Perhaps you’re already there and in the process of getting settled or maybe you don’t have to travel. Either way, the next couple weeks will be a whirlwind! Lots of fun things to do and lots of tasks to get done.

In all the chaos, don’t forget to organize your $. Whether you’re starting out or you’re several years into your post-secondary education, what you earn and what you spend during your education will either limit or increase your choices upon completion. Your 1st goal is to complete your education to the best standard possible. Another of your top goals should be to finish with no or as little student debt as possible. This can be a lofty goal depending on your course of studies but worthwhile because entry level jobs don’t often pay well and having as few financial obligations will make it much easier. The other reason is that although you aren’t asked to repay student debt until you’ve finished school, it will take a VERY long time to repay it afterwards. If you pay the minimum it can take upwards of 10 years. Even if you set an aggressive repayment schedule, a $20,000 loan means approximately 5 YEARS of $500 PER MONTH.

Here are some things to do that can get you started in the right direction:

1. Understand your expenses & when they’re due (budget & cash flow)
2. Reduce and restrict your expenses as much as possible (think thrifty)
3. Get a part time job (in addition to your summer job)
4. Apply for scholarships & bursaries
5. Monitor your $ once every 3 months

A little more explanation:

1. Write out your budget including bulk expenses (books, tuition) and tally it up. Compare this to your bank account. Does it cover it? Is there enough? If not, what is the difference and how are you going to make it up?

2. Do a little research and you may be able to save some money. Buy used, use the on campus book stores (they will have a used section or a separate store), ask for student discounts, ask family for supplies (sheets, towels etc.). There are lots of resources for students. This is not the time to take up an expensive coffee habit!

3. Lots of people do it and some employers have great programs for student employees (benefits, tuition assistance etc.). 5 to 10 hours per week can make a huge difference in your annual income. It can also lead to full time work during holidays or after you complete your education.

4. There are lots available and for many different purposes. Don’t be shy. You have nothing to lose and everything to gain….and now that they are not taxed, it’s a great funding source!

5. Take the time to review your $ every 3 months. Doesn’t have to be complicated. What have you spent versus what income have you made or what savings you have? Better to know now rather than later if you need to make an adjustment.

How you choose to live the rest of student life will impact the rest of your working life. The patterns you set and the habits you develop will carry into the rest of your life.