Student Budgeting
Your college or university years are an exiting time, and will be one of the most important periods of your life. But let’s face it, university and college is expensive, and many students graduate saddled with debts. This doesn’t have to be the case for you. Here are some helpful tips to help you navigate your finances while in school.
Budget, budget, budget
Plan well in advance your monthly expenses, including tuition fees, books, transportation, room and board, clothing etc. It’s not fun, but it will really help you out. Make the budget firm, and note that if new elements enter the equations, something on the list will have to be exempted. Is that new sweater really worth it, or even necessary? To keep you wardrobe current and funky, avoid expensive retail and shop in vintage and thrift stores; cooler clothes, and way cheaper.
Be smart about using a credit card
Although they are a great way to establish a good credit rating, they are not the answer to filling in gaps in the monthly budget. Its not money you own, but funds you borrow that have to be paid back. Use cards as a means to make payments when you cannot carry large amounts of cash, but try not to use them to make unnecessary purchases. Try setting up an automatic withdrawal repayment system on any credit card to make timely and consistent loan and bill repayments.
Saving in advance
Its difficult, but saving in advance is the best way to make school both affordable and less stressful. Setting up a Registered Education Savings Plan (RESP) early is an easy way to build towards costly tuition and associated fees later in life. RESPs are a Federal Government program allowing families to save towards university education, with the possibility for easy monthly contributions. The best part of this program is that the Government will match any contributions made to the account to a maximum of $7,500. Not bad! Once enrolled in post secondary education, the funds are made available.
When things get tight
Sometimes a part time job is the best answer to help paying the bills too. Try not to let the job take over your life and take you away from studies - that defeats the purpose. But hopefully, if you’ve planned ahead, and stuck to your budget, you’ll be in good shape to navigate through it yourself.
Contact a dedicated financial specialist
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