CAREERS & EDUCATION HIGHER LEARNING
Money management for students
M
anaging money as a student can be challenging. There are multiple ways to navigate the costs that come with a post-secondary program. Students can work, cut back on their expenses and/or find creative ways to save money. Here are 10 tried and tested strategies.
10 tried and tested strategies
1. Explore financial assistance options at school. One
student who could have used more money decided to put in extra time and effort into his academic work to be considered for merit scholarships. He had lots of confidence in his abilities and worked very hard. While it is an excellent idea to explore financial assistance options such as scholarships, bursaries, grants and loans through your school and other sources, you may have to look for other ways to fund your education.
partly through a program such food, transportation and 9. Find low-cost as nursing may find careerentertainment. When the entertainment. Evenings related work, such as an orderly envelope was empty, she knew out with friends, especially if in a hospital or nursing home or she was finished with spending they involve food and alcohol, 2. Seek out high-paying a care worker in a private home. for that item for the month. can quickly become expensive. summer jobs. For decades Students with good grades and Look for low-cost or free now, students have found hightalents also make use of their 7. Set limits on spending. entertainment such as summer paying summer work by planting Another student has found a abilities as tutors, translators, outdoor festivals or free nights trees. It can be difficult work, way to set limits on his expense performers, movers etc., or at your local museum or art especially in the beginning, but at his favourite coffee shop. At their cars to offer transportation gallery. Your school probably it can also get you into good the beginning of each month, services. Another common way has a gym, so why pay for a physical shape. You may also save he buys himself an e-gift card of making money is to sell what gym membership? We all need more since the living conditions based on how much he can you no longer use or need, but rewards. Know which free or are such that you won’t be afford. Once the gift card is out may be of value to others, such low-cost rewards will sustain tempted to spend money. Some of funds, he does without it until as books, clothing, jewelry, you. students who find work in highthe end of the month. Tracking sports equipment, comics, end restaurants could make good his spending has been an eye- 10. Compare prices. Be careful musical instruments, etc. money in tips. The summer is opener in terms of how quickly about where you shop for food, also the time when many people 5. Keep track of your expenses. these small daily purchases can clothing and other items. Prices take a vacation, which creates Students are encouraged to add up. vary significantly from one store opportunities for temporary make a budget so they will not to another, and this can really workers in areas including spend more than they earn. 8. Watch your credit card use. add up. Some students buy administration, hotels, camps, Always pay off your credit card Unplanned expenses can include clothing and household items the entertainment industry and bill in full and don’t use credit a daily fancy coffee, going at thrift shops. It is also a great construction work. for things you cannot afford. The out frequently with friends, way to reuse items that would interest rates are extraordinarily unplanned meals, impulsive otherwise go to a landfill. 3. Find ways to increase your high and can become very shopping or frequent treats after study time. Other strategies difficult to pay off. Credit cards a difficult or successful day. The There is enough to think students have used to increase can give you the illusion that you best way to know what your about when you are a student their income during the academic have lots of money, but it is easy money weaknesses are is to keep with assignments and exams; year include working near home to drown in debt if you only make track of your expenses for a few manage your finances and you or campus to minimize time lost the minimum monthly payment. weeks and then devise a way will lessen one worry. in commuting and finding work around them. that allows for studying while working, such as a night desk clerk Geneviève Beaupré and Susan Qadeer have 6. Allocate funds. One in a slow-paced environment. extensive experience working in university and experienced and well-organized college settings, providing career, academic student had different envelopes 4. Make the most of what you and personal counselling to international and immigrant students. with funds allocated for rent, have. Some students who are CANADIANIMMIGRANT.CA |
15