Making your money last
- Make sure you know what you're paying for. A lot of students split the 'student' bill with their parents, so try to split it by specific items instead of an 'allowance' system. For instance, maybe they'll cover your tuition costs and books, and you'll cover rent for the year and all of the extras. If you do go with the allowance, you may not have money at the end of the month when unexpected large bills (like books or the holiday season) come into play.
- Check out student discounts and free stuff. Always carry your student ID card so you can enjoy cheap entertainment rates, sales at ski hills, or pick up all of the free swag businesses give to students.
- Secure your financial information. Having to deal with theft or identity fraud is not something you want to experience. Instead, purchase a small safe to store your passport, loose cash, SIN card, credit cards, and anything else that needs more protection than your sock drawer can provide.
- Split up your money. Don't put all of your money in one account... put in enough for one semester at a time. It will help you budget and help you watch where your money is going. Store your extra money in a redeemable term deposit, so you can earn a little extra interest on the money you'll use 4 months down the road. See your financial institute for more information.
- Check out financial aid. You've been told before, but check what scholarships or bursaries you qualify for and apply! Dedicate one Saturday to searching and applying for aid, and your bank account will thank you!
Try the used bookstore
- When purchasing textbooks for your classes look on the schools bulletins and websites for used textbooks that are available. Often, last years students will be happy to unload their used textbooks at a fraction of the cost. If it happens to be a older version that last years class had used, check with the professor to see if the past version will be suitable. Often times the old and new versions are almost identical and you can get away with using it for the year; just be sure to verify that assignment questions from the text are the same and you are not answering questions that are not asked of you (i.e. Chapter two in the old edition might be Chapter three in the new edition).
Interviews
- Always ensure that you are not wearing any cologne/perfume or other strong scent. A lot of the work environments are scent free and it would be a big distraction from the interview if the people in the room are having a tough time breathing because of your scent. Not really the first impression you want to make.
- Chewing gum throughout the interview is another distraction that takes away from the professional demeanor you want to portray.
- After an interview it is always a good idea to send a quick email to the interviewer thanking them for their time and welcoming them to contact you should they have any further questions.
Your Credit Bureau
- Watch what you apply for. Every time you apply for a credit card, your credit bureau rating gets 'hit' slightly, making your rating go down and increasing your difficulty for getting a credit card down the road.
- Get a low limit credit card. Having a $5000 limit may sound nice, but sticking with a $500 limit isn't a bad idea. Set up your card to be automatically debited from your bank account each month so you don't miss any payments and can build your credit bureau effortlessly!
Invest now to spend later
If an 18 year old contributes $1,000/year to an RRSP that pays interest of 5.25%, and stops contributing when they are 30, they will have contributed $12,000 and will receive $96,812 when they are 65.If, instead, they wait until they are 30, and start contributing $1,000/year to the same 5.25% RRSP, and keep contributing until they are 65, they will have contributed $35,000 and will receive only $95,138 when they are 65.
This is the magic of compound interest, and shows that it pays to start investing early. This applies to owning a home, putting money into our term deposits or common shares, or putting money into mutual funds.
