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Budgets!

A photo of kdinunzio kdinunzio
I am a student entering grade twleve this year. After graduation my hope is to attend York University with a double major in History and Sociology and live in an off campus apartment with a few friends.

Obviously this isn't a very cheap dream. I have to pay for everything on my own. I have had a part-time job since the end of ninth grade. I work between 15-20 hours a week and keep up a high 80's low 90's average.

Unfortunately in my earlier years of emoloyment, I didn't save as much as I should have. I was wondering if anybody had any tips on budgeting and saving money. I have a problem with buying things on impulse and paying for friends, etc.
Any tips would be helpful as I plan to be a saving ninja for the remainder of this year.

Thank you in advance
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18 replies
 
A photo of Anonymous Anonymous
Work more hours. In grade 12 you're not in school that much and you should have plenty of time to work after school and on weekends.
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A photo of threepointonefour threepointonefour
Personally, I wouldn't been inclined to take on more hours. What I did to budget was to make every penny spent hurt a little. Luckily, I was born this way. However, if you leave all your plastic at home, and bring only the cash you intend to spend, you're guarenteed to realize exactly how much a night out is costing you, and not to overspend. Another reason why I would choose to work less hours is the fact that entrance scholarships for the 95+% range are generally about $1000-2000 more than the 85-90 range. Put that over four years (because they are usually renewable) and your scholarship money will outweigh your part-time earnings. Finally, be frugal. Bring your own lunches to school. Don't eat out. Shopping should have a list, and any other item should be avoided. Plus besides, when you're in highschool you shouldn't have a lot of expenses....
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A photo of kdinunzio kdinunzio
Thanks threepointonefour! That was really helpful and I'll be sure to try those!
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A photo of breanneeagnew breanneeagnew

@threepointonefour wrote
Personally, I wouldn't been inclined to take on more hours. What I did to budget was to make every penny spent hurt a little. Luckily, I was born this way. However, if you leave all your plastic at home, and bring only the cash you intend to spend, you're guarenteed to realize exactly how much a night out is costing you, and not to overspend. Another reason why I would choose to work less hours is the fact that entrance scholarships for the 95+% range are generally about $1000-2000 more than the 85-90 range. Put that over four years (because they are usually renewable) and your scholarship money will outweigh your part-time earnings. Finally, be frugal. Bring your own lunches to school. Don't eat out. Shopping should have a list, and any other item should be avoided. Plus besides, when you're in highschool you shouldn't have a lot of expenses....


I definately agree with everything you had to say! Good Adivce, heres some more:
If you havn't before, start working with spread sheets for your budget. Estimate how much each pay check will be and subtract any thing you plan on spending and KEEP TRACK of all you spend. Keep all your reciepts and keep track. Know where your money is going and cut back where possible.
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A photo of kdinunzio kdinunzio
Thank you very much, I have thought of that but I haven't had the time to sit down and go through it yet, but now I will make sure I get time :)
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A photo of krankd krankd
sell your organs! :p haha just kidding.
Yeah the 90%+ entrance scholarships offer alot of money, and depending on the school some offer it over a period longer than one year (i think carleton has it over all 4 years or something). just be careful in budgeting expenses and make sure you don't run out of money in the first month or something
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A photo of briantfkwok briantfkwok
I work + school right now, use two different banks + a different bank for my credit card, and honestly it's ridiculously hard to keep track of my bills, like logging into each one is hard.

I use mint.com for all my financial records and stuff, and i get it on my blackberry and iPod, so i can always check how much money I have.

In terms of saving, make an extra savings account with your bank, and lets say you get 100$ every 2 weeks kind of thing, set up automatic transfers to put in 60-80% of it into that account. Pick something that has high interest, and make sure you just keep that money there. use that money for groceries.

Avoid using credit cards, and if you do use a credit card, make sure you pay it off within 1 to 2 days, it helps you better keep track of your money that you do have, and rather than using a debit card, you'll be able to collect points off of it.
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A photo of andrewk512 andrewk512
Plan a set amount of money for your misc expenses each month. Make this large enough so you can still do some things, but not so that your savings are sacrificed. Place this amount in your chequing, and place the rest in savings. Once you're out of this money, you're done, and have to wait till next month before you put more in. This way you easily know how much you've been spending, and if you're on track or not. It also gives you a little flex room as to what you want to do.
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A photo of leahzhao leahzhao
Everyone above has good suggestions! I would like to add that you should definitely stop paying for your friends. I know, it's a nice thing to do, but if you tell them that you need this money because you are paying for university all on your own, I'm sure they would understand and stop asking. Also, don't offer to pay for your friends and keep birthday gifts modest (I know from experience that I actually spend sooo much of my money on bday gifts).
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A photo of Anonymous Anonymous
This is a graph from the host of Til Debt do us Part, and it breaks down how you should be spending on your non-fixed expenses:

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A photo of ktel ktel
^ Note the debt repayment category. I have no debt, so I have an extra 15% of my income to play with. How wonderful.
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A photo of Anonymous Anonymous

@ktel wrote
^ Note the debt repayment category. I have no debt, so I have an extra 15% of my income to play with. How wonderful.


Indeed. I'd say but 10% towards savings and 5% towards life. Once you have a mortgage (or you're saving for a mortgage like me) then that 15% could be extra money to pay it down sooner.
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A photo of Quiz Quiz
Sigh...

The quality of this thread is going down the tubes.
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A photo of Anonymous Anonymous

@Quiz wrote
Sigh...

The quality of this thread is going down the tubes.


It went down the drain after posting a budget graph?
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A photo of LRooke LRooke
Hmm…budgeting…that's something I need to learn how to do. Of course, my salary is quite pitiful.
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