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How to successfully budget as a student

Sep 18, 2015

Budgeting successfully for students

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.

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