Financial Literacy

If you’ve secured yourself a seasonal job this year, you should be thinking about one of the more challenging aspects of seasonal employment. Planning for the lean months ahead.Budgeting for Seasonal EmploymentFor many, Unemployment Insurance is an option to help carry you through the winter months, but with the reduced income, finances can become tight. The answer to this problem is always the same….ESTABLISHING A BUDGET!

Having a good solid budget can make our lives easier especially when working in seasonal employment. What is your cost of living? How much money do you NEED on a monthly basis? Simple questions that many are surprisingly unable to answer. We think we know or have a general idea, but do we truly know? Creating a budget of what we think we spend is the easy part of budgeting, but sadly many of us forget about the actual work that is involved in a budget….this is the tracking of actual spending!

What we think versus reality tends to often differ. The only way to actually know what we are spending is by tracking our spending. This guarantees that we will truly know where our money is going. This knowledge is very powerful! Knowing where money is going empowers us to make good solid decisions based on facts.

3 Tips on Budgeting For Seasonal Employment

  1. Track your spending weekly: This makes the process much faster and allows you to plan for the coming weeks ahead to avoid overspending.
  2. Stop Using Debit: Debit tends to make us spend more. Especially for all those little things we buy such as lunch, drinks and treats.  Put yourself on a weekly allowance for these items and use cash. Using cash makes the tracking easier and helps us manage these expenses.
  3. Make personal choices: Look at your spending and see if there are areas you can save in or reduce during this period.

Knowing what to do and how to plan is not always easy. Many of us are not always aware of what services are available to assist. Get in touch with your local community agencies. These professionals are filled with knowledge. Not-for-profit credit counselling agencies that can help you create a budget and supply you with some useful tools. Employment services can help you spruce up that resume.  They can also assist you in finding either temporary employment or perhaps put you on track towards a new career. These local resources are a gold mine for all to use.

Submitted by: Martin Carette, 1000 Islands Credit Counselling

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