CREDIT: STEPHANIE LAI
You might have a collection of Starbucks cards, but try to avoid reloading them all.

If you’re like me, my bank account is looking a little low and the culprit is all of those “congratulations” Starbucks I’ve been ordering.

The “congratulations you made it through mid-terms,” “congratulations you finished an assignment,” and “congratulations you made it to class” all add up to equal “congratulations you have an empty bank account.”

Here are some steps on how to get back on track with your finances.

Step 1 Review your current budget

The main question we’re looking at is if your budget is realistic. Most of the time we stray from our financial plan because we have not allowed ourselves as much money as we need in certain areas. The biggest offender is the discretionary funds category. If you do not have enough money set aside to cover the expenses that pop up unexpectedly then you have no choice but to dip into another budget column causing a chain reaction which reeks havoc on your bank account.

Step 2 Review your monthly expenses

Have your expenses changed since you created your budget in September? Have you taken on a new monthly responsibility such as a gym membership? If you’re expenses have changed you should create a new budget to incorporate those items. If they haven’t, do you have any extras that you could remove to give you more room? If you have a regular gym membership you could cut it back to the alternative day membership, which is half the price. If you have a cellphone with data, check with your service provider to see if you can remove that and watch your cellphone bill shrink drastically.

Step 3 Cut back on extras

To help stretch my money to the end of the year I have removed some extras from my budget. Consider cutting some of these out of your monthly spending to have more cash in your pocket.

New clothing: If you need to update your wardrobe for the winter consider getting the necessities at a consignment/lightly used store such as Style 360, Mesh Boutique, or Mine101.

Starbucks/Tim Horton’s: I have a serious Starbucks problem. How I have helped satisfy it is to spend a little bit of extra money at the grocery store and buy a hot beverage drink that I love. I make this for myself in the morning and bring it with me to class in a travel mug.

Dining out: We all have those long days when the thought of going home to cook is too much to bear. Prepare for these days by having something in your house that you can quickly heat up in the microwave.

Buying lunch: Eating on campus can be expensive if you are doing it on a regular basis. If you have time to cook the night before make enough to bring to school with you the next day.

Step 4 Put it in writing

When we have a goal or a plan that is written down we are more likely to stay with it. Your budget is no different. Keep yourself motivated by writing it down and putting it somewhere that you will be reminded of it daily.

Budgeting can be boring, but it only requires a little bit of your time and it saves you a lot of stress. If you follow the steps above you should be back on track quickly and keeping more money in your pocket.’