![\"Budgeting](\"https:\/\/www.creditaid.ca\/blog\/wp-content\/uploads\/2014\/09\/9775131_m.jpg\")
<\/a><\/p>\nDevelop a Budget<\/b><\/p>\n
Now is the perfect time to develop a budget of your expenses for the school year.\u00a0 The budget will help you see how much is coming in from jobs, grants, bursaries or loans and how much will need to go out for bills and other expenses.\u00a0 Having this understanding will help you plan out your finances so that you can do everything you want to do throughout the school year.<\/p>\n
Your Wants vs Needs<\/b><\/p>\n
As you\u2019re preparing this budget, it is important to distinguish between \u201cneeds\u201d and \u201cwants\u201d.\u00a0 For example, while you need food to live, going out to eat with friends at a restaurant is a \u2018want\u2019 that will be a lot of more expensive.\u00a0 Find a balance between the two so that you can live comfortably without missing out.<\/p>\n
Types of Expenses<\/b><\/p>\n
Break down your expenses so that you have a better idea of what you need each month.\u00a0 Which of your expenses are one time and which are monthly?\u00a0 For example \u2013<\/p>\n
School Costs<\/b> \u2013 such as tuition, textbooks, course fees you can expect to be once a term<\/p>\n
One Time Expenses<\/b> \u2013 trips, gifts, moving costs are one-time expenses and can happen unexpectedly<\/p>\n
Monthly Expenses<\/b> \u2013 for food, rent, cell phone, gym memberships, or gas are monthly expenses that will remain mostly the same each month<\/p>\n
Understanding how much you will need and when you will need it by will help in your overall planning.<\/p>\n
The key is developing a budget that is realistic to your situation.\u00a0 When you have this understanding of what\u2019s coming in and going out, you can make better and more informed decisions when you are deciding, for example, on whether to go out for dinner or commit to that trip to Toronto during Reading Week.<\/p>\n
We wish you a great school year ahead!\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"
With the unofficial end of summer upon us, this can only mean that once again, it is time to head back to school. Are you a university or college student heading back to the campus this fall? We know how stressful it can be to manage finances while balancing course work, extra-curricular activities and a … <\/p>\n