Is your wallet ready?
Is your wallet ready?
August 4, 2011
There’s a lot more to learn about post-secondary education than what’s in your textbook or what your professor shares in a lecture. For example, you can check out this really cool guide to moving out.
However, I think one of the biggest lessons you’ll learn outside the lecture hall is how to manage your finances. Although tuition is one of the largest single expenses you’ll pay each year, the cost of living can easily be much more! The earlier you start planning for these expenses, the better you’ll be at managing your finances.
Here are some of the biggest expenses you can expect when going away for school, and some advice on how you might be able to save a little money:
Tuition
Although you don’t have any negotiation room for bringing down this cost, there are a couple of things you can do to help alleviate this financial burden. First, apply for as many scholarships, grants, and bursaries as you can. This process can sometimes be time-consuming, but believe me it usually pays off! These opportunities can vary depending on the province or territory you live in, so check out the student financial assistance office in your area. Another option is to apply for a student loan. Just remember that loans have to be paid back, and they start accumulating interest as soon as you’re done your full-time studies.
Living and social life
This includes everything from rent to groceries to nights out with friends. These expenses add up fast and are much harder to keep track of. This is the perfect opportunity to challenge yourself and see if you can stick to a budget. At the beginning of the school year, try to calculate how much money you’ll need per month. Then, withdraw this money in cash and leave the cards at home. This way, you’ll know exactly how much you’ve spent, rather than getting an ugly credit card bill at the end of the month because of excessive swiping! A part-time job could also be a way to help pay for a post-secondary education. Check out www.jobbank.gc.ca for available opportunities in your community!
Books
Depending on what you’re studying, books, coursepacks and supplies can sometimes put you back another $1,000 a semester! Your best bet is to find out which books you need as early as possible and try to find used books to purchase instead. However, sometimes you’ll be one of the not-so-lucky ones who is assigned a brand new edition of last year’s textbook. If this happens, double check with your professor to find out if it would be acceptable to use the previous edition. You may also want to consider buying your books online. It’s a great way to avoid the treacherousline-ups in bookstores at the beginning of each semester!
This is a brief overview of what to expect, so be sure to check out the CanLearn Web site for more information on all the things you need to know about your post-secondary education!