By: Oliver Felisilda, RBC On-Campus Assistant Branch Manager & Advisor

Budgeting 101: How to Create a Budget

As a student, you likely have experienced many unexpected changes as a result of the current COVID-19 crisis. You’re doing a great job at adapting to the changes and forming new habits. Now, more than ever, is also the time to make sure that you are staying on top of managing your money – making smart financial decisions now will help you prepare for the future.

One of the ways you can do this is to develop the habit of paying attention to what’s happening to your money and where you want it to go. This article aims to help you understand what that means practically through a strategy that you may already be familiar with – budgeting.

All things related to money are very personal and really no two people’s budgets should or would look the same. So, as you are reading this, I recommend that you bring out something that you can use to document your entries. If done right, you’ll find that what you have created can give you a snapshot of your financial situation, how you feel about it, and adjustments you can make to reach your goals.

What is a Budget?

A budget refers to the tool that helps you track and manage your money. While simple, its impact to your peace of mind cannot be overstated.

It is common to find interruptions in one’s finances. Perhaps a new expense arises unexpectedly or maybe your income declines due to conflicting priorities or losing the time or ability to work. People that budget ultimately have less stress about money, because they have a handle on their financial situation and avoid overspending and managing debt. People that budget also have a better grasp on what they actually need vs. what they want, and can more easily prioritize and make smarter decisions about how to spend their money.  Budgeting can really help you make the most of your money and get to your financial goals.  Budgeting helps you to stay focused on what really matters in school – not money.

Step One: Income

A budget begins with listing your income. Whether it’s a one-time deposit (OSAP), a regular occurrence (pay check), or an unexpected surprise (birthday money) – money coming in is what you want to consider your ‘income’.  The monthly totals of these incomes are going to make up the pool of money that you have access to do be able to spend.  On this note, kindly list down all the sources of your income for the month.

So the money that comes into your account doesn’t always stay there – it goes out to pay for things you want, need, and things you think you need but you actually want. To avoid that “empty pockets” feeling, it’s important that you understand your ‘money that goes out’ – or the monthly expenses that you have so you can make sure you have enough income to cover it – and so you also can properly assess and prioritize the expenses that are essential and the ones that are more ‘nice to have’ but not vital.

Step Two: Expenses

So let’s think about what types of expenses that you have. These are the things that you are spending your money on regularly like that quick $2 tap every morning at Tim’s for coffee, or one time bigger ticket items like books you buy at the beginning of every semester, or the rent you pay every month. Take a look and for every item that you spend money on – write the item and the amount the spend column on your budgeting sheet.

Income and expenses are things that you can more or less plan ahead for and expect. Then there are the things that you might want to do with your money, like save for a local getaway, or for an iPhone, or have access to funds that you can spend going out with your friends. You need to be thinking about this stuff so when you start going through the budgeting exercise you’ll be able to see right away what you can afford to actually do.

Step Three: Goals

Take the time now to jot down some things that aren’t accounted for in your expenses or income that you’d like to be able to have money for – record it in the Goals column.

At this point you have a broad list of income, expenses, as well as ‘goals’ for your money. It’s necessary to organize these lists in a way that give you a simple and accurate snapshot of how much money you actually have.  There’s so much fluctuation and change in expenses and income in a school year that if you just take an annual overview you won’t actually have a true sense of how much money you can spend each day to stay in control of your finances and feel confident when managing your money, so that you can achieve your goals.

The amount of money moving in and out of your account isn’t the only thing that matters.  You also need to be aware of when money is moving in or out – so you can budget to have enough in your account to cover the expense. How often money is moving in or out is also important to make sure that the money you have coming in can actually last the entire school year.

You’re going to want to keep track of your budget on a monthly basis so you can plan for both your immediate needs and future needs.

Shortages: What If I Don’t Have Enough Income?

If your balance is negative it means you that income you’ve stated is not enough to cover the expenses you’ve listed. It also means you don’t have any money to contribute to your goals. First thing you’ll want to look at if you’re in this situation is your expenses by finding ways to trim down. You can do this by identifying the things you absolutely need to survive. In addition, it is possible that there are things that are non-essential and should be treated more like goals. For example, I have Starbucks on my goals section of my budget – it’s a treat for me, if I can afford it.  But I can live without it. My rent, however, is an essential expense.  I wouldn’t be able to survive if I didn’t pay for the roof over my head.  Furthermore, reducing the costs of your expenses can go a long way.  So you can try to find ways to shop smarter or save money.

On the flip side, the other thing you can try to do is find ways to get more money. But applying for scholarships, getting a job, or finding ways for your money to make you money are some things you can explore.  RBC has some resources for jobs and scholarships, your campus will have resources as well. The government has relief programs to help support students.   For some of you, asking your parents may be an option. For others, sitting down with a financial advisor might be helpful in finding other solutions that will help your financial situation.

Budgeting Tips

While everyone’s budget is different, the following tips are useful to everyone.

Primarily, budgets are often more effective with an emergency fund as a part of your goals. Allocating about 1% of your income into this fund that can be used for unplanned expenses as they come up can give you more peace of mind. Secondly, always having some type of savings goal gets you into the habit of setting something up and achieving it while putting your funds aside. Furthermore, if your budget balance is 0, it means you aren’t setting yourself up to either plan ahead or save for a goal. So, always be mindful of how your lifestyle is causing a surplus or a shortage.

It is also worth noting that making a budget doesn’t guarantee that you’ll stick to it. Life happens, sometimes you might go over budget or maybe you’ll find that you’re just tapping too much and in adversely increasing your expenses.  If you find yourself in a situation where you aren’t staying in your budget – don’t just give up.  Every day is a new opportunity to course correct.

One of the ways you can ensure consistency is by ensuring that the budgeting tool that you use is fit for you. There are many apps, tools, and budgeting calculators online that can give you an updated budget in real time.

In addition, alerts are a great way to get proactive and reactive information about your bank account in real time.  You can set up alerts through online or mobile banking to get a text every time you tap, to reminder you about an upcoming bill, to see your balance at the end of every day, or to see your balance if it dips a little too low.

If you’re an RBC customer you get access to something called NOMI insights in mobile banking. This is our artificial intelligence tool that analyzes your account activity to give you insights about where your money is going and smarter ways to manage it.

You can also ask for help from your advisor at your financial institution. Your advisor can offer support to make sure you are using the right account, plan for any upcoming changes to your budget or adjust for unplanned changes, minimize unnecessary fees, and ultimately do what they can to keep you on track to achieving your goals.

For any additional questions or concerns about this article, please let us know! We are happy to help you with your journey so please reach out to Oliver or Bruno at the RDC on campus location near the forum or via email at [email protected] or [email protected].

By: Shannon Humphrey

What is EDI?

Everywhere we go we are hearing more and more about EDI initiatives, committees, and events but what is EDI?

EDI stands for EQUITY, DIVERSITY, and INCLUSION. Ultimately, equity is the goal, diversity is the fact, and inclusion is the action. Equity comes first in the acronym because it is the guiding principle and end goal.

Where do I start?

Start with you! It is common to think an equitable, diverse, and inclusive models of behavior has to do with others but EDI has quite a lot to do with ourselves. Before you can actively practice and integrate EDI in everyday life, you first must understand who you are and how you exist in the world. It is important that we start with ourselves.

For some this understanding of self might seem like an entirely overwhelming concept that is difficult to navigate. Consider how you would label yourself on the diagram below as a starting point.

The more comprehensive your understanding of self, the closer you get to your most authentic self.  It is much easier to practice EDI when you start from a place where you are unapologetically comfortable as your most authentic self. Only once you understand how you exist in the world can you truly understand how others exist in the world. That is the most difficult part of practicing EDI in everyday life. EDI is so much more than simply coming up with and implementing a model of behaviour, it is also a journey of self discovery that takes us in unexpected directions and down paths we never thought possible.

This journey of self-discovery and understanding is called our intersectional identity. Intersectionality is an analytical framework for understanding how aspects of a person’s social and political identities combine to create different modes of discrimination and privilege. The term was conceptualized and coined by Kimberlé Williams Crenshaw in a paper in 1989 and is illustrated by the diagram below.

Ok, I know myself. Now what?

The next step is seeking to understand. Once you have figured out how you exist in the world, now it is time to consider how those around you and others exist in the world. At this stage you must practice hearing, seeing, and validating others. However, before you can do this you must understand what each element of EDI means individually.

Look no further, here are some definitions:

Equity – The fair and respectful treatment of all humans recognizing an obligation to provide safe spaces and barrier free environments. Equity involves the reduction of disparities and ensures that everyone has barrier free access to opportunity, resources, and supports that fit their needs. Equity goes beyond simply acknowledging the existence of inequalities and recognizes that those inequalities are deeply rooted in historical and contemporary injustices. Equity accounts for the fact that not everyone is made equal and accounts for differences. For those of you who are visual learners, here is a picture that explains equity.

Diversity – Acknowledges the existence differences between individuals. The goal of diversity must be to recognize, value, and celebrate those differences rather than trying to eliminate them.

Inclusion – A set of measures that can be integrated into everyday life that ensure all people feel safe, welcome, and valued as their most authentic self. Inclusion is about creating safe spaces for diversity to thrive. In other words, the means of recognizing, valuing, and celebrating difference.

EDI – Most simply put, EDI is a journey of growth toward humanity. It aims to challenge and destigmatize stereotypes and unconscious biases to ultimately eradicate prejudice, discrimination, and marginalization to make the world a better and more equitable place for all. Equity is the goal, diversity is the is the fact, and inclusion is the action.

See, Hear, Validate

How can you practice EDI in your daily life? My guess is that you already are in one way or another.

Since the goal is to seek to understand, this can be as simple as a conversation. If you are sharing your experiences with others and explaining how you exist in the world while listening and learning about how they exist in the world, you are already seeking to understand and thus practicing EDI. In the grand scheme of things, a conversation should be relatively simple and come naturally. Just remember this stage is all about hearing, seeing, and validating others. However, it is also about being visible to be seen, using your voice to be heard, and validating your own identity and feelings. Yes, psychology students, I am referring to achieving self actualization on Maslow’s Hierarchy of Needs.

Maslow’s Hierarchy of Needs is an excellent example of where critical thought through an EDI lens comes into play to shed light on some local history that indicates there is more to the story. Did you know that Maslow spent six weeks living at Siksika, a Blackfoot Reserve in Alberta in the summer of 1938? His time there conceivably challenged his early hypotheses and shaped his theories that influenced the framework for the hierarchy of needs. While Maslow’s Hierarchy of Needs focuses on the individual, the Blackfoot way of life offers an alternative framework that focuses on the community. Self-Actualization as a word or phrase does not exist in the Siksika language, but The Blackfoot word niita’pitapi, meaning “someone who is completely developed, or who has arrived,” is used in reference to a community who leaves no one behind and is engrained in the cultural teachings of the Siksika Nation. Moral of the story? Part of practicing EDI in your everyday life is applying critical thought to history and the narratives that are given to us from only one perspective. What about the other sides or versions of the story?

As students we have options that we can take in our course load. One of the best ways to practice EDI in your every day life is to learn about it. Take courses that interest you! Take courses that provide content and context on the things you want to learn more about. Use your time here to your advantage and learn about whatever you want to learn about. That is what your options are for. This is a great way to learn more about intersectional aspects of identity and the things that influence EDI. Your instructors are a great resource as are your librarians, your student services, and of course your SA.

The Simple Things

Are you still feeling overwhelmed and like there is a lot to learn? No problem! This is the part where you are required to practice a little bit of self compassion and self empathy. Give yourself a break and allow room for error. We don’t get good at things overnight, we must practice, grow, and continue learning. The point of practice is to make room for troubleshooting and strive for improvement. Always remember that it is the fact that you are trying that really matters. If you mess it up, that is okay, no one is expecting perfection. While it is important to own it when we do mess up, it is equally as important to learn from it and ultimately move forward a more aware and a better more informed version of yourself. Your efforts are appreciated, valued, and important!

By: Jessica Walker

Think back to your first day at Red Deer Polytechnic, how did you feel? I would venture to say that you felt intimidated, alone, and were wondering how you would make friends. We’ve all been there. Getting out of your comfort zone and meeting new people is so daunting.

Naturally, you will meet people in your program but what if you want to meet outside the classroom? What if you don’t have much in common with the people in your program aside from being in the same program?

What if I told you I have the secret to meet students outside your program, would you believe me?

Well, you better believe me because I have the secret! Join a student group – hold the applause! Yep, it’s that simple. At Red Deer Polytechnic, we have a wide variety of student groups on campus, and they vary from interest based to program-based groups. Some groups with as little as 10 members and some with upward of 200. There really is something for everybody and if you don’t find a group that fits your interests, consider founding one!

I’m sure you’re wondering how this could be life changing…well it’s because you are joining a group with other students who have similar interests and values as you. You will spend an abundance of time with these individuals and will create lifelong bonds. You and these other students will share a unique experience, and no one can take that away from you. Aside from friendships, being a member or Executive of a student group will help develop your leadership skills, expand your resume, and provide many networking opportunities. As far as I can tell, there are no negative aspects of joining a student group!!

To learn more about the student groups on campus or how to establish one, check out our website! If you have questions about groups or need a little guidance, contact me – Jessica – at [email protected] or 403-356-4972.

See you around!

By: Savannah Snow, SARDP President

Hello everyone!

I hope your summer went well and was full of opportunities to get out of the house! It’s time for us all to shake the Covid cobwebs and get back to the grind. I am so excited to welcome everyone back to campus whether your classes are still online, in a blended model, or are fully in person. Everyone is welcome to come to campus and use the space built just for you and your purposes! I’d like to make special mention of The Loft: It opened during Covid and as a result, has not seen much traffic. There are plenty of tables and comfy chairs to accommodate whatever you might need from the space – somewhere to study, somewhere to work on group projects, or somewhere just to relax and wait for your next commitment. It is conveniently located at the top of the stairs in the SA building – stop by when you get a chance!

I have been very busy with my boots (stilettos?) on the ground since May 1^st. I am currently in the works to hash out a preferred vendor program for student technology needs. Included in the proposal is discounts for laptops, mics, webcams, accessories, etc., as well as an extended service warranty both for the equipment purchased and cable replacements. We are hoping to land an agreement before we get too far into the semester!

SARDP has also been very involved in ASEC this year! ASEC (Alberta Students’ Executive Council) is the students’ provincial lobby group. Their job is to identify which problem areas the students want to focus on and then advocate for those needs. We hosted their Goals conference this month which went quite well! The priorities identified are posted publicly on their website. They currently have a Board position open in our sector, and I will be putting forth a nomination form! Wish me luck!

Speaking of elections, we have entered Election Season!! There are three key elections happening in the next few months. First, is the flash Federal Election just called! Make sure you research your candidates to make the most informed decision. Second is the Municipal Election for City Council. There is quite a wide offering of candidates so make sure nobody flies under your radar! We will be hosting forums for both of these elections. The third is our by-election to fill our vacant VP External position. Nominations opened at 9am on September 2, 2021. You can download a nomination package from our website or stop by our office to pick one up!

I’m excited for people to be back on campus, in our halls, and in our offices. This year is going to be eventful and busy! I’m always down for busy! My team and I appreciate all of you – the reason why we exist. Don’t hesitate to reach out to myself or anyone else in our office if there’s anything you can help with, or if you just need someone to chat with while you sip a delicious coffee from The Lift! Welcome back, everybody!!