Responsibilities comes with freedom: attending lessons and studying while maintaining a social life and making time for chores, meals and perhaps even a part-time job all of them trying not to let any debts excited.
“Many things change financially for you when you turn 18,” said Shannon Lee Simmons, a certified financial planner and founder of New School of Finance. Students who introduce a post-secondary introduction may want to request credit cards, open a checking account and will now probably find themselves responsible for daily costs, she said. “There are major financial interests and your first time you do it in a great way, all of which happen at the same time.”
Over the years, various studies have emphasized the financial struggle of post-secondary students, because the costs for tuition fees, books and meals have increased to an already long list of concerns that young adults have to do nowadays. A 2024 Canadian Alliance of Student Associations Survey shows that more than two -thirds of the students expect to study with debts. The report also found the annual costs of living for students on average $ 28,731.60.
How to pay for school and have a life – a guide for students and parents
Build up good financial habits from the start
Experts say it is important to set up financial habits early to help manage finances effectively.
“This is the time in your life in which you formulate habits,” said Bruce Sellery, CEO of non-profit credit consultancy Credit Canada. Students must stick to a powerful mindset before they entered the university, he added.
“It is this: live within your resources. If you don’t have the money, don’t spend it,” said Sellery. “This is a habit. It’s a skill. It’s a value,” he said. “It will be of service to you for the rest of your life.”
Before the school year begins, Simmons suggested to set up a financial plan of 12 months with income flows from a registered Education Saving Plan (respect), all jobs or a student loan at a list of costs, such as tuition fees, books, transport and rents to see if you can live within what is left. “With school there are (his) limited resources and many expenses,” she said. “So we just have to press our lives in everything that remains at the end of it.”
Understand the conditions of student loans
Stacy Yanchuk Oleksy, CEO of Money Mentors, says that students who accept student debt must first know what they need it.
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