Don’t Go Broke this Semester
As you probably know, students today are broke. Like, really broke.
In 2013 and 2014 — depending on your program — average tuition costs in Canada were nearly $6,000 a year and are increasing at 3.3 per cent yearly according to the Financial Consumer Agency of Canada. On top of that, they also stated that students spend an average $800 to $1000 on textbooks per year.
So, it’s no surprise that students across Canada have been adopting the ramen noodle diet recently. This year, we want to help you keep your head above water, so we’ve compiled some quick tips to help you out!
1. Get a job!
Yes, we know that college/university can be time consuming as it is but the best way to truly prevent yourself from digging through couch cushions is to get yourself a job. It doesn’t have to be a nine to five, even part-time will help!
Psst! It’ll look good on your resume too!
2. Budget what you have.
Your genius plan to save was probably going great until your friends peer pressured you into going out to the bar last night. And just like that, you’re back to calling your parents for money.
So here’s the advice: Make a list of your necessities. Write how much money you’re making and how much of that you’ll spend weekly on your expenses. But, put a little aside to have fun so you don’t go crazy.
3. Spend your money wisely.
This pairs well with budgeting. If you start buying 3:00 a.m. pizzas every night and rounds of drinks for all your new friends, you’ll quickly notice that your bank account will not survive the semester. When grocery shopping, pay attention to flyers! Buy what’s on sale if possible and only buy what you absolutely need!
4. Stay away from credit cards.
Tempting, yes. But getting a credit card could only put you further into your dark pit of debt. Chances are, if you’re having a hard time with money as it is, having a few thousands of dollars of credit to spend at your will won’t help your situation in the long run.
5. Apply for bursaries & grants!
Your school and even the government have loads of bursaries and grants waiting for someone to apply to. Some are extremely simple to obtain if you’re willing to spend some time filling out application forms. Speak with the financial services at your college or university for more information or google “bursaries (your schools name here)” to get the info you need.