A workshop on budgeting Jan. 15 showed students the use of simple tools and tricks on spending money wisely.
Gabrielle Lindstrom, Chinook Lodge co-ordinator, informed the students about the techniques to maintain finances.
“There is a great difference between needs and wants. Take care of your needs and then search for ways to fulfill your wants, without spending too much,” said Lindstrom.
The goal of the workshop was to teach students how to build a budget that works for them by using simple tools and tricks. They also aim to help students identify and track expenses, and set short- and long-term goals that fit within a budget.
Lindstorm explained that thinking positively is a great way to make changes to improve the financial position, and to avoid impulse buying.
“Before you buy something on impulse, stop and ask yourself, how many hours will I have to work to pay for this? Is there something else I will not be able to buy if I buy this now?” she said.
“I have come here to learn how to manage my money,” said Bria Jupe, a second- year Radio, Television and Broadcast News student.
“Being a student, I find it difficult to manage my finances with the little money I have. So, I want to get organized with my money.”
Furthermore, she said, budgeting for an emergency fund is always useful. If you get injured, lose your job or encounter any unexpected situation, that fund will be useful.
Lindstrom explained that there are are many ways to spend less, including comparing prices and looking out for flyers for sales.
She added that people should buy no-name brands when they go shopping.
“When you go shopping, take only cash. One should buy in bulk and split large amounts with others,” she said.
I have come here to learn how to manage my money. – Bria Jupe
“It’s a pilot project,” said Lindstrom. “Let’s see how it pans out. We have advertised it to a great extent in order to attract a large number of students.”
This was the first of the five money management workshops. The remaining four will deal with assets, banking, credit and consumerism.
A student attending all five workshops will earn a certificate of participation.