Archived: Getting ready to budget

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Budgeting: it’s a word you’ve probably heard. Maybe you’re a pro at creating budgets or maybe you’re just starting to see how a budget might help you. Regardless of what stage you’re at, budgets are important when it comes to attending post-secondary and managing your life before and after University. After all, if you want to party at The Hub when finals are over, you better have some cash to back it up!

Here are some general tips to help guide the way:

• Make a list of your needs and wants. How compatible are they with a budget? Sometimes making a budget means you need to do some critical thinking and evaluate your choices.

• Track your spending: Where does your money go? By tracking your spending, you may begin to see areas to improve.

• Use cash, not credit: Allot cash for each area in your budget. Balancing your receipts with what you planned to spend at the end of the month is a good sign of successfully living within your budget.

• Motivate yourself: Reward yourself in other ways besides spending. Before beginning to budget, think about non-monetary rewards for all of your triumphs.

Want more tips? Check out from Gail Vaz-Oxlade’s Debt-Free Forever website >>
Or visit SAMRU’s Peer Support Centre for some one-on-one help and on-campus solutions >>

– By Andrea Davis, Student Advocacy Coordinator and Kellie Nixon, Peer Support Coordinator

Budget well!