RU Money-Smart? Budgeting 101

RBC here! We heard you loud and clear: you’re spending too much money on food, and your budget (if you’ve got one) is falling by the wayside. First thing first: re-visit your budget for the first time.

Now that you are aware of where you’re spending your money, budgeting is a much easier task than when you were working or saving in preparation for your time at school.

Budgeting is nobody’s favorite task. It takes time and energy and it’s no secret that we would all prefer to be doing something else with our time. And yet, without a budget, many students will be looking at a shortfall in their bank accounts as early as Thanksgiving.

On the bright side however, more than one-third (41%) of students say they wish they’d known more about budgeting for their post-secondary school life, a finding in the latest Student Finances Poll by the Royal Bank of Canada. This opens the door for welcomed guidance, which we’re here to provide!

Dion Pollett, branch manager at RBC’s Yonge and Gerrard branch, has a few tips to make your budgeting experience pain-free and your money last longer:

Online budget, in-line spending

By using an online budget tool, like RBC’s myFinanceTracker, your spending is tracked automatically to ensure that you’re on track at all times – and you can easily access it from your mobile phone or tablet.

Be on the lookout for free money:

Check online to see if you qualify for any scholarships, bursaries, or grants. A bit of research could save you hundreds of dollars!

Hard costs vs. frills and fun:

Tuition, textbooks, rent – these are all hard costs. These won’t change, and are easy to tackle. It’s the discretionary costs that add up – those new jeans, that night out at the pub, the late-night pizza. Be sure to keep on top of your budget, even if you splurge a little bit just once and a while.

Join our conversation about financial literacy with #RUMoneySmart. Let us know your banking woes and let’s see how we can help!