Student Budget Calculator
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How to make it last till spring
Making a budget and sticking to it is the foundation of good financial planning. Acquired early as a habit, it can help you make ends meet from now to the end of the term, and it'll also pay dividends for the rest of your life. It sounds easy, but it's remarkable how difficult budgeting can be. But the discipline is well worth it, and once you get in the habit, the financial advantages are obvious.
The best time to start a budget is in the fall when you've saved your summer earnings and received your student loan. The general rule is that no more than 35% of your gross monthly income should go toward payment of your rent and any loan payments you may have to make. Here are some key points to make your budget work for you:
- Identify all your sources of income and when you expect to receive the funds.
- Determine your fixed costs, such as rent and utilities, and when they're due.
- Estimate variable expenses, such as food, laundry, clothing, and entertainment.
- Record all your cheques and expenditures to avoid an NSF cheque and the service charges that go with it.
- Don't overlook one-time expenses such as trips home, books and course materials. Take advantage of student premiums and discounts whenever possible.
- Keep your budget current. Review it monthly and revise it as your circumstances change.
Calculate Your Expenses
This budget worksheet has been designed for you as a tool that can easily be modified to reflect your true financial position. Use it to plan your expenses and revise it as your situation changes.
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