Start the school year right
Tips for taking control of your financial independence
With a new school year in full swing, it brings the excitement of new courses, new friends and independence. For some, independence comes with a price, the price of being financially independent. Between juggling a busy class schedule and an exciting new social life, it can be easy to lose track of personal finances. Working as the senior vice president of Scotiabank in the Ontario region, I will be able to give you five tips in order to help your wallet and make sure you have peace of mind when it comes to the way you’re managing your finances this semester.
1. Create a budget
Once students move away from home and begin managing their finances independently, it is important to create a budget. By mapping out projected expenses, tuition costs, student loans and streams of income, parents and students together can create a tangible plan that sets the student up for financial success. Throughout the year, the budget is an excellent way to track actual spending against projected spending in order to identify if you are on track or if the budget needs to be modified.
2. Get a rewards card
Students are always on the go, so whether it’s purchasing textbooks or meeting friends for lunch, purchases occur daily and can add up. While there are many credit cards with rewards points, few banks offer debit cards with rewards. One of the best options for students is the Scotiabank SCENE debit card. Simply by opening a no-fee student banking account and signing up for the card you get five free movies. It’s a simple way to put a few extra dollars in your wallet by earning rewards on every dollar you spend.
3. Seek professional financial advice
University and college students are faced with many new things, one of which is being personally responsible for their finances. Money management can be stressful, especially when you’ve never done it before. With the help of a financial advisor, students can formalize a financial plan, budget and even secure banking solutions that are free for students.
4. Take advantage of student discounts
Local businesses, from restaurants, to grocery stores, to fashion retailers, in most university and college towns offer great student discounts. Doing some research and taking advantage of them is an excellent way to save a few dollars.
5. Go mobile
Now, more than ever, money management is as easy as the tap of a screen. From paying with your mobile device to receiving on the go mobile alerts that make tracking your spending quick and convenient, there are countless apps available to help students keep their finances at their fingertips.
For more budgeting life hacks, tools to help you control your finances, and tips and tricks on budget management, check out www.scotiabank.com/studentlife.
Stephen Gaskin is senior vice president of Scotiabank in the Ontario region.
With a new school year in full swing, it brings the excitement of new courses, new friends and independence. For some, independence comes with a price, the price of being financially independent. Between juggling a busy class schedule and an exciting new social life, it can be easy to lose track of personal finances. Working as the senior vice president of Scotiabank in the Ontario region, I will be able to give you five tips in order to help your wallet and make sure you have peace of mind when it comes to the way you’re managing your finances this semester.
1. Create a budget
Once students move away from home and begin managing their finances independently, it is important to create a budget. By mapping out projected expenses, tuition costs, student loans and streams of income, parents and students together can create a tangible plan that sets the student up for financial success. Throughout the year, the budget is an excellent way to track actual spending against projected spending in order to identify if you are on track or if the budget needs to be modified.
2. Get a rewards card
Students are always on the go, so whether it’s purchasing textbooks or meeting friends for lunch, purchases occur daily and can add up. While there are many credit cards with rewards points, few banks offer debit cards with rewards. One of the best options for students is the Scotiabank SCENE debit card. Simply by opening a no-fee student banking account and signing up for the card you get five free movies. It’s a simple way to put a few extra dollars in your wallet by earning rewards on every dollar you spend.
3. Seek professional financial advice
University and college students are faced with many new things, one of which is being personally responsible for their finances. Money management can be stressful, especially when you’ve never done it before. With the help of a financial advisor, students can formalize a financial plan, budget and even secure banking solutions that are free for students.
4. Take advantage of student discounts
Local businesses, from restaurants, to grocery stores, to fashion retailers, in most university and college towns offer great student discounts. Doing some research and taking advantage of them is an excellent way to save a few dollars.
5. Go mobile
Now, more than ever, money management is as easy as the tap of a screen. From paying with your mobile device to receiving on the go mobile alerts that make tracking your spending quick and convenient, there are countless apps available to help students keep their finances at their fingertips.
For more budgeting life hacks, tools to help you control your finances, and tips and tricks on budget management, check out www.scotiabank.com/studentlife.
Stephen Gaskin is senior vice president of Scotiabank in the Ontario region.
