The school year is well underway, and you may feel a bit overwhelmed. When you're surrounded by parties, school, and extra-curriculars, it’s easy to start forgetting about managing your money. But guess what? We got it all figured out for you, with 6 easy to follow tips. So read on, and we promise your future will thank us!
Textbooks suck, right? Of course they do, so minimize how much you spend on them.
These days, we have many options available to us besides physical textbooks from your campus book store, which can easily be priced at several hundred dollars individually. The first step you should do is assess your options, such as buying a digital copy from your university. However, if you want even deeper savings, consider shopping around on other platforms such as Amazon where many books can be found significantly cheaper.
Money doesn’t grow on trees, create a budget!
We won’t tell you how to spend your money, but you should definitely be aware of where you spend it. It’s quite easy! Simply add up your monthly income from work and allowances, and identify your typical monthly expenses. These can include your rent, food, and weekly trips to the LCBO (we don’t judge!). After you’ve done this you can see how much money you have been spending, and see where you can decrease to start saving more. If you really want to impress your parents, sign up to a site such as Mint.com that will help you digitally track your money.
Banks love students on campus, take advantage of it!
Walking around University, you’ll often spot banks trying to build relationship with the students. In order to do so, they will offer no fee savings and chequing’s account, and no ATM withdrawal fees. Take advantage of these free incentives and start building the relationship with your bank for better benefits later on!
Get a credit card, but always refer back to your budget.
Credit cards are great, they allow you to access cash you may not have on hand, and starting early will help you start building a great credit score. However, it’s easy to get stuck in a trap when you’re overextending your financial capabilities. Refer to your budget to know how much you can spend, but never pass it!
Plan ahead and you’ll be happy you did.
Who cares about what will happen after university, right? We’re here to learn and have fun, not think about our adult life. Well, while we agree with you, it’s never too early to start thinking about the future. Spend some time to realize how much your student loans may be, and begin planning ahead on how you plan to pay it. This way, when you’re finally set free into the real world, you won’t be bogged down by your debt. Instead, you can start saving towards that house or car you’ve always wanted.
Great info!
I won a $1000 prize from RBC because I was using their student banking. Literally that's all I had to do! Plus scholarships are ALWAYS available, even when you're an upper year student. You'll never know what you can get unless you apply, so why not?