Training for your career is an exciting time in life, but it can also be a time of financial stress for many. You may have less income coming in as a student, or apprentice, however limited income doesn't have to be a major stressor. Here are simple tips to stay financially stable.
Budgeting is crucial for skilled trade apprentices to cover living expenses, save for the future, and avoid debt while pursuing financial goals.
Reasons why budgeting is so important for skilled trade apprentices including the following:
By taking time to budget effectively, apprentices can establish good habits to set themselves up for financial success both now and beyond their apprenticeship.
Follow the following steps to create your budget:
Find a Budget that Works for You
Find an app or budgeting calculator online that resonates with you. To view an example of a budgeting calculator, click here.
Track Your Expenses
Allocate your expenses into categories, such as accommodation (i.e., rent, bills, subscriptions, groceries, etc.) This will help you get a better understanding of where your money is going.
Create Your Budget
Create a budget that outlines how much you want to spend in each category and ensure you prioritize your essential expenses.
Stick to Your Budget
Be disciplined about your spending and avoid overspending in any category. Monitor your finances and compare them to your budget on a regular basis (at least once a month) to adjust as needed.
Consider Multiple Bank Accounts
Think about arranging an automated fund transfer for your bills to a separate account. Alternatively, if you utilize a credit card for bill payments, direct the bill amounts towards paying off your credit card.
This Employment Ontario Program is funded in part by the Government of Canada and the Government of Ontario.