Help them make a budget: The first year of post-secondary education can be a shock financially, and will take some getting used to. Sit down with your student and make a list of expenses so they can plan ahead.
Suggest they open both a chequing and a savings account: It is important for students to learn not to spend every penny that they make. Encourage your student to split any income they may have between a chequing and a savings account.
Tell them to save their receipts: Come tax time, students could benefit from holding onto all those pesky receipts they have floating around in their wallets. Things like bus tickets for commuters and even textbooks can be applied to their income tax. It will also help your student have a detailed record of their spending to see where they can cut costs.
Encourage them to skip the Starbucks line: Buying lunch everyday or grabbing a $7 latte on their way to class is not financially savvy. Teach your student that it's okay to treat yourself here and there, but by avoiding the Starbucks line they can save big bucks.
Suggest they get a part time job: If they can manage, finding a part-time job is a great way for students to make a little extra cash while at school. Encourage them to look for jobs on campus, or tutoring jobs that can provide flexible hours.
Remind them that student loans are not a piggy bank: Remind them that their student loans are not to be used on anything else other than school. While it can be tempting to use some of that cash to buy a new pair of shoes, the debt isn't worth it.
Talk to them about the dangers of bad credit: Missed credit card payments can affect your students finances later in life. Teach them about the risks of late payments, and encourage them to pay off their balance at the end of each month.
Want extra helping guiding your students through their post-secondary journey? Contact us today, we are happy to help!
