buying your own food choosing the right bank budgeting for success transportation & travel ...
Post on 19-Dec-2015
217 Views
Preview:
TRANSCRIPT
MAKING YOUR MONEY WORK
FOR YOU
Overview Buying Your Own Food Choosing the Right Bank Budgeting for Success Transportation & Travel Housing Taxes Cost Effective Buying Employment Miscellaneous Expenses
Buying Your Own Food
Smart Shopping
• Average monthly food budget - $200• Using coupons and reward systems (Air miles, Optimum points, Groupon etc).• Keep an eye out for sales • Shop the flyers!• Buying in bulk• Eating healthy on a budget
Common Mistakes
• Eating out• Not enough time to cook?
- Make food in bulk• The little things DO add up• Don’t let “lazy meals” become a regular choice• Find easy-to-make student recipes that fit your budget
Choosing the Right Bank
What to Look ForIN A BANK IN A LOAN/ LINE OF CREDIT
Free Account Usage Free Debit
Transactions/Withdrawals
No Minimum Balance Free Savings/Chequing
Account Free Credit Card Branches & ATM’s
nearby Online/Mobile Banking Fraud Protection
A long payback period & ability to pay off anytime
A low interest rate & if it’s fixed
Interest only payments while in school
Ability to combine (Bank loan + Government loans)
Borrowing the right amount
Administration charges & other hidden fees
Always shop around before choosing
Scholarships• Apply for scholarships!
• Entrance Scholarships (automatically awarded)
• Check for scholarships offered by your parent’s employers or your place of employment (Ex. Team Tim Horton’s Scholarships, McDonalds etc.)
• You can search for scholarships that apply to you on the myUWindsor portal under the “Financial Matters” tab (click on “Awards” from the menu on the left)
• Visit www.uwindsor.ca/awards
The Double-Edged Sword:
Getting a Credit Card Consider your willpower and ability to budget If you are unable to pay the monthly statement,
high interest rates just add to your debt Can help you build a credit score – if you use it
wisely They can offer some perks like 1% cash back,
points programs, ability to shop online Need to use it responsibly and not spend past
your means or it is a hard cycle of debt to break
Tips for Using Credit Cards• Stick to one Credit Card
• Make reminders in your phone/calendar to pay off your balance
• Pay the FULL statement balance
• Start with a low limit ($500)
• Don’t use cash back with a Credit Card, only a Debit Card
• Keep all your receipts and go over your credit statement to ensure accuracy
• Try not to make purchases that you know you cannot pay for in the very near future
• Assess your financial situation to see if you can afford your credit card purchases
Identity TheftHere are ways to reduce identity theft:
1. Shred all documents with important information2. Do not provide any confidential information to
unsecured websites or unfamiliar sources3. Carry the least amount of identification you need4. Never disclose our credit card number by phone
or email5. Beware of “phishing” scams. These emails are
meant to try and get you to wire transfer them money in regards to false events.
6. Beware of emails from unknown senders. Virus’s or Trojans can be used to hack into your computer to take information
7. Keep all your receipts and then go over your credit card statement to ensure accuracy
8. If any of your identification is stolen, report it immediately and close any accounts
9. Choose difficult passwords
Every year, thousands of people are victims of identity theft
Budgeting for Success
Budgeting Your ability to manage your money is crucial to your
survival In order to make a budget, you have to calculate how
much money you have coming in and how much you need to put out
Here are the steps:1. Establish how much money you have at the moment to put towards
your year2. Calculate your revenue – income for jobs, parents, scholarships3. Calculate your expenses - insurance, gas, rent + hydro, phone bill,
food, tuition, books, travel expenses, social events, miscellaneous costs
4. Once you’ve established your financial situation (Revenue – Expenses), analyze if you need a loan/line of credit
5. Plan a budget per month/week to allocate how much money you should be spending on various things
6. Keep track of your spending and see where your money is going – you may be surprised at how much money is “wasted” on silly things
Tips to Help Budget If you have a set plan of how
much you’ll spend, only bring that much with you. That way you can’t spend more.
If your parents are willing to help you, use that to the fullest!
Review your expenses on a monthly basis and ensure you’re on track with your budget
Make realistic estimates when budgeting to avoid having insufficient funds
Transportation & Travel
Do You Really Need a Car?
• If you are living near campus or have public transportation available, is it worth having a car?• Assess the cost of insurance, gas, parking and all those unexpected repair costs that you will incur. Explore your “green” options – walking, biking• Visiting home?
-Train-Bus-Plane-Carpool
• Most locations offer discounts on tickets for students • May be expensive to visit home -plan with your family to decide how many times you can afford to visit
Scenario: Round trip to Toronto
By Bus: $89 By Train: $160 OR $60 (Based on
Special Via6 offer) By Plane: $657 By Car: $60 (approximate if
carpooling)
Residence Great way to meet students Heavier involvement with
campus life Convenience for campus
activities Support and care for
establishment Ability to switch rooms if
necessary Can be paid for with
scholarships targeted at residence
Internet is available for free Secured entry
Risk of having problems with roommates
Smaller living space Possibility of shared
bathroom and kitchen Might not have air
conditioning Rules you have to abide
by Meal plan is compulsory
PROS CONS
Off-campus Housing
Option to choose roommates
Can make food & buy groceries, which can save money
If near campus, can be as practical as residence
Look for all-inclusive housing
May have more freedom in terms of rules
Once lease is signed, there is no backing out
Problems with roommates can occur
Internet/Cable is expensive Have to deal with a landlord
for maintenance issues etc. Not as easy to meet other
people Might need to buy furniture No secured entry (unless in
some apartment buildings) Might not have air
conditioning
PROS CONS
Taxes
Things to know Deadlines &
How to file What is income? What is
deductible? Forms you need Keep your
documents!
Cost Effective Buying
Buying Used You’re not the only one Used book sales Online sources Used furniture
Shopping Resisting
temptation Going over the
border Alternatives to
transportation
Employment
Working The Right Amount
Overworking Focus on what
matters! Working summers
& budgeting Working on
campus
Miscellaneuous Expenses
Gambling Beware of the dangers
of gambling Be realistic and know
when to stop Online Poker, Betting,
Casino, Bingo & Scratch tickets
Prioritize your money – wasting it on gambling is not a smart decision on a budget
Going Out Consider alternatives to spending
money when going out Responsible drinking Budgetised consumption Know how you’re getting home
Having Fun For Cheap Cheap classes at St. Denis Detroit Tunnel Bus
-Renaissance Centre-Detroit Institute of Art
Summer Festivals-Beaverfest-Bluesfest-Epicure
University Players Concerts at Blind Dog Intramural sports Palace Cinemas – Cheap
Tuesday movies Specials happening at your
favorite places
Having Fun For Free Odette Sculpture Park Windsor river front Jackson Park Lancer games! Ojibway Park and Nature Centre Art Gallery of Windsor- Free
Wednesdays! Summer festivals
-Carousel of Nations-Fireworks-Art in the Park
Windsor Symphony Orchestra – free summer concerts
School of Music – free events Join a club and attend events Volunteer!
Kicking Bad HabitsSMOKING / DRUGS DRINKING
Prices Quitting Illegal &
consequences
Prices e-CHUG
challenge
Phone Plans Are you paying for
only the services you use?
Establish what you can cut out and what you may want to add (ex. long distance calling)
Use Skype to communicate with friends and family
Making It Count…Literally
Being a university student doesn’t have to mean being in debt
Budget your money, take advantage of services that can help you and spend wisely to ensure financial success
top related