Description: School is starting once again. And perhaps your most important financial skill in these inflationary times could be learning to budget. A budget is simply a plan where you determine what is coming in (like your part-time earnings, student loans, summer savings, and help from parents) and then deduct all your expenses (housing, food, phone bill, etc.) Of course, don’t forget to add a little bit in there for fun.

Date: August 22, 2022

Source:  thestar.com

 Link: https://www.thestar.com/business/personal_finance/2022/08/22/heres-how-to-manage-money-well-this-school-year.html

Discussion points:

1) Do you use a budget to manage your finances at school?

2) What percentage of your classmates are using a budget this year? Do a little in-class survey to get a better feel for this topic.

3) Illustration 7.12 in Wiley’s Financial Accounting: Tools for Business Decision-Making provides six principles for managing cash. How many can be adapted from the business world to help you with your personal finances?