Each of the Smart Cookies incurred debt in post secondary school. They feel that the post secondary years are a critical crossroads in your financial life that can make or break your attitude towards money for years to come. Here, the Smart Cookies share some tips for making the most of the student years...
Get To know Your Numbers
One of the biggest mistakes young people make is spending money without any pre-planning. You map out your classes for the year; you map out your summer road trip to Spring Break. To successfully arrive at the end, you've got to have a plan to get there from the beginning. Figure out how much money you have, what's necessary, what's a luxury, and then create a spending plan to and to plan for how much you need to stay afloat over the year.
Get Carded
One of our biggest regrets from university is not using our student card enough. If you're in school, there are two magic words you need to add to your vocabulary - student discount. Whether you're having dinner, going out to a movie, buying a computer or travelling, flashing your student card can often save 15 per cent. And don't be afraid to ask - even places with unadvertised discounts or no formal policy will typically give a student a break.
Swap Your Old Stuff for New Swag
Odds are if you don't want something, somebody else at your school will. From purses and shoes to textbooks and hockey equipment, you can easily turn that old clutter in your closet into cash or trade it for something else you need. Auction sites and classified ads are great, but don't restrict yourself to online outlets - posting signs around campus or hosting a swap soiree can achieve the same goal and you'll have a lot more fun. An added bonus is by reducing waste, you're also helping the environment
Landlines are Ancient History
Most university students are rarely home and spend a lot of their time in the library - or at least that's what you'll say to your parents. Whether you study biology in a book or a bar, you can easily save hundreds of dollars a year by having just a cell phone. There are a number of new providers that offer back to basic talk and text plans that are geared just for students.
Care About Your Credit Score
Post-secondary school is typically the first exposure many students have to build credit. It's important to understand that bills in your name like utilities, phone and internet are contributing to an important 3 digit number that is your credit score. You're in a very transitional period, establishing good (or bad) habits that you'll likely carry with you for years to come. Paying your credit card, internet and wireless bills on time is a good way to ensure freshman year doesn't flunk-out your credit for life. Setting up email notifications and automatic bill payments are a great way to ensure your payments aren't tardy, but perhaps the most important rule is pay cash if you can.
Kick-it Old School and Share
In primary school, they taught you to share. As a teen, your behaviour was a little more selfish - or at least that's what your parents said. It's time to take it back to the playground and share. If you're driving home over the holidays, offer others a ride in exchange for a portion of the gas money. Sharing things like DVDs, textbooks for half-year classes and XBox games can be equally elementary when it comes to keeping your coin. And if you're on Facebook, sometimes all it takes to borrow what you need is a note in your status.
