Canadian Students College or University Bound Prepare Your Finances

When I was young and on my way to university, the world was in my hands (so I thought). 

I genuinely believe I had my head on straight back then, and today, given how I continue paying myself first.

That doesn’t ring true for most of my schoolmates, at least what I witnessed in Canada.

I went back to school for 5 years and learned that debt is debt, no matter what country you live in.

Most of my mates who did work while attending university spent the money on pints of beer down at the pub and buying crap they didn’t need.

I was a simple guy who wanted an education and a promising career.

Before cutting the umbilical cord from my mum and dad to start a journey of reality, I set some clear goals for myself.

At the time, I knew I didn’t want to leave school with any debt.

I was young when I started to learn about the value of money, so this was a must. I worked on weekends and in the evenings to save money for university.

Living in a university residence cost me money, so I researched beforehand to understand what costs I would blend into my budget.

It was too long before I realized I needed to save more money, so my summers were spent working full-time at a local pub in the kitchen, washing dishes.

Even if I had to sling manure, I’d do it to save money and stay out of debt.

Kids today are reluctant to step away from the game consoles, iPhones, and internet — we need to teach them to get up and MOVE!

If you are a student and think I am being harsh, you have a long road ahead. No one is entitled to anything, and we have to work hard to get ahead in most cases.  

You will soon learn you are the pony of your own parade. No one will be there to pull your strings but you.

When I was younger, if your parents sent you off with a fully paid education, you were lucky.

In Canada, if your parents have extra money, they can dump it into an RESP  to help their child offset the cost of education when it comes time.

So for most of us, our options were to;

• A-work
• B- get a loan from the bank.

You might even snag a bursary or scholarship if you are smart enough. It never hurts to try.  

I opted for A and am proud I could do it independently, although I still made mistakes like everyone else.

Not all students act responsibly when the cord is cut and on their way into adulthood.

Sometimes we need to learn from our mistakes, but at what cost?

We must educate our children before they educate themselves on the art of spending less than they make.

In most cases, this never happens until it’s too late. I believe parents should teach their children about finances when they are young.

We hear it over and over how students are graduating from school with no job, less income than imagined, and high student loans and consumer debt.

The best part is that you’d better hope you don’t meet your dream husband or wife at school with the same debt.

Can you see why we are digging bigger holes for ourselves?

I took it to my Facebook page to ask my fans what they would tell the students of Canada about preparing for higher education.

Many wish they had someone to prepare them or invest some time in goal setting, like any adult should.

Students need to understand that nobody will be responsible for the financial mess they create, not even mummy and daddy.

So listen up, students, and watch yourself prosper when you graduate rather than wish you had never gone.

Tips for Students Preparing Finances for Their Education

Mr.CBB’s Tips

• Spend less than you earn
• Open a Bank Account with No Fees, i,: Presidents Choice
• RNV- Research, Network, Volunteer
• Save your money in an accoun,t for if you are over,18 you can put it in a TFSA until you are ready to. go
• Curb your emotional spending
• Shop second-hand clothing stores
• Use Coupons, Save Money $$$
• BUDGET and have Emergency Savings (you never know when you will need it, even if it’s only $500 or a couple of months’ rent)
• Quit Smoking and DON’T DO DRUGS!!!
• Take the bus or walk, leave the car behind
• Cook at home instead of eating out
• Keep on top of your Canadian Credit Score; this will pave the way for your future options in life. You can access it for free once per year.

You need to budget your money. If you can do that through university, you will WIN the debt war!

Tips For Students From Blog Subscribers

I had to make sure I had the money to go and enjoy myself. It also made me spend less

o.

you’re interested in and ensure high demand. 

There’s nothing worse than graduating and not getting something in the field you wanted. Go out and volunteer – build up your contacts, as it’s all about who you know.

Susan Mongrain: When your student loan and bursary money come in, prepay the necessities like rent and insurance, and put a chunk aside in a “food account” to be used for nothing but that.

When times are lean at the end of each semester, you will have fewer money worries – plus excellent credit references.

Anna Michele: Steer clear of those credit card salespeople, say NO!

valuable. Watch what you are spending on meal plans.

I knew when I went to campus my first year and was required to buy a plan, I bought the smallest one possible. If you’re off campus, bring lunches, dinners, and snacks instead of buying them.

Discussion: What else would you like to say to future students?