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And, whatever you do, limit your student debts to what’s absolutely essential.In today’s episode, the iPhreaks panel talk about 1Password with Michael Fey. Listen, you’re going to make mistakes with your money from time to time. Working hard (at school and at a job) and saving are core life skills that will set you up for financial success in the future. This savings can go toward tuition, an exchange program, a new laptop or whatever else you need. Depending on your situation, this could range from 10 to 50 per cent of your earnings. Whether it’s a summer job as a lifeguard or ongoing part-time bank teller work, I recommend getting in the habit of tucking away a percentage of each paycheque into a high interest savings account. You’ll learn money saving hacks, meet other students and get inspired to save money for the future.ĭid you know students who work to pay for part or all of their schooling generally get better grades and are more likely to be hired after graduation? They also experience less student debt. I love this because it brings awareness to your spending and you can check your spending against your budget to see if you’re on track.įree budgeting apps can assist with tracking spending as well as setting up your budget (if you don’t want to use a basic template from Google). Almost every financial institution in Canada has a notification system so you’ll receive a notification of all transactions going through your bank account. Couponing apps aggregate the best savings so that you don’t have to flip through paper flyers - yeah! Those coupons and flyers I just mentioned they’re online now. Use technology to manage your money better I always asked for student discounts and perks, and you should too.įrom a money mindset perspective, try having fun hunting for deals by making it a game - the best deal wins. When I was in university, for example, I used coupons, browsed flyers for the best deals on groceries, cashed in my rewards for personal care products and makeup, enjoyed happy hour specials, bought clothes second-hand and split meals with my friends.
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Get creative on how to stretch that money further by finding the least expensive ways to satisfy your social cravings. Spend your fun money however you want parties, travel, meals and more. Having the money set aside should help prevent overspending. Set a budget amount for fun, such as $150 per month. You should enjoy this phase of your life! If it is negative, that means you’re spending more than you are bringing in and you’ll need to cut back. When you subtract your expenses from your income, you’re aiming for a positive number. The most important financial skill every student needs to learn? Budgeting!įor income, this is generally coming from three sources as a student: a part-time job, money from parents or student loans.įor expenses, you’ll want to include your living expenses, cellphone bill, transit pass, groceries and other essential items. You can track your credit score online through your bank, an app like CreditKarma or through one of Canada’s main credit bureaus - Equifax, TransUnion. And further reduce the temptation by having only one or two cards max! I’m a big fan of limiting overspending temptation so I would recommend keeping the credit limit on your card to under $1,000 so that overspending isn’t even an option. A good credit score is over 600 points - so aim for that and it will take time to build. If you miss payments, or simply can’t pay it back, you’ll get a poor score.
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And, to build a great credit score, pay your credit card on time and in full each month.
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You can easily avoid unnecessary credit card debt by limiting purchases to essentials only. Having a student credit card is essential in building up a credit score and managing living expenses in our digital world.īut did you know that if you don’t clear the statement balance every 30 days, you’ll end up with credit card debt and pay some of the steepest interest charges out there between 19 and 22 per cent? Yikes!
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You do need a credit card, but use it mindfully … and pay it offįrom buying groceries to paying for tuition or books to subscribing to Spotify to making online purchases. Here’s a quick lesson in how to manage money well this school year.