How to Manage Your Student Budget

by Annie

So, it’s time to manage your own money. Panicking?

No need.

Before starting first year, I designed a spreadsheet to track my spending, and I’ve included my spreadsheet template here, ready for your download and usage.

• Know what to expect in your bank account at the end of the year – planning jobs and rent for second year will be much easier if you know how much you actually spend.
• Note that being financially responsible does not mean keeping every receipt in a drawer at your desk that you plan on “dealing with later.”

How to use the spreadsheet:

1) “BUDGET 2016-17” is a list of how much you INTEND to spend within each category.

• Visit the U of T website and ACORN to find out your meal plan budget this year.
• Don’t forget about snacks and other groceries. Remember that you have Vic Dollars that you can use at Ned’s Café! For places to eat on campus/downtown check out this blog post.
• The ‘Phone’ category will force you to keep a total bill charge in mind, preventing you from using extra data playing Pokémon Go.
• Personal items can add up. The Shopper Drug Mart near Bloor and St. George has a 20% student discount on Thursdays if you show your T-card!
• Learn about TTC prices here

2) Once you’ve entered in the amounts you wish to budget for each category, you can see the highlighted subtotal budget box. Enter any scholarship you received into the scholarship box. Your new total budget should appear.

3) The “REALITY” section is what you’ll be using throughout the year. At the end of each day, go through your receipts and enter the date and description of what you purchased, as well as the amounts you spent below the appropriate categories. The total will appear in column B. The total you spend under each category will appear above each category name. The total you’ve spent overall will appear in the highlighted B21 total box.

Basically, as long as the SECOND highlighted number is of a LOWER value than the first, you’re good. If it’s getting close, you have to start being more careful of how you’re spending your money and where you’re spending a little too much.

4) To be extra careful, review your credit/bank card statement(s) at the end of each month and make sure that it matches up to your spreadsheet.

5) At the end of the year, compare your numbers. Where did you spend less/more than you thought you would? How can you adjust for next year? What type of job will you need and how many hours will you need to work to support your lifestyle? (And did you really need to spend that much at Starbucks???)

 

Good luck, Vic Ones!

Money, Experience, and Satisfaction

By previous contributor Minnie
Updated June 10, 2016 by Annie

Studying every single hour you’re not in class can cause a student to be quite over-stressed. Balance is important part of achieving success in university. A part-time job might be an amazing way to stay focused on your career goals and garner some essential skills in the professional world. The Career Learning Network is the place to learn about the newest opportunities in every imaginable field. There are three important categories of jobs offered through the CLN that you should be aware of: work-study, on-campus jobs, and off-campus jobs.

From personal experience, the work-study program is an amazing way to transition into the professional world with the mentorship of U of T staff. Work Study positions are for full-time or part-time graduate and undergraduate students (domestic or international). Positions are available in the Fall/Winter Term (September-February) and the Spring/Summer Term (May-August). Jobs will be posted on CLN starting August 1st and will be removed by September 23rd; ensure you check the application deadline for each job posting as each employer may select a different deadline date. The 2016-2017 Fall/Winter work-study program eligibility is as follows:

• Students must be registered in a 40% course load continuously for the Fall-Winter term September 2016 to February 2017. Students are permitted to accept ONE Work Study position per program period.
• If you are registered in Toronto School of Theology programs you are not eligible for work study positions.
• Non-degree students are not eligible for Work Study.
• Students do not need to be OSAP eligible to apply for Work Study.

Every student is permitted to accept ONE work-study position per program period.

On-campus jobs and off-campus jobs are generally full-time opportunities geared towards third and fourth year students, though, there, you can also find many entry-level jobs such as tutors, sales associates, and babysitters. On-campus jobs are offered by the U of T, and off-campus jobs are offered by various organizations and corporations, internationally, and in and around Toronto. Please note: it would be smart and responsible to conduct a detailed search the off-campus jobs employers prior to submitting your applications, as they are not required to be affiliated with the U of T in any way.

Now how do you get to all these opportunities? Go to https://cln.utoronto.ca/home.htm, click on ‘UTORid Login’ under ‘Students’, and log in with your UTORid and password. Then, on the left-side, under the ‘CLN Dashboard’, click ‘Jobs’. Under jobs, you should see all three aforementioned options and a few more. Good luck and happy job hunting!