Budgeting - Could Your Parents Be on To Something?

Budgeting and Money

(NC) - Let's face it - if you're headed for university, you probably aren't imagining a life of luxury. However, what you likely do have is some kind of savings, which is a start. Maybe you landed an awesome summer job or perhaps your parents were just a little more generous than usual.

If you want to keep that money where it is, take some time to think about how you can ace your finances now and avoid that famous university poorhouse later on. After all, nobody wants to live on macaroni and cheese for a year. Therefore, now that you've settled on wanting some variety in your diet, how do you set yourself on the right path?

Budget

Yes, the dreaded word that no one wants to hear, let alone think of doing. But hang on a second. Budgeting doesn't mean missing out on the fun side of university. In fact, it's just the opposite. Taking control of your money now means having the funds to afford those things later on in the school year.

Budgeting your money doesn't require drastic measures, and it's a lot easier to do than you may think. Write out a financial budget, or keep a journal. It probably won't be the most exciting thing you're likely to experience in university, but keep in mind that once you have a pretty good understanding of your spending habits, you'll be able to manage your money more effectively. Work out what you're earning, or what you have versus your expenses. Some expenses you have control over, some you don't. So play with the ones you can control to see if you can stretch every dollar.

Consider your non-tuition expenses, everything from food to entertainment. See if there are corners that can be cut, and think in terms of priority spending. If you can get hold of second hand textbooks, or furnishings, this will mean more cash to spend on the things you really care about.

Remember that the sooner you take control of your finances, the better chance you'll have of gaining financial security as you pass through the various stages of your life. These tips probably won't make you rich, but it may mean you won't be forced to miss those important social functions because you ran out of cash.

Scotiabank wants to help Canadian youth "Find The Money" and become financially better off by finding relevant, practical and insightful solutions to meet their needs for borrowing, saving and investing. To find out more about what Scotiabank has to offer Canadians visit findthemoney.scotiabank.com.

- News Canada