Budgeting by

How to build your credit score

roshandooutram — 2024-04-02 00:29:21 UTC

The video discusses the benefits of having a credit card as a student, and why you should have a good credit score. The higher the score, the easier it is to apply for housing and jobs. It is important to pay your credit card debt in full and on time to build your credit score. Also, a credit card is a good method to limit expenses. For example, a $1,000 limit on a credit card means that the borrower cannot borrow over $1,000. As a result, this helps with budgeting.

I used this video because it goes into greater detail about how credit increases and also decreases. It goes into detail on how to avoid different kinds of mistakes. Also, I learned new information such as utilizing a 30% maximum of the credit limit to improve your credit score.

How to budget weekly groceries

roshandooutram — 2024-04-02 00:39:53 UTC

In this video, Nicole shows viewers how they can spend $20 a week on groceries at Walmart. Her groceries include staple foods such as pasta, and healthy foods such as bananas for a balanced diet.

I chose this video because Walmart is an internal brand known by local and international students. Also, there are plenty of Walmart locations in every city. Students living on campus or close to the Oshawa campus can take one bus for less than a 30-minute drive to the Walmart located on Harmony Road. Additionally, Walmart is known to have inexpensive products which is ideal for the average student or someone on a budget.

Creating a budget plan

roshandooutram — 2024-04-02 01:07:57 UTC

The video explains how Carter centers her budget plan around her biweekly paychecks. She discusses strategies such as making sure your paycheck has the appropriate amount, paying her bills/fixed expenses first, and then variable expenses, and finally credit card debt. She explains the different ways of moving money to a savings account.

I chose this video because I believe the budgeting plan used is strict but achievable. She further goes into detail on how she budgets her eating-out expenses, which is something I never thought about and plan to incorporate into my budgeting. Also, I think her worksheet layout is easy for students to replicate or use for their budgeting plans.

Part-time work in Canada for students

roshandooutram — 2024-04-02 01:23:27 UTC

The Government of Canada allows full-time international learners to work up to 20 hours per week (part-time) during the semester and full-time (40+ hours per week) during vacations. As an international student, working part-time might be an excellent way to supplement student’s education and everyday living expenses. Canada's general minimum wage, which applies to most employees, varies by province and territory. For example, the general minimum wage in Ontario is $14.25 per hour, but in Alberta it is $15.00. However, certain jobs that frequently get tips or other gratuities pay less than the minimum wage.

To budget, one must first receive income. Receiving income from a job may be used for tuition fees or everyday living expenditures. Also, a part-time can be used to increase savings or an emergency fund. I used this website because I think it is important for international students to know the regulations to work in Canada, and to consider working for jobs that pay well.

Student Discounts

roshandooutram — 2024-04-02 01:34:03 UTC

Numerous businesses and brands in Canada provide discounts to secondary and post-secondary students, so that they can save money. There are several bargains and offers available, including those from merchants, restaurants, and credit card firms, as well as student discount programs. This post includes over 50 of the finest student discounts in Canada, including the number of discounts available, qualifying restrictions, and how to apply for them.

I used this website because it is a great source of multiple apps to choose from. In fact, I used this website during my semester at Durham College. UNiDAYS and Amazon Prime are the two apps I use for student discounts, which have cut down the costs of many products I have purchased. For example, PUMA had a sale and I used a student discount as well, which helped cut my costs for at least 20%.

Credit card benefits for students

roshandooutram — 2024-04-02 02:26:32 UTC

Scotiabank allows students to earn points and rewards when they use their credit cards at certain stores and businesses such as Sobeys, Safeway, Foodland & Participating Co-ops, FreshCo, and more.

I think it is important for students to know the other benefits have using credit cards. Credit cards are beneficial for improving credit scores, but also receiving redeemable points to reduce expenditures on groceries. The bank also offers insurance coverage for unexpected life events, such as death, critical illness, hospitalization, disability, job loss, strike or lockout. This is useful for emergency expenses.

On-Campus vs Off-Campus Housing

roshandooutram — 2024-04-02 02:58:59 UTC

On-campus housing refers to homes provided by the school and located on or near the school's campus. Off-campus housing refers to apartment rentals that are not on the school's campus or owned by the school. The advantages and disadvantages are listed for both options. For example, the advantages of on-campus housing are social life, simple living arrangements, being close to your classes, easy accessibility to food, never having to worry about paying for Wi-Fi or utilities, and safety. Also, the average costs of living on either option in major cities are listed. The data collected indicates that living on campus is more than double the cost of off-campus housing.

I think it is beneficial for students to compare the housing types, especially if they are living on a budget. Students must take into consideration the financial benefits and disadvantages of these options.

roshandooutram — 2024-04-02 03:13:15 UTC

My budgeting strategy isn’t as detailed as hers, so I’m seriously considering using her strategies, especially when I begin to work full-time. Usually, my budgeting is done in my head. I know how much money I’m willing to spend for the month, but it’s not detailed into categories such as $200 groceries in monthly groceries and $80 in fast food. Although my budgeting plan won't be as large as hers, I still think it is important to discipline my spending habits a bit more strictly. Also, I could relate to the housing research because I relocated to off-campus housing, and that cut my expenses drastically. Additionally, I think focusing on your credit score is a great way to avoid credit card debt and limit monthly expenditures. It teaches you credit responsibilities that can use after finishing school. Also, it puts you in a position to reap financial benefits such as borrowing a larger loan and applying for housing. I think I would pass on the knowledge of creating a strict budget plan similar to the “Creating a budget plan” video. I think this strategy is very beneficial to manage money wisely, especially during inflation.

roshandooutram — 2024-04-02 03:15:13 UTC

In this wall, I will discuss techniques and methods that college students can use to help with budgeting. Some techniques are used to reduce expenditure costs such as housing, and to increase income such as part-time jobs.

50/30/20 Spending Plan

roshandooutram — 2024-04-02 03:19:30 UTC

The 50/30/20 strategy encourages financial stability by directing a considerable part of income toward savings and debt repayment. People who save 20% of their income regularly can develop an emergency fund, save for long-term objectives, and minimize financial stress.

Budgeting VS Actual Expenditures

roshandooutram — 2024-04-02 03:23:47 UTC

Comparing your budget expenditure to your actual expenditure might give a better idea of where your money is going. This allows individuals/students to become more conscious of their financial patterns and identify areas where they might be overspending or underspending. Also, regularly comparing budgeted amounts to actual spending enables individuals to evaluate the accuracy of their budgeting assumptions. Therefore, they can alter their budget to reflect their actual spending habits, ensuring it remains practical and effective.

Scholarships for Post-Secondary Students

roshandooutram — 2024-04-02 03:46:01 UTC

This video goes through the step-by-step process of finding and applying for Canadian scholarships on multiple websites. These scholarships are granted for multiple programs for both Canadian and international students. The video provides many resources showing the required documents and deadlines.

Students can research financial aid, grants, and scholarships to help with their tuition and other educational costs such as accommodation, books, and supplies. This can help with the financial burden many students experience, especially international students. Therefore, scholarships reduce expenditure costs and may allow students to focus on other expenditures such as groceries and clothes.