Get Your Finances into Shape

Money matters. Healthy finances can help you feel organized and both avoid and manage stress.

The start of a new year is a great time to invest some time in mastering your money. Reach your financial goals with these five quick tips from the Financial Advising team at SAIT.

1. Be realistic

As a student, you might not be able to live the lifestyle of your dreams right now. But that's okay, your education will get you where you want to be faster. For now, you need to be realistic about how much money you can spend on yourself or gifts for others.

2. Avoid credit you can't afford

If you use a credit card, pay it off in full every month — if you don't, you're probably paying at least 50% more for everything you buy because of interest. Make sure you actually have the full amount in your account before buying something with your credit card. If you struggle to remember to make your payments on time, set a reminder in your phone.

3. Create a budget for expenses

Creating a budget will make you more aware of your finances. You’ll see how much money you have coming in compared to how many payments you have to make each month.

• Money in: Record income from all sources.
• Money out: List and track expenses, including gifts and seasonal entertainment.
• Evaluate: Do you need more income/fewer expenses?
• Repeat: Follow this process with a monthly budget.

4. Keep money in your wallet

You can follow these simple tips to save some extra cash when you can:

• Wait to buy things when they're on sale.
• Create a meal plan for the week.
• Look for student discounts.

5. Get help sooner rather than later

If you have questions about your finances or if you're struggling with money, you're not the first and you're not alone. Financial Advising is here to help — talk to an advisor.