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  • 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.

  • Creating a Working Budget – 5 Tips to Remember

    Creating a Working Budget – 5 Tips to Remember

    Being a college or university student is a learning experience through and through. Not only do you learn the necessary skills to flourish in your future career, but you also learn how to survive in the real world. Among the long list of real-life survival skills you get to test out as a student, is being finance- savvy.

    Being free of financial troubles while in college or university is not as much a Herculean task as many believe, but it is indeed a challenging one, especially in these times when the Canadian dollar has hit its lowest rate in 13 years. However, if you are completely aware of your finances from the start, it would mean smooth sailing for you. Below are some suggestions on creating a working budget.

    1) Note all your assets.

    The first step in establishing a working budget is to know how much you have. Students like you have a variety of sources of income, and you should note them down. Such sources include income from part-time jobs, scholarships, grants, or bursaries, and financial support from family. Include everything you have accumulated since you started your post-secondary education—even that cash gift you got from your grandparents last Christmas.

    2) Note all your expenses.

    Now this is the part where it gets a bit tricky. This is because expenses are never actually constant for any college or university students. There are some fixed expenses like credit card bills or phone bills, but there will always be times where you have to spend extra on school projects or supplies and other school-related stuff. Of course, college and university life also equals honing your social skills and bonding with fellow students, and you would most likely find yourself allocating your budget for entertainment expenses such as concert or movie tickets. Remember, however, that when it comes to expenses, it’s always better to overestimate than underestimate.

    3) Plan your emergency money.

    As a kid, you were always reminded by your parents that it is wise to save money for a rainy day; over time, you would come to realize how valuable that piece of advice was. Having a set budget for school-related costs is one thing, but what will you do for emergencies? For instance, suppose your car breaks down, and you need a new battery. Or your computer finally gives out and is beyond repair and you have to buy a new one. A true finance-savvy student is one who sets aside money for emergencies.

    4) Do a monthly budget review.

    Businesses and corporations make it a point to do a monthly review so they know where they stand. They know when to cut operating costs, when to hire additional staff, and when to give bonuses. You can follow their example by reviewing your budget on a monthly basis. This way, you’ll know if you have to cut down on your expenses or give yourself a treat.

    5) Be on the lookout for opportunities to save.
    Be open-minded and resourceful when it comes to money-saving opportunities. For instance, you probably know how textbooks can run your wallet empty, so look into options of renting books or buying used books instead. When it comes to clothing, on the other hand, keep in mind there are stores that specifically offer student discounts, so it is good to take advantage of that as well.

    Sources:
    http://www.cbc.ca/news/business/markets-dollar-oil-1.3405067
    http://www.concordia.ca/cunews/main/stories/2013/11/14/the-6-best-budgettipsforstudents.html
    http://www.cicmoney101.org/Articles/Paying-For-College-How-To-Make-A-Budget.aspx
    https://studentaid.ed.gov/sa/prepare-for-college/budgeting/creating-your-budget
    http://www.styledemocracy.com/student-discounts-in-canada/
    https://www.ucas.com/ucas/undergraduate/finance-and-support/managing-money/student-budgeting-tips
    http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/addicted-to-student-discounts/article590866/

  • Tips on Student Finances

    Tips on Student Finances

    1. Start planning your finances early. Figure out how much money you’ll need as soon as possible (tuition, ancillary fees, books and supplies, living expenses) so you’ll know how much financial support you’ll need. Include a realistic monthly budget for transportation, laundry, groceries, toiletries, entertainment, rent, etc.

    2. Use free money first if you have access to it (money from parents, money saved for your education including RESPs, scholarships and bursaries, etc.). If you need to borrow money, use low interest or no-interest options first, with OSAP being the best example. If you need to borrow money on top of that, try and get a cheap student loan. Stay away from credit cards if you can.

    3. Check out the OSAP Access Window at http://osap.gov.on.ca. The OSAP Access Window was developed by the Ontario government to help students make informed decisions when planning for their post-secondary education. It provides approximate costs by post-secondary institution, OSAP funding estimators, repayment tools and lots of other useful information.

    4. Explore early the scholarships, awards and bursaries offered by the university. There may be some program-specific or special interest awards that you may be eligible for. Many scholarships, awards and bursaries have deadlines and require applications.

    5. Don’t miss an application deadline. Include deadlines for financial support applications in your calendar and make sure you apply in time to be considered.

    6. Investigate getting a job as a source of income. If you need to work, work as much as possible in the summer period, rather than during the school year. If you need to work during the school year, try to avoid working a great deal in your first semester or in any semester that you expect to be particularly challenging. If you expect to be pressed for cash, consider postponing your studies for a year and saving some money, or consider reducing your course load from five or six courses to three or four courses per semester.

    7. Look into various means of saving money:
    • Brown bag it. Packing your own lunch is cheaper and healthier.
    • Buy new to you. Whether it’s used books, secondhand clothing or garage sale furniture, you can find what you need at a fraction of the cost.
    • Shop online to browse, create budgets, compare prices and take advantage of online savings.
    • Take advantage of student discounts. Be sure to flash your student ID at entertainment venues, on public transportation and anywhere else that will take it. Check out special deals through your student union.
    • Pick up the free weeklies to see what entertainment is going on in the city for free. Also check out free events hosted by the university.
    •Maximize public and active transportation (walking, cycling) to keep commuting costs down.
    • Avoid the latte effect and buy a coffeemaker or a kettle to make your own.

    8. Resist the temptation to sign up for a student credit card. If you end up falling into the “this-is-my-only-credit-card” crowd, make sure you get one with a low interest rate and ask them to fix the credit level at $500. Then be sure to use it only for emergencies. When credit cards are the only accepted methods of payment, as in online transactions, save the money you will need before you make the purchase. Then pay off your credit card immediately after charging it.

    9. A line of credit typically has a much lower interest rate than credit cards. A line of credit can be a cost-effective, convenient way to borrow money for a short period of time. Most financial institutions have a student line of credit that offers a lower interest rate, no annual fee and fairly lenient terms and conditions.

    10. Monitor your expenses. Keep all your receipts and track your expenses. This will force you to write down how much you’re spending, prompting you to think about whether you really need to spend that money or not. This will also definitely let you know if you need to change your spending habits and/or increase your income before it’s too late.

    11. If you find you’re running into financial difficulties, immediately speak to a student financial assistance advisor on campus or at your bank. They will look at your budget and give you some good advice before you get in over your head.