How can you pay for post-secondary education? We break down our top tips for students heading off to university or college.
1. Track your spending
Where does all your money go? One way to find out is by writing down everything you spend money on – from textbooks and tuition to takeout food and lattes. You’ll be surprised at how little expenses add up. Learning how to budget is an essential skill for students to master as they begin life away from home.
2. Use cash
Studies have shown that using cash instead of a debit or credit card can reduce discretionary spending. While tapping your card is quick and easy, it can contribute to unnecessary expenses.
3. Avoid buying new textbooks
Purchasing textbooks can take a big bite out of your budget. Explore the various options such as e-versions or renting textbooks online.
4. Consider online classes
Online classes are an extremely cost-effective way to catch up in order to graduate on time – or even early. Avoiding an extra year (or even semester) of tuition, room and board, could be a financial lifesaver.
5. Late riser? Change your meal plan
If you never make it down to breakfast, then don’t buy the school’s three-meal plan. Opting for the two-meal plan could save you hundreds of dollars each semester.
6. Consider refinancing school debt
Government loans don’t always offer the best terms. Always be on the lookout for opportunities to refinance your university debt at more favourable rates. Speak with a financial advisor to find out what options are available.
Want to check out more tips and tools for your upcoming school semester? Visit our Student Hub here.
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