'Budget' doesn't have to be a scary word
Creating a budget can be almost
as hard as sticking to one, but luckily,
a team of students in
Fanshawe's Professional Financial
Service program want to help. The
Financial Planning Standards
Council's third annual Financial
Planning Week runs from October
17 to 21, and some students are
working hard to bring some of that
financial know-how to campus.
As part of Financial Planning Week, the FPSC sent out a challenge to the Certified Financial Planners of Canada asking them to propose an idea that would promote financial planning in their communities. "Some of the challenge criteria included improving financial literacy in the community and increasing Canadians' awareness of financial planning," explained Kateri Nantais, a second- year PFS student and organizer of the event on campus. "Our proposal was to offer Fanshawe students free budgeting advice for the week of October 17 to 21 right in the school."
"We submitted our idea to the Financial Planning Week Challenge, and we are honoured that they have recognized our efforts," said Nantais. "By winning the challenge, this will allow us to have funding for our event and for our newly established Financial Society."
One of the main goals of Financial Planning Week is to reach out to people who don't readily have access to financial planning. When she heard that that was one of the goals of the week, Nantais immediately thought of her fellow students. "A lot of the time, it costs money to talk to somebody (like a financial planner). This is (students') chance to ... get advice." Though the PFS students are not fully certified yet, they do know their way around a budget, savings plans and more.
On October 17, 20 and 21 the PFS students will be set up in SC building near the Oasis on the first floor, and on October 18 and 19 they will be on the second floor of the SC building in the mezzanine. Each day, from 10 a.m. to 6 p.m., they will be armed with information sheets and sample budgets. They will be available to take some time to chat with anyone who needs a little help putting a budget together.
The whole point of the week is to help students and create awareness, said Matt Aalbers, another second-year PFS student who is helping to organize the event. "Awareness that's helping with their money, but also to open their eyes to see where their money's going so they can be smart with their money … If you can control it, you'd be amazed at the possibilities and the potential you can have with that money."
"Not only that," he continued, "it's a win-win: it also helps us … it's kind of just a small look into the whole big picture of how to help people with their finances."
Nantais agreed. "It's really, really awkward sitting down looking face-to-face with somebody and saying, 'How much money do you make? Where do you spend your money?'" she said. "I think it's going to be really good experience for us."
Upon graduation, these Professional Financial Service workers will also work with investments, retirement planning, estate planning and more. "Any aspect of your life that has to do with money, we're there," Nantais continued. "We're there to help people."
"It's every part of planning your finances: present, future, retirement," added Aalbers. "It covers from the get-go to the finish line."
Financial planning help is imperative, said Nantais. "We need it, we need it at the school, and we don't have it, and I think it's really important." That's where the Financial Society will come in. It's a club started by the PFS students to help others manage their money not just during Financial Planning Week, but throughout the entire school year.
"The Financial Society has officially formed," said Nantais, who is President of the Society. "We are currently working hard on the plans for Financial Planning Week, and we also have a lot of other ideas about helping students in the upcoming school year. We have such a great team of hard working, dedicated students working together and I know they are going to make a long-lasting impact at this school."
For more information about the event or the Fanshawe Financial Society, contact Nantais at k_nantais3@fanshaweonline.ca. To learn more about the Financial Planning Standards Council and their annual Financial Planning Week, check out financialplanningweek.ca.
Kateri and Matt's Budgeting Tips
- Keep all your receipts: "If you keep all your receipts and tally them up either by the week or the month, you can see somewhat briefly where your money (is going), how much you're spending on entertainment as opposed to, say, how much you've been wanting to spend on entertainment," said Aalbers.
- Watch for weekly deals: "Tuesday is cheap night everywhere: movies, the bar, etc.," said Nantais. "(Students are) going to go to the movies, they're going to have fun. Why would you pay extra just because it's on a Saturday night rather than do it on a Tuesday?"
- Keep your savings separate: "When I get my OSAP, I put it in my savings account, which is not attached to my debit card," said Nantais. "If you do get a lump sum from your RESP or wherever you get your money from, don't make it attached to your debit card because it's too tempting (to spend)."
- Save it and pay it back: "I keep as much money as I can, so come (graduation), I budget for a couple months — how much I'm going to need — other than that, I put it all right back," said Aalbers. In other words, pay OSAP with OSAP, and reduce interest on the loan by paying it all back quickly.
- Don't be tempted to spend it all: Just because you have a ton of money from OSAP, "You don't have to spend all of it," said Nantais. "People think because they get it, they need to spend it," added Aalbers. "You don't have to spend it."
As part of Financial Planning Week, the FPSC sent out a challenge to the Certified Financial Planners of Canada asking them to propose an idea that would promote financial planning in their communities. "Some of the challenge criteria included improving financial literacy in the community and increasing Canadians' awareness of financial planning," explained Kateri Nantais, a second- year PFS student and organizer of the event on campus. "Our proposal was to offer Fanshawe students free budgeting advice for the week of October 17 to 21 right in the school."
"We submitted our idea to the Financial Planning Week Challenge, and we are honoured that they have recognized our efforts," said Nantais. "By winning the challenge, this will allow us to have funding for our event and for our newly established Financial Society."
One of the main goals of Financial Planning Week is to reach out to people who don't readily have access to financial planning. When she heard that that was one of the goals of the week, Nantais immediately thought of her fellow students. "A lot of the time, it costs money to talk to somebody (like a financial planner). This is (students') chance to ... get advice." Though the PFS students are not fully certified yet, they do know their way around a budget, savings plans and more.
On October 17, 20 and 21 the PFS students will be set up in SC building near the Oasis on the first floor, and on October 18 and 19 they will be on the second floor of the SC building in the mezzanine. Each day, from 10 a.m. to 6 p.m., they will be armed with information sheets and sample budgets. They will be available to take some time to chat with anyone who needs a little help putting a budget together.
The whole point of the week is to help students and create awareness, said Matt Aalbers, another second-year PFS student who is helping to organize the event. "Awareness that's helping with their money, but also to open their eyes to see where their money's going so they can be smart with their money … If you can control it, you'd be amazed at the possibilities and the potential you can have with that money."
"Not only that," he continued, "it's a win-win: it also helps us … it's kind of just a small look into the whole big picture of how to help people with their finances."
Nantais agreed. "It's really, really awkward sitting down looking face-to-face with somebody and saying, 'How much money do you make? Where do you spend your money?'" she said. "I think it's going to be really good experience for us."
Upon graduation, these Professional Financial Service workers will also work with investments, retirement planning, estate planning and more. "Any aspect of your life that has to do with money, we're there," Nantais continued. "We're there to help people."
"It's every part of planning your finances: present, future, retirement," added Aalbers. "It covers from the get-go to the finish line."
Financial planning help is imperative, said Nantais. "We need it, we need it at the school, and we don't have it, and I think it's really important." That's where the Financial Society will come in. It's a club started by the PFS students to help others manage their money not just during Financial Planning Week, but throughout the entire school year.
"The Financial Society has officially formed," said Nantais, who is President of the Society. "We are currently working hard on the plans for Financial Planning Week, and we also have a lot of other ideas about helping students in the upcoming school year. We have such a great team of hard working, dedicated students working together and I know they are going to make a long-lasting impact at this school."
For more information about the event or the Fanshawe Financial Society, contact Nantais at k_nantais3@fanshaweonline.ca. To learn more about the Financial Planning Standards Council and their annual Financial Planning Week, check out financialplanningweek.ca.
Kateri and Matt's Budgeting Tips
- Keep all your receipts: "If you keep all your receipts and tally them up either by the week or the month, you can see somewhat briefly where your money (is going), how much you're spending on entertainment as opposed to, say, how much you've been wanting to spend on entertainment," said Aalbers.
- Watch for weekly deals: "Tuesday is cheap night everywhere: movies, the bar, etc.," said Nantais. "(Students are) going to go to the movies, they're going to have fun. Why would you pay extra just because it's on a Saturday night rather than do it on a Tuesday?"
- Keep your savings separate: "When I get my OSAP, I put it in my savings account, which is not attached to my debit card," said Nantais. "If you do get a lump sum from your RESP or wherever you get your money from, don't make it attached to your debit card because it's too tempting (to spend)."
- Save it and pay it back: "I keep as much money as I can, so come (graduation), I budget for a couple months — how much I'm going to need — other than that, I put it all right back," said Aalbers. In other words, pay OSAP with OSAP, and reduce interest on the loan by paying it all back quickly.
- Don't be tempted to spend it all: Just because you have a ton of money from OSAP, "You don't have to spend all of it," said Nantais. "People think because they get it, they need to spend it," added Aalbers. "You don't have to spend it."
