Not everyone is ‘good’ at math but all of us should be able to do our 1,2,3’s. The post secondary school year or a trade, technical or diploma program face similar challenges in that the money flows in and outs in an abnormal pattern. This makes it difficult to budget. The traditional monthly budget doesn’t necessarily work. Here’s an alternative:

1. Calculate the money in for the ‘school year’ including any savings, loans or part/full time work.
2. Calculate any large payments such as tuition, residence, books or fees.
3. Calculate monthly living expenses including any seasonal travel costs such as flights or car insurance.
4. Does the money in cover the expenses?

If it doesn’t, now is a good time to investigate whether you are eligible for scholarships, program funds or search for part time work. Tips:

• Include entertainment, rent, food, utilities, mobile phone, gifts, personal care and household costs in your living expenses.
• Use 2 accounts. 1 to set aside the funds you will need for any large payments and the bulk of your living expenses and the 2nd to manage monthly living costs, month by month, transferring from the 1st account only when you need it.
• Use credit cards ONLY if you have the money to repay it in full when the bill comes.