CONQUERING
YOUR FINANCES
by Jennifer Jacoby-Smith
One needs to prepare
for the reality of life’s expenses. Money is required for practically
everything — transportation, food, housing, clothing, toiletries,
and of course, entertainment.
Sonya Racine, associate director of financial services at St. Paul University
in Ottawa, ON, urges, “Plan ahead! Research the cost of living,
how much your classes cost and books —everything.”
Rachelle DeHaan, financial aid coordinator at King’s University
College in Edmonton, AB, adds, “Start a budget even before you’re
at school.” Having a plan in place before you get there will prevent
over-spending.
“It’s easy to come to college and spend and spend and spend,”
says Daniele Muscolino, a first-year theology student at St Paul. “You
have to budget. You have to watch your bank account. It’s a mistake
if you don’t.”
Considering the costs, it’s never too early to start saving for
post-secondary education. Any earnings from a part-time or summer job
can help pay for schooling. As well, Campus Life Magazine (Dec. 1999)
suggests sitting down with your family to discover any forgotten savings
or investment funds.
Then, “If your schedule permits, start working [once at college],”
advises Muscolino. “Work even a couple hours a week — it can
go a long way.”
She also suggests looking into any work programs sponsored by the school.
Some on-campus jobs may even allow you to study while getting paid.
However, DeHaan remarks, “Our on-campus jobs are no more than 10
hrs/week, so as not to affect your studies.”
One can’t deny the beauty of bursaries and scholarships. The cool
thing about them is you don’t have to pay them back. They may not
cover all your costs, but getting several small bursaries can make a big
dent in your bottom line.
“Visit the financial aid office. A lot of the money they just give
away!” urges Muscolino.
As well, check into bursaries offered by your parents’ employers,
or into memberships like the Rotary or Lions Club. And let’s not
forget Burger King, which offers scholarships to its employees.
Racine highlights, “Some [scholarships] are based on financial need,
and some, academic.”
For more info, check out www.studentawards.com.
You may need to pay for your education using student loans or lines of
credit. Keep in mind, though — they are real loans. You will have
to repay them, once your studies are completed. This can put a long-time
strain on your budget.
Robin Taylor, a 23-year-old student from the University of Saskatchewan,
suggests studying part-time and working part-time.
“If you can finish your degree without $30,000 in debt, that’s
much better,” she says.
Finally, once you’re on campus, learn to live within your budget
and how to cut corners. The Debt-Free Guide at www.canlearn.ca offers
tips on saving money and making your money go further.
One suggestion is to cut laundry detergent by a half or a third per load.
Transportation can be one of the heaviest expenses. DeHaan notes, “The
bus is the cheap alternative. Not always convenient, but cheaper than
maintaining your own vehicle.”
Taylor prefers buying a bicycle, which is even cheaper than a student
bus pass. However, she warns, “Know how to lock it up properly.”
If you’re in a financial crunch, DeHaan suggests students talk to
someone in Financial Aid immediately.
“I have experience with students who’ve had problems, and
it just snowballs,” she says.
While the next few years might be financially-tough, you can overcome
them by using wisdom and practicality. As Muscolino expresses, “Every
little bit helps.”
TUITION ADDITION
How to read in-between the lines when purchasing
your textbooks.
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