Budgeting tips and tricks

Thrifty Thursdays

Financial Aid and Awards presents Thrifty Thursdays, a series of workshops to help you stay on track financially.

My Budget

Check out the My Budget tool, located on MyGCLife under Money. With a budget in place, you will be able to effectively manage your money, save for expenses and prepare for emergencies.

The budget template includes educational expenses, housing, food, transportation, miscellaneous costs and health insurance, as well as sources of income from scholarships, grants, bursaries, RESP, loans, OSAP and work. The template is intuitive and easy to understand.

Budgeting – the foundation of sound financial planning

• Review your budget monthly
  • Are you on target?
• When you subtract your expenses from your incoming money, does it balance?
• What extra expenses can you reduce if necessary?
• 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
• Even in emergencies, limit credit card use and available credit
• Explore part-time jobs at the college

What should I do to prepare for the cost of my education?

Saving for your education is the key to success. How you fund your education is a decision that needs to be made early on.

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’s procedures and deadlines.

The more money you save for your education, the less debt you’ll face after graduation – it’s wise not to expect full funding of your education from another source since it’s not always available.

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