Budgeting – Making Cents of It All
Some tips for managing money when you return to trade school
By Jessie Clark
If you’re in charge of your own finances, you’ve probably been to the grocery store this year and gone “what the actual heck” because the prices of things are absolutely absurd. You’re not alone. It’s crazy out here.
As you plan for trade school, with the knowledge that you’ll be off work for a few months with little to no income as you pursue your dreams, it can feel impossible.
And while the Apprenticeship team can’t wave our magic wands and fix the economy, we can provide you with some advice for getting through this tough season.
Now stay with us here, because budgeting can be a scary topic to some, and a boring topic to others, but it is important.
Budget Planners
There are so many budgeting help sites out there, and we get that it can be difficult to know who to take advice from, or where to look for Canada-specific help.
Thankfully, the Government of Canada has you covered with their very own Budget Planner! It’s very simple: you just input your information, save it online, and then review the summary and suggestions they give.
This is a great way to get real-world and trustworthy suggestions for what you can do to improve your budgeting skills as you prepare for school. Plus, because it’s a Government of Canada tool, you know that the planner is coming from a trustworthy source that isn’t trying to scam you out of your money, and the summary it provides is directly relevant to our Canadian economy.
Most schools also have their own budget tools that can help you plan out yours. For example, Sheridan College provides a tool that allows you to make a plan for the school term ahead of you. Most other colleges have similar tools, you just need to look, or better yet, ask our team for resources!
Make A List
Another great way to determine your budget is to make a list of all the things you’ve been regularly spending your money on. Don’t be hard on yourself just yet—for now we’re just making a list.
Once the list is complete, look it over and categorize each thing into Necessary items (like bills, rent, groceries, gas or bus pass), or into Wanted items (like your morning coffee, Friday night margaritas, or pizza night with the boys).
Now compare this with your savings and how much you need in your account to make it through these next few months with some emergency funds left over. Do you have enough money for that Grande Americano every morning, or should you maybe buy coffee to make at home? Will you still have enough money for groceries if you have a pizza night every week?
While this can be a little difficult to come to terms with, it’s important to know that it’s not forever. You’re using the money that you’re saving to ensure that you have what you need while you’re in school.
Realistically, you should start making these simple swaps as soon as possible. That way you can save for that tuition payment and the months of lower income and have room left over in your finances for an emergency fund, and maybe even some pizza nights too!
Be Realistic
This is the biggest one: Stop making excuses. No one got through a difficult financial time by pretending it didn't exist.
It’s okay to have trouble with money sometimes. It’s okay to need to spend less on what you want, and reserve more on what you need. Your worth as a human being is not based in how much money you spend on your daily coffee, or how often you take someone on a fancy date.
Your ability to properly save, budget, and make swaps for more inexpensive desires is important for getting through this season. Excuses, while helpful for our tendency to avoid scary things and remain comfortable, ultimately don’t help us save money.
You Can Do This!
There are SO many options out there for learning financial literacy and ensuring that you have what you need to get through trade school. We believe in you!
Here are some amazing links to even more tips and tricks to help you save:
Did you know that CLAC provides tuition reimbursement?
CLAC will reimburse 100 percent of apprenticeship trade school tuition fees (listed on your itemized college invoice as classroom or tuition fees).
Tuition fees are standardized by the Ministry of Labour, Immigration, Training and Skills Development. They are applied by all trade programs at Ontario colleges and are based on the guideline of $10 per day. Please see this chart for a list of what CLAC covers under the category of tuition fees.
PLUS: If your final trade school mark is 80 percent or higher, you can receive an additional $100 bonus.
To learn more about your eligibility and to find the application form, sign in to your myCLAC account and visit the My Apprenticeship tab. To Apply for tuition reimbursement, please visit the finances tab and then head over to the Reimbursement App.