The year is winding down, and you’re about to head into your final exams (can you believe how fast this school year went?).

Would it be weird if I told you that NOW is the time that you should start budgeting for next year?

I know, sounds weird right?

It may actually be one of the smartest things you’ll do when it comes to your bank account. And here’s why:

1) How you spend is fresh in your mind

Since you’re living the student life as we speak, you’re more likely to KNOW and remember how exactly you spend. You know your habits (like how many times you eat out a week), and you also have a better feel for things you hold off on. You get how much you need to spend on groceries, and you have a better idea of how much you can save. When you’re further away from this lifestyle, you may forget how it really is… money-wise.

2) You can make money-making goals

Try working backwards: think of how much you can make this summer, THEN budget accordingly (instead of budgeting without any idea of how much you’ll make). This is a great way to make a goal, and work your butt off to reach that goal (even if it means taking on a second job).

3) Adjusting is always an option

Since you’ve started to budget so early, you’ll have much more time to adjust your budget accordingly, instead of getting a harsh reality check in the middle of the year.

So there you have it! 3 reasons why YOU should start budgeting for next year, right now!

PS – Make sure to fit $50 extra into your budget! With the BMO SPC MasterCard you could earn $50 in rewards – check here for more info.

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