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  • The Holidays on a Budget (French version available)

    The Holidays on a Budget (French version available)

    We all want to get the special people in our lives the perfect gift for the holidays. But who says the perfect gift has to cost a lot of money? Most people appreciate the time and effort you put into the gift giving process. The old cliché is actually true – “it’s the thought that counts.” So with that in mind, here are a few holiday gift ideas you can buy or make that are sure to please your family and friends (and not break the bank):

    – Family Cook Books: Buy a nice hard covered notebook (you can usually get them for under $5.00). Use stickers, paint or markers to label the cover (e.g. “Hadland Family Recipes”) and write out all of your family’s past and present favourites. You can even go online and get some new recipes your family might like to try.

    – Use Photos: You can print them for free on your home computer or go to a retail store and print them there. You can use the photos to make a collage, family photo book or scrap book, or individual magnets of each family member (all you have to do is buy magnet paper at a craft store. Cut out a photo of each person, stick it to the paper and then carefully cut around it). You could also buy a wooden photo frame and paint and decorate it yourself.

    – Bookmark: Make bookmarks using photos of your family or characters from their favorite movie, TV show, book or singer. Print off the graphic you like and glue it to a piece of hard cardboard. Then cut the cardboard into whatever shape you want. Pierce the side with a small hole and string through ribbon or yarn.

    – Coupon Book: Make a homemade coupon book with personalized coupons. A few ideas are: One free house cleaning, a free coffee at your favorite coffee house, one free car wash, etc.

    – Memory Jar: Buy a large glass jar and then write down short memories or phrase that reminds you of your family on 365 pieces of paper (one for each day of the year) or, if you can’t think of that many, 52 pieces (one for each week of the year). Write a tag to hang off the jar stating the jar contains one memory for each day (or week) of the year. And instruct the receiver of the jar to take one at a time, read, remember and enjoy.

    – Baking: If you can, bake cookies, squares, breads etc. It is a yummy gift idea that is sure to please. And if you can’t bake, try making a trail mix or party mix instead.

    – Go to a Second Hand Shop: Look for books, DVD’s, CD’s or ornaments that are in good condition. Second hand shops are full of treasures. They are affordable and, even better, often times the money raised goes to a charity. So it’s like two gifts in one!

    – Wall Art: If you can paint, use your talents to create fun art for your family and friends. Paint something they like, like a beach scene, or try something abstract in colors that match their décor. If you have no artistic ability to speak of, find a second hand book or album cover that’s cool and frame it to create instant art.

    – Finally, if you have younger kids to buy for try making homemade crayons. First, find old broken pieces of crayons. Set the oven to 250 degrees. Place the crayon pieces in an old muffin pan, about an inch deep, and bake for 15-20 minutes. Let the new larger, multi-color crayons cool and pop them out. Make a homemade, personalized coloring book to go with the crayons printing off coloring pages online of their favorite things, place the pages in a report cover and label the front with their name (e.g. “Jamie’s Very Own Coloring Book”).

    Whatever you decide, remember the best gift you can give your family is the memory of a happy holiday. If you think back ten years, chances are you probably won’t remember what you got for Christmas but you will remember the little things…dancing in the living room while decorating the tree, the smell of simmering apple cider, the Christmas tree falling over in the living room, your whole family gathered around the table eating dinner and chattering all at the same time. These are the things that make the holiday season truly special. The gifts are just a nice added bonus.

  • Six Tips For Getting A Scholarship

    Six Tips For Getting A Scholarship

    A lot of college students end up with nothing but debt even before they graduate. The option of a scholarship has always been a number two priority when it comes to college students. Most think that they can just pay off their student loans after they graduate and get a job, but many find it too overwhelming. With a scholarship, not only will you study for free but some scholarship plans will even give you money just to stay in school or even provide you with an “allowance”.

    Here are a few tips to help you get a scholarship and avoid debt in college.

    Look for one as soon as possible
    Start looking for a scholarship even if you haven’t graduated yet. Start during your junior year of high school and take advantage of having less competition. This way, you can still renew your efforts and take additional opportunities.

    Look for scholarships elsewhere
    Don’t just limit yourself to online sources. Check with religious organizations, local clubs, your school guidance counselor and employers. Local scholarships are less competitive compared to the national ones and you can find corporations and businesses that award free education to their loyal customers.

    Don’t become intimidated just because you’re not on the top
    So your grades aren’t really made for the honour roll, but many scholarships don’t measure or base their decisions on your grades. Many scholarships would prefer someone who shows volunteerism and leadership.

    Search all year round
    You can find scholarships that are only available for a limited season. For example, some major department stores actually give out scholarships during the holidays as a prize. Treat it like getting a part-time job. You can get different opportunities throughout the whole year.

    Be honest
    Never exaggerate your memberships, skills, qualifications or grades. Better focus on a scholarship that you know you’re eligible for.

    Avoid scams
    There are scholarship scams out there that promise you a full scholarship if you give them a certain amount of money. If someone emails you and asks you if you’re interested in a “discounted” tuition fee, it’s best to avoid these emails so you don’t get into a debt collection lawsuit. These scammers are only after your money and they’ll make a run for it after you give your credit card number to them.

  • Money Management Essentials

    Money Management Essentials

    If you are anything like me, you will often find yourself thinking, “Just one more small purchase won’t matter.” And if you’re even more like me, you will soon realize that maybe that small purchase did matter when you discover that your bank account is now empty. It would be silly to think that one small coffee made you broke, but when you figure out that maybe having one every day is a little excessive, you have the first step toward money management down: awareness.

    Take stock of your funds. Figure out how much you will earn each month, and write it down. Next, find a little notebook and start keeping track of everything you buy. Write down where you bought it, on which date, and how much you spent. This serves the purpose of telling you where all the money goes. It might even serve the extra purpose of telling you that you have a caffeine addiction, and maybe you should cut back a little. Starbucks four days in a row, five dollars each time? There are twenty dollars, gone. Kind of scary, isn’t it?

    Keep that spending diary for three months so that you can get a good idea for the average you spend on each kind of purchase. Doing so will then assist you to start making changes in your lifestyle: this is where you have to start limiting yourself and have self-control.

    Trust me; I know it is not easy to break a spending habit. When you do something so often that it becomes routine, breaking that routine throws off the rest of your day. That being said, it is now time to break out a coloured pen or highlighter. Circle or highlight every habitual purchase you made in the last three months, and calculate the total cost. Then think of how many hours it took to earn that money. A little sobering, right? Once you realize that your time equals money, it becomes a lot easier to make good decisions regarding your spending.

    Now that you have figured out what you can cut back on, it is time to make a budget. Figure out the main categories your purchases fall under. For some, those might be their cell phone bill, car payments and gas, entertainment such as movies, music, and video games, going out to eat, savings, and so on. Certain bills will always remain the same, such as car payments and your cell phone bill. Some put 10% of their entire paycheque into a savings account which they do not use under any circumstances. With everything else, though, allocate a certain percentage of your remaining funds to each category.

    For example: let’s say that you make $750 per month. 10% of that is $75 which goes into your savings. Your car insurance payment costs $100, so now you have $575. Your cell phone bill costs $50, and the remainder is $525. Now you can assign a percent to everything else. You may calculate it so that you have extra money left over for emergencies or unexpected nights out. As long as you never go over your allotted limits for each category, then you won’t find yourself with an unexpectedly empty bank account again.

  • Managing Your Money Wisely

    Managing Your Money Wisely

    It’s not fun being broke and it’s definitely not fun living paycheque to paycheque! Learning how to manage money wisely is a skill that should be taught in school. Unfortunately, most students aren’t taught this skill in school or at home and, as a result, rack up a lot of debt by the time they enter adulthood. If you want to learn how to manage your money wisely and avoid getting into debt, here are some simple rules to keep in mind:

    1) Don’t spend more than what you have – It sounds so simple, but you’d be surprised at how many people don’t follow this logic. So I’ll repeat it again – don’t spend more than what you have. Or, more accurately, only spend what you can afford. For example, if you only have $100 in your bank account, don’t go out and buy the latest iPhone for $800. If you really want to get a brand new iPhone, then save up $800 for it. It may sound painful, and it may feel like it will take you an eternity to do so, but doing this will actually save you money in the long run!

    2) Use cash – Why? Because when you use cash you can only spend what you have (see rule #1). So if you only have $100 in your bank account, you are only going to have $100. Using cash keeps you in check. It’s a good idea, too, to keep your receipts and write down what you spent your cash on so you know where the money went.

    3) Avoid credit cards – Some people cannot handle credit cards. The act of swiping or tapping a card to pay for purchases means that some people use their credit card to pay for things they can’t afford (thereby breaking rule #1). This means that when the credit card statement arrives a few weeks later, they are only able to pay the minimum payment required and end up incurring interest charges; interest charges which are ridiculously high — 19.5% and higher! Paying interest on credit cards actually costs you more in the long run. You end up paying much more than the original cost of the item you bought. For these reasons, stay away from credit cards! If, however, you do insist on having a credit card, then at least make sure you can pay off your statement in full (i.e. don’t spend more than what you have)!

    4) Put aside money into a savings account/emergency fund/rainy day fund – Life is unpredictable. You never know when you will need to have some extra money in your account for expenses you didn’t foresee. For example, let’s say your car badly needs a $200 repair job. Do you have some money saved up to pay for the repair and still pay the rent? What if you fall sick and can’t go to work for a few weeks – do you have some money in your bank account to tide you over until then? Put a little money aside from your paycheque each month into a savings account or other emergency fund. Do not use the money in this account unless you have to! The best part is that if you keep putting money into this account and don’t touch it for a while, your savings will actually grow thanks to interest! Your money can earn you money without you having to do anything. (In this same way, a credit card statement not paid in full can incur interest charges that will cost you more in the long run.)

    Following these 4 simple rules will allow you to manage your money wisely and avoid getting into debt. Good luck!

  • Long-term Financial Planning for Students

    Long-term Financial Planning for Students

    As a university or college student, you’ve likely got a lot on your mind. However, when you’re looking at your education as a bigger picture, don’t forget to factor in your finances—as tempting as it may be to (not) do so. Many students are already strapped for cash with the increasing costs of tuition and stockpiling student loans. Responsible and long-term planning may help you avoid financial emergencies in the future.

    Here are some things to consider when planning your financial future.

    A good credit history can help you down the road if you ever want to take out large loans from the bank, or make large purchases such as a car or a home. To start accumulating good credit, you can sign up for a credit card and start using it to pay for your groceries or your textbooks. If you can demonstrate to your bank that you can reliably make your monthly payments—in essence, replace the money you’ve “borrowed” from them each month with your own savings—you’re well on your way to building good credit. Of course, make sure to know your limits: never overspend on your credit card unless you can hold yourself accountable and pay back the money. A lot of people are in debt today because they take advantage of this aspect of the credit card- don’t let that e you.

    Setting up a savings account is also a smart idea, particularly if you have a part-time job or some other form of income. Each time you get paid, you can set aside a portion of that money and deposit it into your savings. Depending on the deal you’ve struck with your bank, the amount of money you have in that account may grow (probably slowly) over time. But even if you don’t accumulate growth, having some money set aside for emergencies is still a responsible thing to do. This will also ensure that when you get your paycheque, you don’t spend it all in one place!

    Finally, a long-term financial plan is something that should be in the back of your mind as you go through your education. Unfortunately, degrees and diplomas are usually very expensive. Think about how your education is going to be financed (part-time work? student loans? bursaries and scholarships?), not only currently, but in the long run. Furthermore, think about whether you are going to enter the workforce right after graduation and start paying back any borrowed money, or whether you are going to pursue further education, such as graduate or professional schools. These decisions will determine the kind of financial steps you will have to take to ensure you will be able to pay for your schooling.

  • Staying Healthy on a Student Budget

    Staying Healthy on a Student Budget

    As a student, you’re probably spending so much energy (and money!) on your education that you hardly have time to think about your health. However, unhealthy habits add up—whether it’s eating ramen for dinner for the fifth night in a row or the energy drinks you chug to keep you up after an all-nighter, your body will start to feel the effects soon enough. But what do you do when you’re strapped for cash from your latest textbook purchases? If you can’t afford a gym membership or buying your groceries at a health food store, the prospects of a healthy lifestyle may seem dismal to a student at first.

    Your health should be one of your top priorities, even when your schedule or your wallet may not suggest that. Besides the obvious physical benefits of a healthy routine, sticking to healthy habits will actually help you concentrate, remember information, and have the energy to keep going through those long days. Start small: there are inexpensive but effective ways you can watch out for your health as a student.

    Here are a few ways to stay healthy on a student budget:

    Pack smart. There’s room enough in your backpack for stuff besides your books. Carry a water bottle with you to stay hydrated, and pack some healthy snacks for study sessions (fruit or granola are great choices). You should also consider packing a healthy lunch if you’re spending all day on campus—that will deter you from spending your hard-earned money on those greasy food trucks parked in front of the library. (I know it is tempting…)

    Do your research. Even if you’re really strapped for cash, chances are there are opportunities for you to engage in healthy activities that you aren’t even aware you can afford. For example, are there coupons you could be using to get discounts at health food stores? Do yoga studios or gyms offer student discounts on certain days of the week? Know your options before you give up on your health just because your wallet leaves more to be desired.

    Take advantage of on-campus services. Many colleges and universities charge hefty student fees along with their tuition at the beginning of the year (which most students are less than ecstatic about). Instead of doling out your money without a second thought, take a look at the services that are offered to members of your post-secondary institution. Services like gym facilities, counseling, and clinics may be covered under your student fees.

    Compromise. Maybe you can’t afford all-organic goods or a luxury gym, but there are certainly ways to construct your own, alternate healthy patterns. Can’t find a treadmill or a personal trainer? Try running in the park instead (and download one of many exercise mobile apps available online). When it comes down to it, your health is your choice—if you really want to stay healthy, you’re going to find a way to do it that doesn’t involve breaking the bank.

  • Books and Bills: Financing your Post-Secondary Studies

    Books and Bills: Financing your Post-Secondary Studies

    An education is a worthwhile investment—but if you’re making the decision to go to college or university, you may find yourself questioning the amount of money going into your studies. Tuition fees can pile up, and can range anywhere from five to eight thousand dollars per year. Specific programs, like business or engineering, are even more expensive at many institutions. When examining the costs of it all, post-secondary education seems more and more daunting, but (though it might take a little work) there are ways to get the learning you’re entitled to without breaking the bank.

    When you’re looking at a post-secondary program, finances should be one of your points of consideration. Depending on the university or college, tuition rates can vary, and if you know your program is offered in equal quality at a cheaper school, this could be a logical deciding factor. The thing is, post-secondary finances are comprised of much more than tuition payments: in all programs there are auxiliary costs, like textbooks, that you have to consider. Furthermore, there is the issue of residence; you may choose to live at home in order to save some money, since residence can cost you up to ten thousand dollars every year. But if you’re looking at an institution that’s a little further from home, living expenses are mandatory costs as well.

    Overall, going to college or university can be a financial ordeal if you don’t have the funding. That being said, don’t feel you have to miss out on educational opportunities due to financial problems. Scholarships that are awarded based on academic merit are often included upon your admittance to a post-secondary program, provided you fall into a certain grade category (typically, very large schools tend to have more stringent academic requirements for entrance scholarships). There are also scholarships you can apply for, whether based on grades, extra-curriculars, or community involvement, and these scholarships can be offered by the school itself or available through external sources. You just have to do your research.

    Financial assistance can be available to you even if you don’t qualify for scholarships—bursaries, which are based solely on financial need, are also offered by many universities. These require an application, but are definitely a worthwhile investment. Bursaries are grants, not loans, so they don’t need to be paid back! If scholarships and bursaries don’t work out, consider applying for a student loan (basically, borrowing money from the government). Programs like OSAP in Ontario are in place specifically to help people get through school, even if they don’t have the funding for it. They also allow some time after you graduate to get yourself organized until you are able to pay the money back.

    Post-secondary can be a financial burden, but don’t let yourself miss out on the opportunity to get an education. With scholarships, bursaries and loans in place, there are always ways to get the help you need.

  • February Scholarships of the Month – Apply Now!

    February Scholarships of the Month – Apply Now!

    Already accepted to your post-secondary institution of choice for September 2015? The next step is to apply for the scholarships and bursaries that will help fund your education. While student loans are a good option, having free money that you WON’T have to pay back is, well, priceless. Here’s the scholarships we found for this month:

    1. Starfleet Scholarships – Open to students in any program at any school who are Starfleet members. Amount: $1000. Deadline: July 15, 2015.

    2. Fraser Institute Student Essay Contest – Open to all students across Canada who submit an essay based on the topic National Security and the Role of Government: Safety vs. Privacy in a Technological Age. Amount: Up to $9000. Deadline: June 1, 2015.

    3. Retail as a Career Scholarship Program – Open to students pursuing a retail, business or marketing-related program. Amount: $1000. Deadline: March 31, 2015.

    4. Scotiabank Sikh Foundation Scholarship – Open to residents of Ontario who submit an essay. Amount: $5000. Deadline: March 20, 2015.

    5. Ada Slaight Scholarships – Open to talented emerging artists, designers, digital innovators and cultural leaders in the pursuit of education at OCAD University. Amount: $6800. Deadline: February 27, 2015.

    6. The Lohn Foundation Bachelor of Arts Entrance Scholarship – Open to students entering their first year of study at Thompson Rivers University. Amount: $5000. Deadline: March 1, 2015.

    7. Ken Dryden Scholarship – Open to young people, currently or formerly in the care of the Canadian child welfare system, who demonstrate great achievement and promise. Amount: $3000. Deadline: March 6, 2015.

    8. Shire Canada ADHD Scholarship Program – Open open to Canadian students who have been diagnosed with ADHD and who are legal residents of Alberta, Manitoba, Nova Scotia, Ontario or Quebec and are of legal age. Amount: $1500. Deadline: April 20, 2015.

  • Living On A Budget

    Living On A Budget

    As a young person, your parents are probably paying for most, if not all, of your expenses. Perhaps you have a job, in which case you may be making some of your own money. However, because of the time that school takes up, you probably are only able to work part-time. This means that your income is limited to what your parents give you and what small amount of money you can make at your job. Learning how to budget your money is an invaluable skill that will help you to learn the value of money and make important decisions about what you need and what you can live without.

    Budgeting starts by thinking about your expenses and what you can and cannot afford to buy. It also involves setting goals for what purchases you would like to make in the coming years, which can be very exciting and rewarding. Your parents may already be paying for your “big” expenses like rent, food and transportation costs (bus pass, car, etc.). They might also pay your phone and internet bill. In turn, you would then be responsible for paying for your clothing, hygiene products (like shampoo and conditioner) and your entertainment costs. All of these amenities add up and you will eventually have to pay for all of these things yourself.

    Setting goals about when you will be able to afford a certain purchase is a really good way to initially ease yourself into a budget. If, for example, you currently work part-time hours (20-30 per week) and you want to buy a car within the next 4 years, you can calculate how much money you will have to put away in your savings account. Knowing this will help to set you up for success and encourage you to spend your money responsibly. It will help you to make tough decisions about what you really need and what you don’t (do you NEED that new Xbox game?).

    Depending on your financial situation, you might also be responsible for paying your university or college tuition. These costs can reach into the tens of thousands of dollars and definitely require budget planning. You will need to factor in all of the above mentioned cost in addition to the cost of school. This is where applying for student loans and scholarships becomes vitally important. Remember – student loans you are required to pay back. Scholarships are essentially free money. Ensure you have applied for as many scholarships as possible!

    All of this responsibility can tend to weigh down on you and make you feel trapped. But don’t worry! Everyone has a budget. Some are more restricted than others, but with a little creativity and organizational skills, you will be able to manage perfectly well and become a better person for it. Money comes and goes, but as long as you are doing your part to earn an income and to actively plan and manage your money, you will be fine.

  • Cash Advance Loans and Students – A Dangerous Mix

    Cash Advance Loans and Students – A Dangerous Mix

    Are you a college student wondering how online cash advance/payday loans fit into your finances? If you are a smart college student, then you will know online payday loans are only for emergencies. The payoff comes in just a few short weeks, so steady income is a must in order to pay it off without putting more damage into your finances.

    Here are five tips for college students who are looking to get their finances off on the right foot.

    1. Take your time getting new credit. For every creditor you apply with, there will be a mark left on your credit score. Hard inquiries to your credit done by potential creditors looking up your history will take a few points off your score for a year or two at a time. When your finances are just starting, this could bring you low really fast. Low credit scores will be denied. Too many creditors applying at once is also a warning sign for potential creditors that the applicant is desperate for cash. New creditors may take a different approach and offer incentives for the new debtor to spend more. A college student is an easy target for many marketing campaigns. Newcomers to finances are often attractive to reward programs which can trap the debtor into spending more than intended.

    2. Don’t spend your credit on frivolous things then leave yourself no room for emergency costs. Emergency costs do not need to be funded by online cash advance loans when you have room on your credit card to lighten the load. When you use and manage your credit account wisely, they are a great source of third party money to help you get by and build your credit at the same time. Make your payments on time and keep the balance below 30% whenever possible.

    3. If you are having trouble finding a creditor to approve you, you can fall back on being an authorized user on one of their accounts or have them be a co-signer to start you out on your own. The issue here is that your parents, or whomever you choose as your co-signer, will be responsible for any debt you accrue. They will also be privy to what you charge, when you charge it and where. This may not matter to some people but if you are one who may not be the best manager of money, it could be a sticky point in the relationship. If you are going to take this route, make it work for you so your credit will build into something helpful when you graduate.

    4. Are you coming out of college and are finding your student loan debt to be financially draining? Don’t default on these loans. The federal government is not a creditor you want to have after your money. Before you miss a payment, look into finding a way to defer the starting date if you still have not gotten full-time work. Ask about reduced payments or changing your payment dates to better fit your pay cycle. If you have multiple loans, try to consolidate them for a lower monthly payment. Managing your money by making on time payments may best be done with automatic payments. Some people are not organized enough to make on time payments even when they have the cash in the bank.

    5. Look into your options, which include deferring payments for a short amount of time, making reduced payments, or re-configuring your current payment schedule. Also consider consolidating multiple loans into one new loan. This often results in a lower monthly payment. Have the loan amount directly withdrawn from your bank account so you never pay late.

    Cash advance loan lenders offer emergency cash for those times when there is no other place to turn. College students often do not have the income needed to support an approval. A responsible lender will not want loan to someone without a certain income. College students have it tough in the beginning but will have great financial success when managed correctly.