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Tag: saving money for school

  • Saving in Senior Year

    Saving in Senior Year

    When it comes to your senior year of school, it’s never too early to start thinking about your future.

    I know that a lot of students are already worrying about jobs, moving out, and exams. However, one of the things that will never stop being important is how to be responsible with money.

    One of the first things you should do is begin consulting with people who have been in the “official” adult world for a while. Your parents and potentially older siblings will be able to give you tips on how to be fiscally responsible. Remember that your parents have been budgeting and taking care of a family for years, so they’ll be one of your best guides. It might sound like they’re nagging you when they ask why you spend money on a new shirt when you already have 20, but they’re just doing what you should be – budgeting. You don’t need to disclose everything to your relatives, but asking them a few questions about how much they would recommend putting into savings, drawing up a plan with you, or even scheduling a meeting with a bank consultant are good places to start. You may be young, but the sooner you learn about money, the better your sustainability will be.

    Something else that works is to learn how to budget. Living within your means only becomes more crucial as you get older. If you’re crazy with your credit cards, don’t go shopping for a while. Take out cash and live with the money that you take out for a week.

    A big part of being financially responsible is understanding that sacrifices need to be made in order to help your future self. It may be a bit of a downer to not eat out as often as you’d like with friends, but there are always ways to improvise. Have a few friends come over for a homemade dinner. It’ll be worth it to give up a $40 restaurant tab if it means you’re putting money away for an apartment or a rainy-day fund.

    One of the best things that you can do for yourself is to consult with a professional. Schedule an appointment with a consultant at the bank about how to save, what plans are best for you, and the kind of account that will work best for you.

    Saving money is difficult – especially with the introduction of plastic cards. We don’t see our funds deplete and keep going until it becomes a problem. But, with these few tips to help get you started, fiscal responsibility and saving are right around the corner.

  • Saving Money for School

    Saving Money for School

    When it comes to saving money in high school or university, there are a lot of students out there who don’t know where to start. I’ve known friends of mine whose parents didn’t want them working in high school to avoid splitting their focus, which led to them not knowing how to budget later in life. I, myself, had a job in high school and in university but I was never good with saving money. Now, into my final year of university, I’m painfully aware of how much money I owe back to the government, and how little of that amount I actually have saved. However, there are ways to get better at budgeting and saving money…

    First thing’s first: you need to ask people for help. It’s like anything – if you don’t know how to do something, swallow your pride and ask someone for help. This is your future after all. Many universities have workshops on how to save money and how to properly budget for your future. Parents, friends, or even professors would be able to help you with figuring out how to ensure that balance stays in the green.

    I also know that being on campus is pretty tempting when cafeteria food calls your name. It may not be very good but it’s there, you’re hungry, and you’re too busy in the mornings to pack food. Well, it’s time to make some sacrifices. Wake up a little early and pack a lunch for the day. You can even make it the day before or pack leftovers from dinner. Same goes for other expenses while in school; textbooks, even if a newer version is required, can always be bought from someone else or another site that may have it for a much cheaper price- EBay is great.

    Now, I know you may be thinking that this advice is good for those who live at home and who can actually budget. But, what about those living in residence or on their own? Well, for you guys there are lots of external resources to help you with your work. Mymoneycoach.ca offers tips on how to save, where to make cuts, and gives realistic advice on how to properly save funds. For example, they’re quoted as saying:

    “One of the best saving strategies is to pay yourself, first. What this means is that you designate a certain amount of your paycheque as your pay and you pay that money to yourself before you pay your bills or anyone else. […] It can be any amount that you decide. The important part is that you pay yourself first rather than last. Most people pay all of the bills first and then save anything that might be left over. For most people, that method of saving doesn’t really work because nothing is left over to save.”

    The most important thing is that you need to be willing to save and make sacrifices because this is your future and it’s better to be good at these things now.

  • 5 Reasons You Should Always Have a Job in High School

    5 Reasons You Should Always Have a Job in High School

    While it is sometimes true that school can be considered a student’s “job,” there are many reasons why students should work regularly both during the school year, and over summer break.

    1.  Earning Your Own Money

    The reasons you want to earn money in during high school can vary, from wanting spending money to wanting to help out with family and household expenses.  Having a part time job can provide students with enough money to let you save for college or your first car, help out your family, and have cash to go out with friends or treat yourself to the latest video game or clothing.  By having your own money, you will also learn how to budget yourself and effectively manage your finances.

    2.  Learning and Demonstrating Responsibility

    Starting to build your work history in high school gives you lots of time to learn how to operate in the adult world.  Being a good employee shows that you can handle responsibility for yourself, your work and your actions, which can help you achieve important future educational and career opportunities.  You will also learn how to balance work, school, and your personal life, which is an essential skill you will need in college, university or your future career.

    3.  You Will Develop Your Skills and Work Experience

    When it comes to getting hired to your dream job, you will need to have a lot of valuable skills and experience to bring to the table.  Working throughout your teen years will give you the chance to try lots of different jobs, which will help you decide what kind of work you want to do for a living, or what college program you want to take.  You will build a lot of great, unique experience this way, all of which will be valuable to your future.

    4.  Part-Time Work Could Lead to a Full-Time Career

    The adult working world can be a surprisingly small one, and a place that employs you part time when you’re a teen could become the place that hires you on permanently after you graduate college or university.  Companies often like to hire people they already know, because they are familiar with the person’s attitudes, work ethic, and performance.  If you can make a good impression as a part-timer, someday you might be able to take on a vital role within that company.

    5.  Polish Your Networking and People Skills

    Almost all jobs involve working with many other people from diverse backgrounds and different personalities.  The more you work with people, the better you will be at things like conflict resolution, decision making, teamwork and leadership.  In addition, you never know which person you meet could be the key to your dream job, so making connections in the professional world as early as possible can be very useful.

    Sources:

    http://talentegg.ca/incubator/2013/08/26/6-benefits-of-a-having-a-part-time-job-at-school/

    http://www.ecampustours.com/for-students/career-exploration/building-your-resume/benefits-of-working-a-part-time-job-in-high-school

    http://www.bachelorsdegreeonline.com/blog/2012/12-compelling-reasons-your-teen-should-work/

  • How to Save Money to Pay for College or University

    How to Save Money to Pay for College or University

    When you start thinking about attending college or university, it can seem like an expensive task. Tuition, books, and residence fees add up to a pretty hefty price tag, but that doesn’t mean it’s impossible. There’s a lot you can do when you’re still in high school to save money toward paying for college or university.

    Start Saving as Early as You Can
    The sooner you start saving money for school, the better. The best way to do this is to open a separate savings account at your bank, where you can deposit money you want to save for school. This way, your money will also earn some interest for you.
    You should also work out a budget of what it will cost to attend the college or university program of your choice. Schools and programs will vary in cost, but by looking at a wide variety of schools you will have an average price range to use as your savings goal.
    Once you know your goal amount, make sure you put money into your savings account as often as you can. A little bit at a time is all you need, such as money from your allowance or birthday and holiday gifts. You’ll see – it will add up pretty quickly.

    Earn Money Working Part-Time or During Summer
    Many students have part time jobs in high school. If you’re already working, then you can easily save money by putting some money into your savings account immediately after each paycheque. By doing this first thing each payday, you can make sure you save before you spend it.
    However, not every student has the opportunity to work during the school year, whether due to family obligations, sports and clubs, or parents who prefer you focus on academics. The thing to remember is that there are always breaks, such as spring break and summer vacation, which are an ideal time to pick up some work.

    There are many flexible jobs for students, as well. These include retail, food service, babysitting, camp counsellor, yard work and snow removal, washing cars, and even dog walking, to name just a few options.

    Start a Registered Education Savings Plan
    Known as an RESP, these are specific bank investments designed to help families save money for a child’s education. These plans enable parents and other family members to contribute to pay for school, and the younger the child is when the RESP is opened, the better.
    These investments offer benefits with taxes, as well as government matching of contributions up to a specific dollar amount each year. This makes an RESP a valuable way to save for school.

    Apply for Scholarships and Grants
    While not saving money per se, scholarships and grants are a great way to offset the costs associated with college and university. There are many scholarships for whatever program you want to study. The qualification requirements will vary, meaning you will always be able to find something to apply for. Some scholarships can even be applied for as early as your third year of high school.
    Scholarships and grant opportunities can be found all over, from local businesses and organizations in your town or city, as well as province-wide and Canada-wide.

    Student Loans
    It’s not always possible to save the entire amount you will need to cover the cost of your education – and that’s okay. Student loans exist for exactly that reason: to ensure that students who want to attend college or university can do so.
    Many banks offer student loans for educational purposes, and there are also government student loan programs, such as the Ontario Student Assistance Program (OSAP). These programs are valuable resources for students to help finance their education. The terms of the loan will vary depending on the source, but often include better interest rates and different repayment options than a standard loan.