Students, say goodbye to the dreaded end-of-the-month cash crunch!

Everyone's afraid of something. Some shudder at the sight of dogs, while others have a fear of heights or flying. If you're a student, you might be afraid of running out of money at the end of the month. Overcome this fear by making a balanced budget and managing your income wisely--especially if it comes from seasonal or irregular work.

Here are some helpful tips.

  • Make your  - This link will open in a new window.budget as detailed as possible. It should contain all your expenses for the coming year, including both recurring and one-time expenses.
  • Carefully manage your income, which tends to be higher over the summer and when school is out. Make sure to aside money for when you'll be working less and won't be able to save as much.
  • Learn to make your money last. If you have a scholarship or student loan, plan your expenses so your disbursements will cover the entire year.
  • When you're earning more, like when you're working a summer job, don't just park your money in a chequing account. Grow it in a high-interest savings account so you can use it later.
  • Remember, anything you set aside now can help you balance your budget next year or pay for things you want to do down the road, like travel. Your future self will thank you!

Mind your debt!

Follow these tips and your wallet will be eternally grateful.

  • Manage your priorities. Granted, for any self-respecting student, this is probably as challenging as sticking to a budget--if not harder. But it's very important.
  • Between parties, nights out, activities and trips, there's no shortage of reasons to "forget" you're on a budget. After all, you only live once! But resist the temptation, however strong, to dip into your hard-earned savings. It will save you plenty of headaches in the future--both literal and figurative. Just say no!
  • No matter what happens, get back on track. And maybe build a little discretionary spending into your budget!