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  • Money Mishaps & How to Fix Them

    Money Mishaps & How to Fix Them

    Quite often, no single purchase feels like too much. It is the culmination of our actions that lead to financial difficulties. While in college or university, we are at an odd transition point. We are old enough to feel like an adult and assume many adult responsibilities, but we are still students and not working full-time. Here are a few common issues post-secondary students have when it comes to money, and what can be done about them:

    Thinking Short-Term

    That cup of coffee is only a couple of dollars or so. But by ordering one each day, that could add up to a whopping $700 or more every year! Making the morning beverage at home or in your dorm, either with a machine or as instant coffee can save you hundreds annually. This is a common misconception for adults too, and can be tricky to overcome. When you are zipping around from one class to another, these purchases can be made with little forethought. By forcing your brain to become more and more aware of them, you can take the first steps to cutting back.

    Working Too Little or Too Far

    A lot of us may consider part-time work a bad idea during the school year, as it can distract us from our studies. Although this is true, there are ways to minimize that distraction. Working not only helps to alleviate your budget, but provides valuable experience going forward. During the school year, it gives a constant stream of income coming in to put your mind at ease. If you are attending a major university or college, it is often not necessary to travel far to work. More and more online and remote work options are becoming available. By taking full advantage of nearby and remote jobs, you can keep your budget balanced without sacrificing your schoolwork.

    Saving Money Ineffectively

    A no-fee chequing account lets you keep track of your deposits and withdrawals. This gives you a clear idea of how much money is coming in, and where it is going. It is good practice to review these expenses at least once a month to keep yourself on track. High-interest savings accounts are also beneficial, though they are not the income treasure trove banks may advertise them to be. Nevertheless, by placing funds in your Tax Free Savings Account, you are less likely to touch them and spend those dollars frivolously. If you combine this with other money-saving habits, it all adds up.

    Ultimately, it is important to remember that for many of us, we are not helpless victims to expenses spiraling out-of-control. There are numerous actions we can take to either improve our income or cut back on unnecessary expenditures. By starting to focus on that in college and university, you can eliminate and avoid bad habits that would otherwise stick with you throughout adulthood.

    Sources

    “Budgeting for University Life.”  Practical Money Skills. https://www.practicalmoneyskills.ca/personalfinance/lifeevents/university/budgeting.php

    “Tips for students to avoid common money mistakes.” University of North Texas. https://news.unt.edu/news-releases/tips-students-avoid-common-money-mistakes

  • 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.

  • How to Save Your Money

    How to Save Your Money

    For many people, shopping is a lot of fun. Getting something like a new bicycle, a musical instrument, or a jacket can be exciting if they can afford to buy it. If they are not very interested in objects like bicycles or clothes, they might need money for a new experience, such as going on a special trip or a concert. Unless they are very wealthy, most people will likely need to save up the money to pay for their new purchase or activity, but this can sometimes be difficult. Finding an interesting way to save money can help make the process easier.

    Have you ever gone out with friends for an afternoon and then realized after you got home that you had no idea how much money you spent? One of the first steps in saving money is to keep track of the money that you spend and how much you have left over. Recording your purchases in a small notebook or computer can help you find out how much you spend every day so that you know where to cut back.

    The first step is to identify your necessary or unnecessary purchases. If your parents want you to buy your own toothbrushes and toothpaste, for example, you will still need to do that to keep yourself healthy. However, you can save some money by buying these items at dollar stores or other discount places. Low-cost clothes and other items are available at thrift stores, and you can often save a lot of money by getting what you need there instead of at regular stores. For people who know how to sew, it can even be an interesting challenge to buy thrift shop clothes and then to alter them.

    Food is another place where people spend a lot of money. If you buy a lot of snacks like cookies or muffins, you might want to consider baking some of them at home. Even if you have to buy the flour and other ingredients, your snacks will likely be cheaper than the ones that you can buy in a store. Making lunches at home to take to school can also save a lot of money.

    You should also be aware of how you pay for what you buy. Some people use credit or debit cards for almost everything, but paying with cash can have many benefits. That way, you can see at a glance how much you’ve spent. You can also find fun ways of saving money, such as saving your change in jars so that you can watch them fill up.
    Activities with friends can be expensive, but you can try to find things to do that are low-cost or free. For example, you could go to a park to play soccer or to look for animals instead of shopping. However you manage to do it, saving money can be worth it in the end.

    Bibliography:

    Barreca, Kerri. 5 Money Saving Tips for the Bargain Hunter.” https://creditcanada.com/blog/7-money-saving-tips-financial-planning-bargain-hunter?gclid=CMHa7cDNrsgCFZEBaQodEXgAiw.

    Graham, Nicole. “15 Fun Ways To Save Money (Instead Of Using Piggy Banks).” http://www.lifehack.org/articles/money/15-fun-ways-save-money-instead-using-piggy-banks.html.

    The Mint.org. “5 Simple Saving Tricks.” http://www.themint.org/kids/saving-tricks.html.

    WikiHow.com. “How to Save Money as a Kid.” http://www.wikihow.com/Save-Money-as-a-Kid

  • OSAP: The Basics, Application and Concerns

    OSAP: The Basics, Application and Concerns

    What is OSAP? If you are an up and coming post-secondary student in Ontario, you might have already heard about OSAP. The acronym stands for Ontario Student Assistance Program. It is a government-run program to help post-secondary and mature students finance their education. You can apply for OSAP when you are ready to go to college, or university. It has helped many students (all over Canada, as well) get the extra money they need in order to achieve their educational goals. OSAP is specifically for Ontario students, but the government also has assistance programs for each province in Canada. It can be used for tuition costs and living costs. Other than paying tuition, you need a place to live, and money to buy things like groceries and personal items- OSAP will help you get by. Along with money you have saved yourself from working, parents, or rich uncles, you will be on your way to accomplishing your goals with OSAP. OSAP also gives you a chance to gain credit history by making payments each month while in school, or after school. It is important to start building a good credit record at a young age; for it will help you obtain things like a house or car in the future- every bit counts!

    Application:

    It is easy to apply to OSAP. All you have to do is go to the OSAP website and fill in the application, and make sure you are qualified to receive funding. However, there are some limiting conditions when applying for OSAP. Your total household (parents and you) income can only reach a certain amount. This varies from situation to situation, but if the household income is too high, OSAP may state that you do not need their help, or you will get a very low amount of funding. The Ontario Ministry of Training, Colleges and Universities’ website has a well-rounded list of requirements you should read before applying. If everything matches up, you’re in the gold. You can apply to any post-secondary institution in the world and receive OSAP, but it has to be approved by OSAP, first. Ontario.ca states that you will also receive an automatic 30% tuition discount when you apply.

    Link to register for OSAP: https://osap.gov.on.ca/OSAPSecurityWeb/public/registration.xhtml?lang=en

    Maximum funding for a full-time student:

    For one academic year:

    • single, no dependents: $12,410
    • married or common-law or sole-support parent: $19,210

    (stated September 30th, 2015)

    Paying it back:

    All students that receive OSAP must pay it back; essentially, it a very low-interest loan. It can be rough, paying student loans back. Sometimes, depending on your career trajectory, you may be paying back your OSAP for years. I know of college and university professors that still haven’t paid back all their OSAP! The truth is that if you get it, it will be haunting you until it is all paid back. It will be the little itch in the back of your head that you won’t quite satisfy. In an article called “The Misuse of OSAP Money” from The Sun, a student named Joe Brown states that “When you’re 17-18, you don’t think about paying it back in four or five years.”[1] This can be true for many eager students. It is up to you to be responsible, and set yourself up for the best results. If you think it might be a better idea to work for a year or more before going to college, do it. The reality is debt can make you feel like a slave to money. If you save up a decent amount of money for yourself and have OSAP as a backup, great. If you need the maximum amount of OSAP and even more money to go to school, you may want to consider working for a while. Everyone has a choice, so don’t feel pressured by anyone else but yourself!

    Sources:

    [1] http://www.torontosun.com/2012/05/20/the-misuse-of-osap-money

  • 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.

  • Financial Help for Students

    Financial Help for Students

    Whether you’ve landed a part-time job or are looking into a student loan, money is a part of everyday life. Especially during back-to-school season, it’s important to start thinking about how to handle the money you’re making (or spending). Financial matters may seem complicated and intimidating—but if you’re looking into a post-secondary program (or have already begun to invest in one), understanding how to manage money is one of the most important things you’ll have to learn this year.

    There are key steps you can take to make sure you’re truly getting your bang for your buck: consider the following tips the next time you’re headed to the bank.

    Outline basic expenses.
    What are you going to need, and when? Establish some weekly, monthly and annual expenses and see what you can do to stick by your budget. For example, if you’re living on your own, you’ll probably be spending roughly the same amount of money on groceries each week and will have to make monthly payments on rent. Make sure these recurring bases are covered before you put your cash towards something else.

    Shop smart.
    Draw up lists – and make sure you’re specific. Set out to buy only what you’ve established you need first before you spend all your money on more “fun” things. It’s also a good idea to research before you shop. Are certain stores having sales you can take advantage of? Is a certain brand more expensive than another? Be informed about what you’re spending your money on and be prepared to justify expensive investments.

    Prioritize—or compromise.
    If you’re going out to eat one day, pack a lunch the next. If you don’t spend most of your wages one week, treat yourself with something special the next. You can have fun and be money-smart at once; it just requires a bit of calculated give and take. What’s most important is that you make sure you can afford what you’re spending. Consider looking into cheaper alternatives for the things you want if you can’t make room for them in your budget.

    Save something.
    Make the decision to put aside a portion of your earnings every payday (for example, a third of every cheque can go into a savings account). Work around these savings—spend whatever you need to, but don’t touch the money you’ve set aside. It’s smart to reserve some cash for special occasions or emergencies because things happen. You never know when you’re going to need it.

    When you’re doing financial planning, try these tips out—and as you go, incorporate some of your own strategies. Customize your student budget to suit your personal needs and get ready to reap the payoffs.

  • How To Get Scholarship Help

    How To Get Scholarship Help

    When it comes to college scholarships, the more that you can accumulate the better off you will be. You cannot always rely on college financial aid to be enough to get you through college. After all, financial aid is based on your parents’ salary and their assets, not your own. Therefore, if your parents are not willing or able to help as much as their financial aid sheet says they can, then you may have problems and be in need of college admissions assistance to find a way to afford your tuition. The good news is there are several ways that you can seek out college scholarship help.

    Utilize a college financial aid calculator
    The first thing you are going to want to do is head online and look for a college financial aid calculator. Although the tuition charged may change from school to school, you will have a rough idea of where you stand on what you will owe if you use a certified calculator. This gives you an estimate of how much you will be left owing after student loans so that you can figure out the amount of scholarships you will need to cover tuition. Keep in mind that scholarships can be applied before financial aid if they are sent directly to the school, so this is another factor to remember while shopping for useful scholarships.

    Check out your high school guidance office
    The second thing you need to do is make an appointment with your high school guidance office so that you can sit down with your counselor and go over your scholarship options. They are the best window into your local scholarship opportunities. They will know what you are eligible for and, since they have spent years helping other students, they know what you are likely to get. This will help save you a lot of wasted time.

    Seek out college admissions assistance
    Another great office to schedule an appointment with is the college admissions assistance office. Their assistance is also invaluable because they have experience helping freshmen every year. They can help guide you through the scholarships available in your college town so you can afford your education. They can also help you see if you qualify for anything directly from the school, because many times schools offer grants and these can be helpful to put towards your tuition.

    Online scholarship help
    Finally, the last thing you might want to think about doing is heading online to look for scholarships. There are actually many websites designed to offer college scholarship help to college freshmen. Online searches can reap a lot of rewards because you can apply for dozens of scholarships with just one click of a button, making it a very time efficient way to apply for help.

  • April Scholarships of the Month – Apply Now!

    April Scholarships of the Month – Apply Now!

    With April upon us, your applications for college and university have officially been sent off. In some cases, you may have even already heard that you’ve been accepted (congratulations!). Now it’s time to sort out your financials. While student loans are a great option, free money from scholarships and bursaries are a worry-free way to fund your education without having to worry about debt. Take the time to apply for a few – you’ll be glad you did! Here are the latest scholarships that JobsPeopleDo.com found for the month of April and beyond:

    1. AIA and the Global Automotive Aftermarket Symposium (GAAS) Scholarship Program – Open to students enrolled full-time in a college-level, university or an accredited automotive technical program in Canada. Amount: $1000. Deadline: June 15, 2014.

    2. Alberta Arborists Annual Scholarship – Open to students pursuing higher education with an emphasis in natural or applied sciences. Amount: $1000. Deadline: July 30, 2014.

    3. Output Links Communications Group Scholarship – open to students across Canada who MUST be nominated by an employee of one of the companies that sponsors OutputLink’ Communication Group’s services. Amount: $2500. Deadline: May 1, 2014.

    4. Society for the History of Discoveries Essay Contest – Open to students across Canada who submit an original essay of approximately 6,000 words. Amount: $600. Deadline: May 15, 2014.

    5. Monsanto Fund Opportunity Scholarship – Open to students from rural communities who are pursuing higher education. Amount: $1500. Deadline: May 15, 2014.

    6. Workers Health & Safety Centre Scholarships – Open to residents of Ontario who submit a 600-1,000 word essay, poster or video on “How would you raise the profile of workplace health and safety among young and new workers in your community?”. Amount: $1200. Deadline: June 13, 2014.

    7. Excellence Award for Agricultural Students – Open to students across Canada enrolled in an agricultural program who submit a 3-5 minute video on: What key skills has your educational institution taught you about farm management that will be most useful in your career? Please explain why these are important?. Amount: $1000. Deadline: May 9, 2014.

  • What Is the Student Loans Process?

    What Is the Student Loans Process?

    As an Ontario resident, you have two different types of student loans you can apply for. The first is federally mandated (Canada Student Loan) and the second is from the provincial government itself (Ontario Student Assistance Program – OSAP). You can also apply for both at the same time using the Canada-Ontario Integrated Student Loan program, which is accessed via the National Student Loans Service Centre.

    Sounds good – but where do I go to apply?

    The best way to apply is online via the OSAP website. You will need to register to use the site by providing some personal information, including your social insurance number.

     https://osap.gov.on.ca/OSAPSecurityWeb/public/login.xhtml?lang=en

     I’ve registered – now what?

    Gather information about your financial situation. You will be asked to provide an overview of your expenses for the school year (rent, utilities, food, etc.). The more information you can provide the better. You will be asked to print out and sign a declaration indicating that the information you have provided is true and accurate. If a parent or guardian will be helping you out financially during the school year, this information needs to be included on your application and they will need to sign their own separate declaration form.

    How much money will I get?

    The amount you get will depend on your unique financial situation. This is why it is important to provide as much information as possible during the application process. The maximum amount you can receive per week is $210 from the Canada student loan portion and $150 per week for the Ontario portion. It is important to note that you will not be given money weekly – it will be paid out to you in a lump sum at the beginning of your semester. This means budgeting is extremely important!

    When can I apply?

    If you are going to be attending school in September 2012, you can apply as early as May 2012. The latest you can apply is 90 days before the end of your study period. It is recommend to apply as soon as you are able to prevent any delays in receiving your funding.

    My application was accepted – when do I get my loan?

    Shortly before the academic year commences, you will be either sent a cheque or a funding certificate. Most students will receive a funding certificate. This certificate is a legal form that authorizes the release of a loan to the student via the National Student Loans Service Centre. This certificate must be taken to a designated Canada Post outlet to be converted into your student loan (you can find a designated outlet by visiting the following link: http://www.canlearn.ca/eng/onlinetools/canadapost/cp_clf/on.shtml)

    You will need to provide a void cheque with your funding certificate so the funds can be electronically deposited into your bank account. You can arrange to have a cheque mailed to you if you prefer.

    Your student loan will then be dispersed to you twice – the first at the beginning of your studies in September (generally, 60% of your total loan amount) and the second at the beginning of January.

    You can always get help and more information by visiting the OSAP website directly. The following link will help you get the answers to the majority of your questions:

    https://osap.gov.on.ca/OSAPPortal/en/PostsecondaryEducation/OSAP/GettingOSAP/HowtoApply/OSAP004031.html

    Good luck and happy studying!