By: Hefzi-ba Mancilla Plaza

As summer approaches, we all look forward to spending time outside and enjoying the sun! However, students face a new challenge: balancing their budgets while enjoying the season. A little financial planning can help you make the most of these sunny months — without overspending.

1. Calculate your net income

The first step in this financial journey is to calculate your net income. To determine your net income, consider contributions from family, financial aid, and income from part-time jobs. If you need further help, Humber Polytechnic offers free financial literacy workshops. You can learn more about these workshops on Humber's Financial Services website.

In a nutshell, your net income is all the money you actually receive — after taxes and any other deductions. It's easiest to think of net income in terms of months: how much money comes into your account each month, no matter the source? Add it all together, and that's your net income for the month.

2. Crunch the numbers the Humber way

With your income in mind, list all monthly expenses, distinguishing between necessities and discretionary spending. Humber's student services can offer guidance on managing common expenses such as transportation, groceries, and utilities. By leveraging Humber's expertise, you can identify areas where cost-saving measures can be implemented without sacrificing your summer enjoyment.

A necessity is something you can't do without, like food, rent, insurance, or your phone. Discretionary spending is "just for fun" — concert tickets, Netflix subscription, beers at the bar, and so on. If you're not sure whether a given expense is a necessity or discretionary, that's fine! As an example, "food and drink" can go either way, depending on the context, so don't stress out over these classifications.

Utilizing Humber's financial planning tools and calculators, you can gain a comprehensive understanding of your financial outlook and identify opportunities for optimization. Check out these 5 tips for saving money for more number-crunching goodness.

3. Create a summer budget

Creating a budget can be a big job, with extensive spreadsheets and fancy templates, or it can be a quick, back-of-the-napkin exercise. The important part is spending a bit of time thinking about your income and expenses — which you calculated above — and where your money ends up going.

Savvy students save 10-20% of their income! There's an old saying: "first, pay yourself." Saving a small amount each month, consistently, will grow your money significantly in the long term. Of course, the most important part of creating a budget is spending less money than you take in.

To optimize your budget and limit your spending on things like a gym membership or getting your nails done, use on-campus services and find student-exclusive discounts.

As a Humber student you can access the Humber gyms for free and receive discounted prices on nails and massages! To learn more about how to get your free gym membership, head over to the fitness page on the Student Life website.

4. Scholarships and OSAP

Each year, numerous Canadian students overlook millions of dollars in available scholarships and bursaries. Consider exploring scholarship platforms like ScholarshipsCanada and applying for OSAP ahead of time. To learn more about this process, Humber has laid out all the information you on about applying for OSAP online.

Your summer budgeting journey

With Humber's guidance and your proactive approach to financial management, you can embark on a summer filled with unforgettable memories, all while staying within your budget. Visit the Humber Student Life website to explore all the resources available and make this summer your most financially savvy yet!

Bonus: 5 quick tips for saving money as a student

Here are five low-impact ways to stretch your dollar further this summer, and for the upcoming fall semester:

• 1. Cook for yourself: By buying your own groceries, you can cut food costs and improve your diet with healthy meals. Try beans, leafy green veg, and whole grains for a cheap, nutritious lunch.
• 2. Share your accommodations: You can save money by living with friends. Sharing an apartment with other people may also let you pool resources, like transportation and groceries.
• 3. Shop at thrift stores: Thrift stores offer a convenient and low-cost way to buy clothes, furniture, and small appliances while also promoting sustainable living.
• 4. Use student discounts: Here are just a few options for the Toronto area!
  • GoTransit
  • TTC Monthly Pass
  • Student Price Card (SPC)
• 5. Take advantage of free events: You can consult Humber's event calendar regularly for details about free food, concerts, movie nights, and networking opportunities. Check out your town or city's events calendar for more free options!