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Question:

Budgeting tips for post-secondary students

Answer:

One chapter of learning has closed and another is set to begin with college or university right around the corner. Post-secondary education not only teaches you job skills, it also teaches you how to gather, understand, evaluate and apply information, all of which are critical to managing your finances as a student.

With a four-year university degree costing an estimated $50,000, it's important to learn the art of budgeting as a student. Here are a few budgeting tips for post-secondary students:

1) Remember the rule of Kindergarten: sharing. Having roommates can help lower your cost of living, car pooling to school can provide the convenience of a car, along with cost savings, and sharing items such as food, furniture and electronics with your roommate(s) can also help slash your budget.

2) Look for secondhand copies of textbooks. New ones could cost more than $100. Always remember to check with the professor to find out if an older edition is acceptable.

3) Search for computer and computer products at school bookstores. They often offer discounts on equipment and software. Computers can also help reduce the costs by becoming an all-purpose entertainment centre. Skip out on TV and cable costs by watching your favourite shows on the computer, opt for a computer-based phone to avoid running up phone bills or attach a good set of speakers to create a first-class stereo.

4) Learn how to cook healthy food. It saves you money and prevents the health problems associated with a high-fat, high-starch meals. 

Visit us today for more details and information about the different financial tools we offer students to help them succeed financially (ie. no-fee chequing account, student loans, financial planning, etc.). We’re here to help.

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