Budgeting and the Cost of Cancer Survivorship

By: Michael Hindercyckx, Ben Van Doodewaard & Noah Severino

Check out three different perspectives from survivors on budgeting and spending as a student

Ben

Being able to effectively manage and budget your personal finances is a very important life skill. The first step to successful financial planning is to design a comprehensive budget that includes both of your fixed and variable expenses. The best way to organize and allocate your finances is to break everything down into a month by month timeframe. These strategies can help get you started: 1. Review account statements to determine exactly how much you are spending and where it is going.  2. Design a plan with manageable targets and realistic outcomes. 3. Provide flexibility in your budget to account for unforeseen expenses. 4. Allocate a portion of your earnings to savings (if applicable, minimum 10%).  5. Stick to your budget and don’t overspend (reduce allotment to luxury goods).  6. Reduce unnecessary expenses.  7. Pay off credit card balances every month.

Noah

Going to school is an investment. It’s costly, time consuming and lots of fun. I’ve finished my undergraduate degree and am now moving on to a Master’s — another hefty investment. I’ve learned that it is important to maintain a budget, or at the very least, be aware of your costs; things can add up, like buying coffee at Starbucks every day, or regularly taking an Uber to school instead of walking or taking advantage of other transit options. Keeping track of your money is essential, especially when you live off campus and have to pay for electricity, internet, cell phones, water, heat. It can also be really daunting when you’re spending lots of money on textbooks, and if you are like me, prescriptions, too. Don’t let the credit card debt pile on; try to save a little, and don’t forget about money you owe — it doesn't magically disappear!

Michael 

Budgeting for post-secondary is not an easy task. Tuition is expensive enough without the materials and residence (if applicable).  Some tricks to keep your finances in check include: Bring your lunch if you can, buy used books, (they are cheaper and most of the time in great condition) and control how much you spend on fast food. If you live at home it can be easier than living in residence.  If you need them, keep track of medications and other items you need, and budget your expenses around them.  Make sure that you can afford everything you NEED.  Making a budget of all your costs is a great way to let you know what you can spend.