Skipping out on a few coffee runs, limiting your UberEats orders, or cutting down on your online shopping can save you that $150. For example, instead of spending $500 on your variable expenses for the month, you could aim to spend $350. You can decrease the amount of your current budget while setting aside the rest. If you don’t want to live paycheck to paycheck, your next step is to start saving money. Step 4: Set goals and start saving moneyīudgeting isn’t just about making ends meet. At the start of the month, take your income and subtract the amount of money your fixed expenses cost – the remaining amount should be your budget for all variable expenses.įor instance, if your total monthly income is $2,000, and your fixed expenses only include your rent, utilities, tenant insurance, and bus pass, totaling to $1,500, your “living” budget is $500. Now that you know where your income is coming from and you have a rough estimate of your spending, you can calculate your monthly budget. Step 3: Calculate your budget for each month
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Use this information to create a rough estimate of each month’s spendings for both types of expenses. Fixed expenses are generally much harder to cut down on, so prioritize saving on your variable expenses. You should be aware of which category each of your expenses fall into, so you can determine what you can and can’t cut down. Below are a few more examples of some variable expenses you may make as a student. Other variable expenses could be one-time purchases – such as sneakers or a laptop – and you can choose whether to buy these items based on their price. groceries), the price still changes because you make the decision on how much to buy. Although some variable expenses are living necessities (e.g. Variable expenses are the purchases that can fluctuate in price. Below are a few examples – you’ll notice that most of them are student necessities. What are fixed expenses?įixed expenses include anything you’re paying for on a regular basis that doesn’t change in price. List out all your expenses and divide them into two categories: fixed expenses and variable expenses. Step 2: Estimate how much you spendĪfter you figure out where the money is coming from, the next step is to establish where the money is going. That way, you’ll be able to save a lot at once and spend this money accordingly throughout the year. If you find it hard to balance your coursework with a job, you can also consider working full-time (or as many hours as possible) in the summer. Working part-time or starting a side-hustle while you’re in school is a great way to create an ongoing income. So staying on top of your money can help you focus on school – you won’t constantly be worrying about your cell phone and internet bills or wondering whether you can afford to eat out that week.
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You might only get your tuition and books paid for, but what about food, shelter, and transportation? And if your program fees are covered by a renewable scholarship, you could still lose it if you don’t meet the minimum GPA requirement. Relying solely on student loans can be risky as you might not receive the amount you expected. Therefore, as a student, it’s a good idea to find more than one stream of income to maximize your budget and prepare for any potential issues. Knowing where your money is coming from, how you’re spending it, and when you’ll need to pay it back will give you the confidence to decide what’s right for you. Whether you’re financing your education through student loans, scholarships, an RESP, a part-time job, or your parents, your budget starts off with your income and decreases with every expense. The first step to setting a budget is to figure out where your money is actually coming from.
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Step 1: Figure out where your money is coming from That’s why we’ve created this guide (and a student budget template) to help you stay financially afloat while you're getting your education. From the overpriced meal plan to the hundred-dollar textbooks, expenses add up quickly, especially if you don’t have the right budget in place. Let’s face it – neither college or university is cheap.