Budgeting not a problem for all students

Managing your money is possible – even as a student

Many young people say they struggle with finances due to the expenses they encounter, especially as students.

The word budget is an intimidating word and many seem to think of it as a restriction rather than a freedom. Students who do implement budgets say it helps immensely and even helps them free up extra money at the end of the month to spend.

A second year computer science student at the University of Waterloo says an app helps him keep his money in check.

“I use the budgeting app Mint to help me keep track of where most of my money is going, allowing me to make adjustments to my habits accordingly,” said Travis VanBelle. “I also find that keeping spreadsheets is useful for approximating my future balances based on past expenses. By staying on top of things and being informed about my purchasing habits I’m never surprised or worried by my expenses.”

VanBelle currently lives away from home and works at a job paying him above minimum wage. He said he makes between $15 and $20 an hour. He also said he started learning to balance his money when he started working.

“Once I started having an income from work and expenses like groceries and transportation, I knew I had to keep track of everything,” said VanBelle. “I knew that being informed about my habits was an important first step to begin saving money.”

VanBelle said he is very fortunate to be working in a job which covers more than his expenses and he has a very easy time adjusting when he needs to make purchases off the budget templates he has set up. Generally, VanBelle said he spends around $700 a month on expenses.

Steven Arseneault, a customer service representative at TD Canada Trust, said there are many ways to start budgets for students.

“There are many tools online that can help students create a budget, as well as apps on phones,” said Arseneault. “Many banks also will help students with their financing if they come in and ask for help making a plan.”

According to Arseneault, even just implementing a mental budget can help as long as you stick to it.

If you’re a student looking for help to implement a budget you can visit your local bank branch  or go online to www.fcac-acfc.gc.ca.