{"id":6959,"date":"2022-02-01T14:33:21","date_gmt":"2022-02-01T19:33:21","guid":{"rendered":"https:\/\/pierreroy.com\/?p=6959"},"modified":"2022-02-01T14:33:21","modified_gmt":"2022-02-01T19:33:21","slug":"a-guide-to-student-spending","status":"publish","type":"post","link":"https:\/\/pierreroy.com\/en\/2022\/02\/a-guide-to-student-spending\/","title":{"rendered":"A Guide to Student Spending: Spending Habits for a Healthy Financial Future"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Although students are in a much better position in Canada than in the United States, according to a <a href=\"https:\/\/www.macleans.ca\/education\/the-cost-of-a-canadian-university-education-in-six-charts\/\"><span class=\"s2\">MacLean\u2019s study conducted in 2018<\/span><\/a>, students that study away from home in Canada still have to spend a whopping 20, 000$ per year for their University degree! This amount takes lodging, groceries, tuition, and other expenses into consideration. It\u2019s no secret that a University degree is a great investment, but 20, 000$ can still be pretty steep for a full-time student. That\u2019s why we\u2019ve created this guide to student spending \u2014 a guide that will ensure that your financial future won\u2019t suffer from spending choices you make in your young age.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<p><!--more--><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Awareness Check<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">When it comes to building a healthy financial future, the most important thing is to be aware of your spending habits. If you set a certain amount of money aside for personal spending every pay check, but find your credit card balance getting worse and worse, chances are that something\u2019s not quite adding up. In order to be fully aware of your financial situation, fill out a <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/budget-student-life\/student-budget-worksheet.html\"><span class=\"s2\">student budget worksheet<\/span><\/a> to check whether or not the budget you\u2019ve made for yourself aligns with all of your expenses. If your expenses are greater than your income, it\u2019s might be time to revisit your budget.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Budget<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Once you\u2019ve noted all of your expenses and sources of income, you should create a proper budget. If your expenses exceed your income, then consider seeing which expenses you can reduce, like your cellphone plan, internet bill, transportation fees, or using e-books rather than physical copies. If this is an absolute impossibility, try to think of ways in which you can increase your income. You can also potentially find other sources of income such as <a href=\"https:\/\/www.canada.ca\/en\/services\/finance\/educationfunding\/scholarships.html\"><span class=\"s2\">scholarships<\/span><\/a> and <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/education\/student-aid\/grants-loans.html\"><span class=\"s2\">grants<\/span><\/a>. Once you\u2019ve done that, <a href=\"https:\/\/pierreroy.com\/en\/online-budget\/\"><span class=\"s2\">create a proper budget <\/span><\/a>that won\u2019t put you in debt.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Switch to a Student Credit Card<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">If you already have a credit card for which you have to pay an annual fee, consider making the switch to a student credit card. A student credit card comes with no annual fee and allows you to receive cash back on groceries and other purchases. <a href=\"https:\/\/www.cibc.com\/en\/special-offers\/student-cashback-offer.html?utrc=S229:150&amp;gclid=Cj0KCQiAubmPBhCyARIsAJWNpiM0_v18OjF9lZzhF5p5F2-02Gjabvz34RRWlaq4g5Z_ew2WkAdZSi8aAtL3EALw_wcB&amp;gclsrc=aw.ds\"><span class=\"s2\">Most student cards<\/span><\/a> also come with benefits such as a free SPC membership card that will give you discounts in various stores. If you don\u2019t have any credit card yet, it might be a good time to do so. If you keep making your monthly payments on time, a credit card will help you build a good credit history, which will help you in the future when the time comes for you to buy your first house or condo!<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Save Money<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Whether you have a lot of money left over at the end of the month or very little, putting money aside every month is a good habit. Even if you can only set 5$ aside! As long as you build the habit of setting money aside, you\u2019ll be set for the future! Saving money is extremely important because it\u2019ll help you be prepared for unexpected costs and can help you reach your financial goals. The earlier you start saving, the better, because saving money at young age can even help you finance your first down payment for a mortgage or car! And the more your income increases, the better you\u2019ll feel about setting more money aside for retirement.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Get Help<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">If you\u2019ve created a budget, use a student credit card, but your debts are still increasing, get help as soon as you can. By contacting a <a href=\"https:\/\/pierreroy.com\/en\/about-us\/\"><span class=\"s2\">licensed insolvency trustee<\/span><\/a>, you\u2019re guaranteeing yourself a healthy financial future, because your LIT will help you get out of debt by finding the best solution for your personal situation \u2014 even if that just involves a <a href=\"https:\/\/pierreroy.com\/en\/debt-solutions\/\"><span class=\"s2\">budget reorganization<\/span><\/a>! So don\u2019t wait, and request a <a href=\"https:\/\/pierreroy.com\/en\/free-consultation\/\"><span class=\"s2\">free and confidential consultation<\/span><\/a> to free yourself of your debts and secure the future of your dreams.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although students are in a much better position in Canada than in the United States, according to a MacLean\u2019s study conducted in 2018, students that study away from home in Canada still have to spend a whopping 20, 000$ per year for their University degree! This amount takes lodging, groceries, tuition, and other expenses into [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":6955,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45],"tags":[173,292,249,322,321],"class_list":["post-6959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-tips","tag-budget-en","tag-budget-tips","tag-credit-card","tag-savings","tag-student"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Guide to Student Spending: Spending Habits for a Healthy Financial Future - Pierre Roy &amp; Associ\u00e9s<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pierreroy.com\/en\/2022\/02\/a-guide-to-student-spending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Guide to Student Spending: Spending Habits for a Healthy Financial Future - Pierre Roy &amp; Associ\u00e9s\" \/>\n<meta property=\"og:description\" content=\"Although students are in a much better position in Canada than in the United States, according to a MacLean\u2019s study conducted in 2018, students that study away from home in Canada still have to spend a whopping 20, 000$ per year for their University degree! 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