Paying Your Way
Brandi Travers - A saver
"I am doing this through student loans and savings. I worked for four years after highschool. I am doing this on my own. Don't waste your money! I worked at a bank and learned great ways of saving money. I put money away every cheque no matter what. Do your homework! Get a really good bank account with good interest - it is all the little stuff like that!"
Finding A Balance
You have been accepted to university and are now responsible for maintaining a balance between your resources and expenses. While this may be your first experience with managing your own finances, it just takes a little planning and a good budget. Before you know it, you will be able to graduate will your debt minimized and have learned important spending habits that will stay with you as you enter the next phase in your life.
A budget will allow you to find a balance between the money you receive from scholarships, bursaries, employment, student loans, or family members and the money you pay out for things like tuition, books, housing, clothes and transportation. Following this budget faithfully will enable you to make adjustments as you get used to living on a student’s income, or be able to finance an unexpected cost that may arise.
- Keep track of your bills; note where and when money is automatically taken out of your account and match it up to your bills…banks can make mistakes!
- Start a savings plan and keep it up, even if it is just a couple of dollars!
- Eliminate impulse spending!
- Evaluate all of your expenses; you may not need everything that you are buying, such as memberships, subscriptions or three-way calling!
- Don’t worry if you stray once in a while; just return an item if you do not need it or account for it by eliminating another item from your budget – like the extra-large popcorn at the movies!