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What do I need for a successful budget?

The most important thing you need for a successful budget is the willpower to sit down and do it the first time.

Give yourself time to think of all your monthly expenses. Look in your cheque book and outline your typical bill payment schedule. Put expenses on one side of the page. On the other side, put your monthly income after taxes.

Forecast your expenses and income month by month, one month to a page. After a few months, you will find that a pattern emerges and that projecting your spending and planning for savings becomes easier and easier. For an example of one possible approach to a budget plan, link to TD Canada Trust's Student Budget planner.


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