Here’s how it works:
1. LIKE our Facebook page: Waterloo Banking Project.
2. THINK carefully about your single best personal finance tip.
3. POST your tip on our Facebook page.
4. SHARE this contest with your friends to increase your Likes and chances of winning.
Note: Voters must also Like the Waterloo Banking Project Facebook page for Likes on tips to be valid.

The tip with the most Likes at the end of the month will win a $20 gift card to Conestoga Mall (valid for all stores in the mall). Also, Waterloo Banking Project will choose our favourite tip and that person will also win a second $20 gift card to Conestoga Mall.

Rules:
1. The contest period is from 12:00am EST February 2 until 11:59pm EST February 29, 2012.
2. Tips are only valid when submitted on the Waterloo Banking Project Facebook page.
3. Voters and participants in the contest must Like the Waterloo Banking Project Facebook page for their votes and tips to be considered valid.
4. Limit of one (1) tip per person. Only the most recent tip and the number of Likes on that tip count toward the contest.
5. One (1) winner will be selected for a $20 Conestoga Mall gift card based on the most Likes at the end of the contest period.
6. One (1) winner will be selected for a $20 Conestoga Mall gift card based on a vote by Waterloo Banking Project shortly following the end of the contest period.
7. Winners must be current students at the University of Waterloo or Wilfrid Laurier University, on study term or on co-op.
8. Entries containing illegal, fraudulent, vulgar, or otherwise inappropriate language will be disqualified and removed at the discretion of Waterloo Banking Project.
9. In the event of a tie (two or more tips receiving the same number of Likes), the decision will be decided by Waterloo Banking Project staff.
10. Current Waterloo Banking Project members are ineligible for this contest.

The Cord included a brief description about the Project’s achievements at the competition and a statement from Ryan Chen-Wing, one of the directors of the Project.

Although there are monetary prizes for finalists, Waterloo Banking Project leader and University of Waterloo student Ryan Chen-Wing was more focused on the valuable feedback provided by judges and the potential to make connections.

“I’m not sure what the prize money is, but aside from the funding that we might be able to get from any kind of performance in the competition, we also get feedback from judges and that’s good too,” said Chen-Wing.
[…]

Passion has undoubtedly been a motivating factor behind the success of Waterloo Banking Project.

The article also went into detail about what the team can anticipate at the national
finals in Vancouver:

Lasting from Feb. 10-12, the conference will provide competitors with the opportunity to partake in seven minute appointments with experts in the field, explore various workshops, and take in the knowledge of keynote speakers such as Lane Merrifield.
— Laurier students head to business competition The Cord 19 Jan 2012

Along with The Cord, Imprint featured an article based on the News Release posted
about the competition.
Waterloo start-up advances to finals in Vancouver Imprint 20 Jan 2012

The Daily Bulletin at Waterloo wrote an article about the competition highlighting not only the Waterloo Banking Project, but the first place winner of the competition who were also students from the University of Waterloo.

An electronic reward card program and student-run banking initiative took first and second place at the Enterprize Canada central region business plan competition in Guelph on Saturday,
January 14.
— Waterloo takes top spots in biz competition Waterloo Daily Bulletin 24 Jan 2012

Waterloo Banking Project participated in the Queen’s Entrepreneurs’ Competition this weekend — the largest international undergraduate business plan competition in Canada, according to the QEC website. Directors of the Project, Mark Haley, Helena Cao, and Ryan Chen-Wing, competed among the sixteen teams whose business plans qualified for the competition and presented their plans to business professionals.

The QEC brings together young, bright individuals and allows them to develop their business ideas with the criticism and support they received from the judges, as well as compete for a top cash prize of $15,000. The competition is recognized internationally and has now entered its 24th year, with teams that came from Singapore, South Africa, Bangladesh, the U.S., and Canada.

The itinerary of the three-day competition included a ‘mix and mingle’ at the Delta Chelsea hotel, a speaker event, dinner at the Hard Rock Cafe, and of course first and final round presentations on Friday and Saturday.

Waterloo Banking unfortunately did not advance into the final six, however the team did not leave completely dissatisfied. The judges asked questions that identified some of the major challenges the project faces. “We answered them well,” said Ryan Chen-Wing over email from the competition, “but we were the only project whose purpose is not personal profit. Ours is an unconventional endeavour and it is important for us to deal with and dispel doubts.”

Staff of the project are looking forward to better showings at Enterprize nationals and other competitions later this term. As well the project is focused on its primary goal of establishing student-run financial services.

Ryan Chen-Wing, Helena Cao, and Mark Haley delivered their 15-minute presentation on their team’s business plan to a panel of judges, students, and competitors from the other six teams in the Macdonald Institute building at the University of Guelph.

Judges offered feedback and advice on improving the team’s performance for the finals. They also were impressed by how much the team had achieved so far in developing plans for and student-run financial services.

The top three teams advance to compete at the 12-team Enterprize Canada finals February 10-11 in Vancouver.

“The fact that we are a social enterprise and that we have actually begun implementing our plan really set us apart from the other teams,” said Ryan Chen-Wing, 4th year UW student in economics & history and project leader for the organization.

“The judges gave us some pointers for clarifying our financial model and financial statements,” said Mark Haley, 4th year WLU BBA students and director of finance for the project. “I’m excited to go to Vancouver and represent our universities at the national level.”

About the project
Waterloo Banking Project is an initiative of Wilfrid Laurier University and University of Waterloo students working to establish not-for-profit, co-operative, and student-run financial services to help students graduate with more money, less debt, and better financial skills.

About the competition
Enterprize Canada runs a business plan competition and entrepreneurship conference hosted and organized by students from the University of British Columbia’s Sauder School of Business. Enterprize Canada Business Plan Competition is billed as Canada’s largest student-run business plan competition and entrepreneurship conference.

Waterloo Banking Project placed second in the Enterprize Canada central region on Saturday and qualified to compete at the national finals in Vancouver next month.

Ryan Chen-Wing, Helena Cao, and Mark Haley delivered their 15-minute presentation on their team’s business plan to a panel of judges, students, and competitors from the other six teams in the Macdonald Institute building at the University of Guelph. The team represented both University of Waterloo and Wilfrid Laurier University.

Judges offered feedback and advice on improving the team’s performance for the finals. They also were impressed by how much the team had achieved so far in developing plans for student-run financial services.

The top three teams advance to compete at the 12-team Enterprize Canada finals February 10-12 in Vancouver.

Thank you to staff members Tian Lei and Vinson Fong who attended the event and photographed and supported the team.

We at Waterloo Banking Project are hiring student staff to help establish the first student-run financial institution in Canada.

Our social enterprise startup requires a broad rang of talents and perspectives. We invite applications in all years and all programs from both Wilfrid Laurier University and University of Waterloo.

We are seeking applicants who are diligent, resourceful, and good communicators.

Applications are due Friday 6 January 2012 at 23:59.

In Winter 2012, we have opportunities in these departments:

1. Education – develops and delivers our financial education program
2. Public Relations – handles external communications, marketing, and social media
3. Research and Finance – researches and analyses data, develops financial model, tracks expenditures and creates budget
4. Human Resources – coordinates hiring, communicates internally, organizes training and staff evaluation
5. Development – fundraises, applies for grants, and coordinates entry in entrepreneurship competitions

Staff will be expected to commit a minimum of four hours per week, deal with unique challenges, and work effectively on individual and group projects.

To apply by Friday before midnight:

1. Fill out the Waterloo Banking Project Application Form or fill out the form below.
2. And send your resume to info@waterloobanking.com with Subject line: “Your name – Waterloo Banking Project Application”

In October, we held our first financial education speaker event, Graduate Richer, with speaker Bradley Roulston, Certified Financial Planner (CFP).

In his talk, Bradley began by describing the reluctance many people have toward discussing personal finances with family and friends. This “Psychology of Money“, as he called it, creates a barrier which not only makes the topic of money difficult to bring up but can even lead to fights. However, it is important that we understand our finances if we want to achieve our financial goals.

Bradley then described the path to financial success in terms of a “financial hike“. In order to prepare for this hike, we need to know where we are, where we want to go (our financial goals), and how we will get there. Before embarking on this hike, we must pack all the necessary items that will be needed along the way.

The most important of these, as Bradley pointed out, is our water bottle, which represents our cashflow. As we spend and pay taxes, these holes in our bottle drain the water bit by bit and will eventually need to be replenished by receiving income through work, investments, or trusts. The rate at which it replenishes less the rate at which it drains will determine how much we have left — our savings.

Next, we must pack a first-aid kit which might include financial products such as insurance, three-months worth of savings (the rainy day fund), or a line-of-credit to keep us safe should the unexpected happen.

However, for everyday use, we only require a daypack. These are our cash/debit cards, credit cards, or loans which will cover most of our daily needs. Should there be extra money left over, then it would be wise to fill our retirement pack which might include RRSPs (Registered Retirement Savings Plans) or pensions. This will make ensure that we have enough supplies to last us the entire trip. And thus concludes the “financial hike”.

We would like to thank Bradley Roulston for giving this talk. We hope that the advice he provided will help you to better understand your finances and get started on your own financial hike.

You can download the slides here: Graduate Richer PowerPoint (.ppt)

In September, Laurier students learned about the project in an article where Helena Cao and Ryan Chen-Wing discussed the origins of the project and what we plan to achieve. The article also included encouraging feedback from a Laurier professor.

When Ryan Chen-Wing first stumbled across the entirely student-operated Georgetown University credit union during a research project, he was struck by the idea that such success might be mirrored in Waterloo.

“We have talented students at Waterloo and Laurier,” the University of Waterloo student commented. “If it can be done anywhere in Canada, it can be done here.”

[...]

The goal, said Helena Cao, who is the senior director of Waterloo Banking Project, is for students “to be able to carry themselves through their education with the least amount of debt that they can have.”
— Easing students’ financial woes The Cord 28 Sep 2011

In October, we were featured in an article about our speakers event Graduate Richer held on October 20. The article highlighted the importance of the event’s theme, financial literacy for students, which can often be a taboo topic. We provided insight into the theme along with a few excerpts from speaker Bradley Roulston.

In support of the Waterloo Banking Project; a new local student-run institution came about with the hope of better banking, for students, by students. Bradley Roulston, a certified financial planner who is the public relations director for Healthcare Financial Group Inc. came to Wilfrid Laurier University on Oct. 20 to help students figure that out.

The senior director of Waterloo Banking Project and the head organizer of this event Helena Cao also a third-year double major of mathematics and business, felt that students don’t worry enough about their personal finances. Cao mentioned that this is probably because the topic of finances brings out a lot of emotions and seems to have a lot of control over our lives.
— Financial responsibility for students The Cord 26 Oct 2011

Read more about the “Graduate Richer” event at: In review: Graduate Richer with Bradley Roulston.

As a part of Financial Literacy Month in November, we appeared in an article raising awareness for student financial literacy.

Helena Cao, the senior director of the Waterloo Banking Project, and a student at the University of Waterloo, still believes that there is much room to grow in achieving student financial literacy.

“Most of the financial education, it’s catered towards balancing expenses and your income, except students, ourselves, often don’t have income, and we rely on loans,” Cao noted.

While there are many opportunities to develop leadership skills and awareness of career possibility, she believes that more needs to be done to specifically target financial education.

Cao continued, “I think from my personal experience there hasn’t been very structured financial literacy education system, either in high school or in university.
— Getting smart with money: Financial education discussions taking place across Canada The Cord 16 Nov 2011

In September, we launched our Fall survey to poll both Waterloo and Wilfrid Laurier students on their financial situation and attitudes toward a student-run financial institution. We would like to thank everyone for their feedback. Your responses will help us to better understand your needs and allow us to design financial products that work for you.

Following completion of the survey, eligible students had the chance to enter into a draw for $500 in cash. We randomly selected one of the survey participants and Regan M., of Wilfrid Laurier University, was the lucky winner of the draw. The cheque was presented during a staff meeting in November. When asked what she would do with the money, Regan answered, “Pay rent.” What a financially prudent idea. Congratulations to Regan.

We hope you’ll stay tuned to our website, Like us on Facebook, or Follow us on Twitter for future events and announcements. You could be our next lucky winner.

Why Budget

The purpose of this financial tool is to help you reach your financial goals, whether it’s saving for a trip to New York or next term’s tuition.

It helps you discover exactly where your money is coming from or going to. For example, you might be surprised to discover that you are spending too much on food or even spending more than what you earn.

What Budgeting Is Not

Budgeting is not about limiting your financial freedom. You can still go for that double chocolate cheese cake or pretty Samsung Galaxy Note. Budgeting is about spending in a planned and responsible way so that you can have control over your finances. Rather than worrying about money, let money empower your life.

If you are interested in getting started, here is a basic budgeting template.

Remember, you can’t create the “perfect” budget right away.  Similar to a diet or work-out routine, budgeting takes persistence and constant refinement but it’s well worth the effort. Update it regularly, no matter how small the transaction. This will keep your budget accurate and allow you to allocate your money more efficiently.

Do you have any good tips for budgeting? Leave them in the comments below!