Budgeting Beyond Basics: Planning Your Finances for the Next Quarter

Budgeting Beyond Basics:

Planning Your Finances for the Next Quarter

Last week, we focused on using your voice for advocacy. This week, we're focusing on using your money wisely for financial empowerment. With the school year in full swing and the holidays looming, October is the perfect time for youth in Alberta to master budgeting beyond the basics and plan for the next quarter.

Financial literacy is a key pillar of long-term success. It means having the knowledge, skills, and confidence to make informed financial decisions. Whether you are managing part-time job income, saving for post-secondary tuition, or preparing to launch a project with ALL IN FOR YOUTH funding, strong money management is non-negotiable.

Here are three steps to get your finances on track for the rest of the year:

1. Forecast Your Fixed and Flexible Costs: Look ahead to the next three months (Oct, Nov, Dec).

   • Fixed Costs: These don't change (rent, phone bill, bus pass, tuition payment deadlines). Log them first.

   • Flexible Costs: These change (groceries, social activities, clothes). Set realistic limits.

   • The Holiday Factor: December brings extra costs (gifts, travel, events). Create a separate "Holiday Savings" category now and start setting aside small amounts weekly. Don't let seasonal spending derail your budget!

2. Prioritize Savings by Purpose: Don't just save—save for something. This makes your money intentional.

   • Emergency Fund (The Safety Net): Even small savings help. Aim to put aside $50-$100 (or whatever you can manage) each month into an account you don't touch.

   • Future Investment: If you're 18+, research accounts like a Tax-Free Savings Account (TFSA). If you're younger, use a high-interest savings account for tuition or a business seed fund.

   • The 50/30/20 Rule (Adapted): Try dedicating 50% of your part-time income to Needs (fixed costs), 30% to Wants (flexible costs/fun), and 20% to Savings/Debt. Adjust these percentages to fit your reality!

3. Leverage Free Resources: There are incredible financial literacy tools available in Alberta. Check out resources from Canadian banks, non-profits like Money Mentors, or government resources (like those offered by the FCAC). Seek out ALL IN FOR YOUTH mentors who can offer personalized guidance on managing student debt or planning for future grants.

Mastering your money is a powerful act of economic empowerment. By planning now, you remove stress and create the financial stability that allows you to focus on your academic and career goals. Take control of your finances this week, and you’ll thank yourself when December rolls around!