Budgeting for Business Students

What does the majority of the student population in Canada have in common? WE’RE POOR! It sucks to be poor, but we can’t let it stand in our way as a business student. Here are 6 tips I use to help keep my spending on track and money in my pocket.

Thrift Stores and Buying Used

In the business world image is important so you need a good amount of business causal clothing and few formal things as well but as we all know that stuff cost money. And we don’t have money but with thrifts store you can find some beautiful unique pieces to help you look pleasant and professional. Most of my clothing has come from Talize and Value Village and I have never felt like I was breaking the bank. A couple tops, some dress pant, a blazer, a couple nice pairs of shoes and a simple dress is all you need for a business ready wardrobe.

Make sure to look at used textbooks and computers as well, you can find great deals just by taking the extra time to explore all avenues.

Use your College/University Services

I cannot stress this one enough. Your school probably has so many programs in place to help make living more affordable that you aren’t even aware of. Taking the time to look into what your school is offering students can be a huge help and make it easier to spend less. It could be meal programs, food banks, clothing drives or even student discounts that can go along way to saving funds.

Learn about your Finances

The more you know the better prepared you will be so taking the time to learn about your finances and your financial options will help you find the best deal possible. Talk to an associate of your bank or your school financial adviser to learn more about our options. Having a better understanding of how your money works will make it easier for you to make informed and profitable decisions.

Check for Deals and Coupons

I know coupon clipping seems like an odd task but those few dollars you save when you bring in a 30% off coupon stack up overtime.  Stores everywhere are doing sales and points programs and online coupons so you might as well take advantage and save some extra dollars. Make sure to also pay attention to seasonal sales such as Black Friday and Boxing Day

Create a Money Pipeline

This is where a lot of planning needs to come in. Take a look at your income and expenses and list out your priorities when it come to spending money so you can create a money pipeline. The pipeline is the system in which you are spending your money so you determine what expenses need to be paid first and then start at the beginning of the pipe, it flows through every expense it can and then whatever is left is put in saving. To learn more about this technique check out College Info Geek.

Browse some Apps

You can get an app for anything nowadays and budgeting is no exception. There are tons of apps to help make you a better spender. Some focus on budgeting others on spending habits and some on day-to-day saving so whatever you need you can find. Some of my favourites are Daily Budget Original, Fudget and Expense Keep. Check them out on the app store!

I hope those tips helped! Keep researching as their thousands of budgeting tips out there for you. Do you have any budgeting tips? Let me know in the comments.

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