With the school year just starting, it may be a little challenging to get out of our summer spending habits. Here are a few tips to help you ensure your schooling and necessities are covered – and – that you’ve allocated a little bit of spending money for entertainment. With these tips, you’ll be able to successfully budget as a student in no time!
- Have a realistic budget – the more realistic it is, the easier it is to follow
- Differentiate between wants & needs
- If you have to estimate, make sure you’re being realistic; estimate slightly lower for potential income & slightly higher for expenses
- Include savings as an ‘expense’ in your budget
- Align your budget with your goals
- Review & recalculate your budget on a weekly or bi-weekly basis especially if new expenses come up
- Treat yourself every now and then, you deserve it!
There are also loads of budget templates online if you feel like you’d rather work with a ready-made one. The Financial Consumer Agency of Canada has a great layout on their website geared towards students. Another great tool to use is the Mint app. It enables you to track your spending, set a budget and hold yourself accountable. The best part is that you can download the Mint app for free!
We hope these helped! What are your go to tips to keep a student friendly budget? Share your thoughts with us on our social media feeds.