You’re getting ready to go off to college, but budgeting just isn’t your thing. Here are five ways to keep on track this year, and even come OUT with a few extra dollars in the end.
Pick a timeframe
Look at what days you’ll be receiving money, and what days money will be coming out (cable, internet, rent.. etc). Plan your budgeting accordingly
What will you be spending?
Make a list of everything you’ll be spending money on. Rent, hydro, cable, internet, cell phone, credit card, entertainment, beauty/grooming, fun, and miscellaneous and savings. Next, break up what you estimate you’ll be receiving per month, and allot a specific amount of money for each category. Make sure it balances!
Involve your fam
For many of you, your family may be helping out along the way. Make sure you involve your family in your budgeting process (even just by showing them what you’ve done!). You’ll definitely impress them, and they’ll feel a sense of relief that your money is spent wisely!
Plan for emergencies
If your family isn’t around to help, another important part of budgeting is to save for emergencies. Put 25-50 aside each month, that could help cover any random costs that you might not have known you’d need to cover. This way, you’ll be ahead of the game, and won’t have to rely on your student loan or credit!
Where credit is due
Speaking of credit, make sure that you’ve looked into all of your options for a student credit card. Our suggestion? Check out the BMO SPC MasterCard credit card. Along with zero fees, you get your SPC benefits built into your purchases! Thanks to BMO, shopping (and saving) has never been more fun. Check out more info on the card HERE.