Budgeting/Finance

For an average week, keep a record of how much you spend and on what. This can help you to see where your money goes. You might be surprised at how much money goes into some things (e.g,. cigarettes, fast food)

Make a budget for yourself. This means figuring out how much you have to spend per week/month, and writing out what you need to spend it on. This can help you to figure out how much money you have left after paying for essentials (e.g., rent, food, etc.)

Pay with cash rather than a bankcard (if you have one). This will help you keep better track of where your money goes and makes spending seem more real than hitting "ok" buttons.

Try to reduce spending wherever you can. Instead of fast food restaurants, is it possible to buy food at a grocery store and make more lunches etc. Cutting back/quitting smoking saves a lot of money.

Be a careful shopper. Comparison shop. Look for the great sales and discounts and shop for things in stores and areas where you can get good deals.

If you are really struggling with money, particularly if you find it difficult to work spending around drug, alcohol, or cigarette use, you might want to ask a youth worker for some help. At many agencies you may be able to work out an arrangement where a worker keeps your money, pays any major commitments (e.g., bills, rent) and gives you x amount of money a week for spending.

Having a bank account can be helpful in a lot of ways. It can help you to save your money (i.e., you don't have all of it in your pocket to spend), it keeps your money safe from theft, and it can help if you need things like cheques for rent or direct deposit payments.

One hitch is that almost all banks require a mailing address and some form of i.d. to set up an account. You can talk with a youth worker about how to get one set up if you don't have these. If you do, it's as simple as picking a local bank, meeting with an account specialist, and filling out a few forms.

Once you have an account - beware credit cards. You may be offered a credit card but remember the high interest rates. Interest rates are often in the 20% (or more) range. That means, if you have $1000 in credit card debt, you will pay $200 or more dollars a year and that will not include any payment on the money you owe. You would pay $200 a year as long as you live and still owe them $1000. If you get a credit card (and it can be helpful in establishing a credit history and with some purchases - e.g. online purchases) budget carefully and try to pay it off to $0 every month.

For more detailed information about personal banking and bank services, go to Canadian Bankers Association (for information on banking in Canada) and American Bankers Association (for information on banking in the U.S.)

Even though it might not seem to make sense if, say, you aren't working, everyone should file a tax return. For persons who make little or no money, you can often get a very good surprise and find out that you get a refund. That means you might get money back from the government after you fill out your tax return. In Canada, you are probably entitled to a GST (General Sales Tax) rebate which you can collect if you fill out a return. Also, income assistance often requires you to do a return.

You can also get your return organized and filled out for free. A couple of ways to do this is to ask about services at a local youth agency, or go to the CRA in Canada, or the IRS in the U.S. They can counsel you as to whether you might need i.d. and/or an address.

Another source of financial help is income assistance. This can be a very helpful place to start. It can help you get a place to live and money for food and school, until you can start working. There are many forms of income assistance depending on the country, city, state/province you might be in. There are also forms of income assistance that depend on your ethnicity, any disabilities, and your living circumstances (e.g., with or without children).

Finding out what you might be eligible for and how to apply to these forms of assistance can be very complicated. Your best bet is to talk to a youth worker at an agency. Many youth workers have a lot of experience with this and can help you fill out any applications to get you started.