#GTKnowledgeisMoney – How to Manage Money for Student Life

Since we know a thing or two about financial counselling, Financial Literacy Month is happening throughout the month of November and focuses on strengthening the financial literacy of Canadians.

Grant Thornton Limited is sharing the #GTKnowledgeIsMoney series, focused on money tips from experts and peers.

Everyone has different financial needs at different times in their lives and it’s important to understand what steps you can take to create a better future for yourself or family.  Grant Thornton has a team of Licensed Insolvency Trustees across Canada who provide advice to clients who are looking for financial guidance and assistance. Grant Thornton offers clients help with financial counselling, debt restructuring, consumer proposals and bankruptcy.

This week we are focused on managing money as a student and how to create a budget while being in school.

Here is a list of tips to help students manage their money:

• Use your student loans wisely: Student loans are just that, loans, and they must be paid back with interest added. Make sure to use your loans wisely, don’t use it if you don’t have to, and understand what the interest amount will be in the end.

• Find an interesting, non-stressful way to track your spending: Often times we get so caught up in the busy school life, we just pull out the wallet and charge the credit card. Find an app or tracking tool that works for you. For example, download an app on your phone such as Mint, or create a note section on your phone, or carry around a small notebook. Then once a week, find a cozy place to review your lists, to see where you can see where your money went, and try to spend a little less the next week, and save a little money.

• Know your budget, and use gift cards only: Figure out what your weekly spend will be on groceries, coffee, gas, and eating out and then purchase gift cards for your spending each week. Once the cards are depleted, don’t spend any more until the next week when you purchase a new card.

• Budget how much you want to spend when going out on the town, then take cash only with you; this can help you limit what you spend and wracking up your credit cards.

• Watch for ‘dollar drains’: These are small repeat purchases that add up to a considerable amount over a month’s time. You don’t necessarily need to deprive yourself of what you enjoy, but find ways to limit the amount you spend. An example can include making coffee at home in the morning as opposed to buying a $3 coffee every day.

Are you drowning in student debt? Our team of Licensed Insolvency Trustees help provide debt solutions to those who are struggling financially. Contact a location near you to set up a free consultation.