Humber College’s Budget for Life event taught students Monday how to manage their finances.
The event focused on ways students can change their spending habits to create a manageable budget and was run by Humber’s First Year Experience (FYE).
“When we start spending our money extravagantly, whether it’s going out to parties or shopping, it gives us a nice feeling inside, however, it ends up forming a habit,” said Kristopher Caine, a peer mentor from FYE.
Humber student Mosimiloluwa Femi-Ladiransaid said the event taught her about planning her finances and budgeting with what you have.
“It taught me that [my finances] can be proper if we plan ahead,” she said.
“What we got to do is take a step back, pencil out how much money you are making, what kind of money you are spending and cancel out what you don’t need from what you need.” Cain said.
He also said students who buy materialistic goods to show off for other people is one reason why students are in debt.
“Make yourself feel comfortable and know how to use your money properly,” Cain said.
Budgeting is a way for students to track one’s expenses with their income to make sure that they are not spending more money than they are making, FYE peer mentor Kevin Machado said.
“When you spend more than what you make, you are going to go into debt,” Machado said. “If you don’t stop now it’s going to be like the snowball effect, [only getting] bigger and bigger.”
One way for students to solve this problem, that was talked about at the event, is to track expenses in a daily agenda, similar to the way students do for their academics.
“An agenda is your best friend,” Caine said. “[It creates] a plan. Those who don’t have a plan, plan to fail.”
Students tend to track what they want instead of what they need, but when it comes to our finances, they are more prevalent to our future, he said.
“When it comes to our loans, we think we can pay it later,” he said. “It’s better to deal with it now, get it out of the way because you don’t understand how much it will be a burn to you eventually.”