and don’t keep track of how much you are spending on eating out. A few dollars here and there, even for a coffee and a muffin, can make a big difference later on.

8) Use an excel spreadsheet or document to track your expenses. Some people prefer not to budget but instead like to keep track of where their money is going. If you write down every penny you spend and where it’s going, you will be able to judge what you are spending too much on.

9) Get a part-time job. If you only have three or four classes and the workload is not too bad, find a part-time on-campus job. If you are taking five classes, though, I would not recommend working as that may only add unnecessary stress.

Websites to check out:

Money Probelms?

Student Budgeting

Tips for university students

Make $50 last 10 days