CREATiveFund$

CREATiveFund$ is for students who want to learn more about managing their money. Look for articles, news and tools on this page to help you become financially successful!

Make a budget* in 10 mins (and one month)

1. Track your spending for a minimum of one month

• Use this worksheet, a notepad or app (try Mint.com) to record and categorize everything you spend for at least one month so you know exactly where your money goes

2. Determine your current income

• Open p.17 of Do What You Love: Financial Planning for Artists & Designers
• Record and sub-total your job income, savings, bursaries, loans, RESPs and any family support

3. Calculate your current expenses

• This is where the tracking comes in. Write what you spend each month for rent, groceries, entertainment, transport and other categories.
• What do your expenses add up to monthly?

4. Subtract your expenses from your income

• Is your balance (income-expenses) positive or negative?

5. Plan your spending

• In the planned spending column, determine how you can increase your income or reduce your spending for the month so that your balance is $0 or more
• Try doing this exercise each month (because every month is different)
• Include savings in your plan

*Instead of the word "budget," consider it a spending plan. "Spending plan" is much more empowering because YOU decide how you’re going to spend your money!

Visit Information Resources for more resources on financial planning

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