PLANNING, SAVING, BUDGETING!

Planning to attend a post-secondary school is a big decision and should not be taken lightly. A post-secondary education is an investment and should be treated as an investment. The cost of higher education is steadily increasing, therefore saving and budgeting for post-secondary school is necessary to successfully complete your education. Students will need to learn how to budget and stick to it.
BUDGETING IS THE FOUNDATION OF GOOD FINANCIAL PLANNING

• It is your plan to achieve your goal
• It is a Financial Health Habit
• Self discipline puts you in control
• Make it a habit and a discipline

Bottom line: Is your money where you need it when you need it?

• Keep your budget current – revise it as fortunes change
• Review your budget monthly – are you on target?
• When you subtract your expenses from your incoming money, does it balance?
• What variable expenses can you reduce if necessary?
• Don’t live a lifestyle above your means or one that you may be used to
• Plan for the future; try to save money as often as possible, even if it is only $5 at a time
• Keep organized records of all your financial affairs (receipts, etc)
• Maintain a good credit standing
• If borrowing, borrow only the minimum amount you need
• Investigate all borrowing options, and choose wisely
• Save credit cards for emergencies only!
• Even in emergencies, limit credit card use and available credit!
• Explore part-time jobs at the college

Please use this budgeting information to help plan your educational needs. Start by filling out this student budgeting form.

What should I do to prepare for the cost of my education? Saving for your education is your key to success. How you fund your education is a decision that needs to be made early; some options include: Financial Institution/bank loan (If you are applying for a private student line of credit at a bank or financial institution, different rules and procedures may apply, so check with your bank or financial institution on their procedures and deadlines).

• Check the website for the Royal Bank or the Canadian Imperial Bank of Commerce.
• Saving for your education is most crucial; do not expect full funding of your education from another source as it is not always available. The more money you can save for your education the less debt you will face after graduation.

WHERE DOES ALL MY  MONEY GO?

Here’s a breakdown of expenses that you might not think about when planning your budget. Little expenses can add up quickly, so it pays to reflect on all the things you’ll want during your time at Georgian.