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Managing Money


Create a budget

Don’t think of a budget as something that will deprive you of a great lifestyle. It’s really a way to make the most of what you have.

Creating a budget is a simple exercise that comes with a huge payoff — namely, having more cash in hand.

Step 1: Calculate money coming in

List all of the money you have coming in. This can include money from:

  • Full- or part-time work
  • Student loans
  • Scholarship money
  • Bursaries
  • Home/your parents
  • Interest from a savings account or investments

Add up your total, and calculate it into a monthly income, based on the number of months you expect to be in school. This will let you compare what you have with your expenses on a monthly basis.

Step 2: Calculate your expenses

List all your costs for a typical month. If you have trouble defining your expenses, keep receipts for everything you spend for a month or two. The goal is to get an accurate picture of where your cash is going.

Your list of student expenses could include:

  • Tuition, books and supplies
  • Rent and groceries; or room and board
  • Utilities (cable, water, electricity, heating costs)
  • Communication fees (phone, Internet connection)
  • Entertainment/going out
  • Insurance (health, medical, tenant and condo, travel and car insurance) — a good thing to have should something unexpected occur
  • Personal products (clothing, shampoo, soap)

Step 4: Revisit your student budget every term

Without doubt, you can expect lots of change in your life as a student. Your financial situation will probably change in step, as you make decisions like taking on part-time work, applying for scholarship funding, or adding expenses like a car or a bigger apartment.

Whatever the state of your budget, remember that you can speak to a TD Canada Trust representative for advice on options that will help you make the most of your money.



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