During studies | Good financial habits to avoid debt

A new freedom. Nevertheless, a taste of adult life are waiting for many young adults who are starting post-secondary studies this fall. Consequently,

Posted at 11:08 a.m. Similarly,

This independence is however accompanied by responsibilities: attending the courses. Meanwhile. However. However, studying while maintaining a social life and sparing time for household chores, meals and perhaps even a part-time job, while making sure not to let debts accumulate. Moreover. Nevertheless,

“At 18. In addition, many things change during studies | good financial financially,” during studies | during studies | good financial good financial said Shannon Lee Simmons, approved financial planner and founder of the New School of Finance. For example,

Students who enter post -secondary studies might want to ask for credit cards. In addition, open a check account and will probably now find themselves responsible for daily expenses. Nevertheless.

“The financial issues are important and the first time you do, all of this has happened simultaneously,” adds the expert. Therefore,

Several studies have highlighted the financial difficulties of post -secondary education students over the years. Meanwhile. while tuition fees. books and meals have increased, adding stress to the already long list of the concerns of young adults. In addition,

A survey of the Canadian Alliance of Student Associations (ACAE) of 2024 during studies | good financial reveals. For example. that more than two during studies during studies | good financial | good financial -thirds of the students plan. to obtain their diploma with debts. Consequently, The report also indicates that the average annual annual cost of students amounts to $ 28,731.60. Moreover,

Experts claim that it is important to adopt financial habits from an early age to effectively manage its finances. However,

“This is the moment of life when you take its habits. Furthermore, ” says Bruce Sellery, president and chief executive officer of Crédit Canada, a non -profit organization of credit advice. For example,

According to him, students must adopt a positive state of mind before entering university.

“Here is the rule: live according to your means. If you have no money, do not spend during studies | good financial it, advises Mr. Sellery. It’s a habit. It is a skill. Additionally, It during during studies | good financial studies | good financial is a value. It will serve you all your life. »»

During studies | good financial

During studies | good financial

During studies | good financial

Think of a. financial plan

Before the start of the school year. M^me Simmons suggests establishing a 12-month financial plan including the income of a registered news savings regime. a possible job. a student loan, taking into account a list of expenses, such as tuition fees, books, transport and rent. Then see if you can live with what is left.

“With studies, resources are limited and there are many expenses,” she says. So you have to deal with what remains at the end. »»

Stacy Yanchuk Oleksy. during studies | good financial CEO of Money Mentors, says that students who contract student debts must first know why they need it.

It during studies | good financial encourages students to borrow only the necessary amount. rather than the maximum amount they can obtain.

“The more you lend you, the more you have to reimburse,” she recalls.

She adds that students must also understand the conditions of their loan. such as the interest rate and the reimbursement deadlines, before signing a contract.

Mr. Sellery suggests that students follow a sustainable spending plan, which involves analyzing, thinking and changing their budget if necessary.

The analysis is easy enough for students. It is a simple cash flow table with income. expenses, making it possible to determine during studies | good financial if there is a surplus or if the expenses are higher than the resources.

“If you are in deficit. you must think during studies | good financial about ways during studies | good financial to fill it. ” says Sellery, reflecting on means of reducing your expenses or increasing your income. This may be to remove take -out dishes, find part -time job or ask your parents to contribute, for example.

Then, start to implement this change, supports Mr. Sellery.

“You have to choose two. three things:” I will find a part-time job. I will delete Uber Eats from my phone “. because if you try to manage ten things, you will fail,” he said.

Once the school year has started. M^me Simmons insists on the importance of making daily during studies | good financial points to take good financial habits.

“Many young people do not yet know how much it costs. because they have lived with their parents. therefore did not during studies | good financial have to during studies | good financial buy their own shampoo,” she explains.

M^me Simmons specifies that it generally does not advocate the monitoring of daily expenses. as it can be very restrictive, but its advice is different for young people.

“With this specific cohort. living for the first time alone without really knowing how much it costs is actually a learning experience,” she says.