SHO' ME THE MONEY!!!

Higher education is expensive, university students constantly find themselves scraping to make ends meet. Many students they are living pay check to pay check, without much left over for personal use. For some this is the first time that you're living on your own, or managing your own finances. I know for me, it was really difficult to accept the fact that I'm an adult now have to take care of myself.

WHEN DID THAT HAPPEN?

When I came to York it was the first time I'd ever had to create or follow a budget. Soo I thought it might be a good idea to go over the BASICS of BUDGETING with you, so that you can benefit from my experiences. (Truth be told this is something that I'm still working on!)

Alright so what do you gatta do??

1. When starting out you want to figure out where all your money is coming from and how much you have coming in each month. Knowing how much money you have coming in will help you figure out how to divide up that money. 

2. Write down all of your expenses for each month. Any and everything that you spend money on should be written down. Things like RENT, FOOD, BUS FAIR, etc. Whatever you spend money on every month you should put down. I ALWAYS include "FUN" as an expense, since I like to go out with my friends, and I don't want to spend money that I don't have. 

3. After you have your list of expenses you should divide up your expenses into two sub categories. Category one : Expenses that will remain the same month to month. E.G. RENT, BUS FAIR

Category two: Expenses that will change from month to month. E.G. FOOD, FUN

4. After writing both these things down determine how much each one is going to cost you for a one month period. Then look at how much money you are bringing in for a one month period. If your income is more than your expenses GREAT! If your income is LESS than your expenses, then you'll need to figure out where you can cut back. For my I usually end up having to cut back on my FUN budget.

5. As time goes on you want to review your budget so that you can make adjustments. For example, if you get a raise at work, or you move to a cheaper place to live or your car payments go up whatever. You have to be able to adjust your budget according to your changing circumstances. 

I know it can be overwhelming to deal with making a budget. But don't worry York has got your back. York offers FREE Financial Advising for all students. You can make appointments with a Financial Aid Advisor to help you sort out your finances and make a budget or go to one of their events or workshops!  Check out the Financial Advising website! Also on financial advising website there are links to budgeting assistance websites run by the major Canadian Banks, find your bank and make use of their budgeting tips!

Let me know what works for you in the comments section below. 

Remember mo' Money doesn't HAVE to mean mo' Problems!

So GET out there and start the saving!

Nicole