Ways to help debt and stay out of it
Student loans and debts got you down? Believe it or not, there is a way to come out of school debt-free, or at least with a smaller amount left on your plate. Saving money and paying off debt during school can be a challenge, but it’s not impossible if you know where to look for help.
Number One: Scholarships, scholarships, scholarships!
Go to scholarshipscanada.com to see which ones you might be eligible for and apply for them. You can create your own profile and the website will generate the scholarships that are available for you. You don’t even have to do any of the searching. Also, check to see what your program department offers as bursaries or prizes; there may be some that you are eligible for. Government student loans are also good because you might be offered bursaries at the same time.
Number Two: Get a job.
Part-time jobs get you fast cash and help organize your time. It’s not always easy to find a job in Lennoxville, but Bishop’s has job postings for students on their website, and Sherbrooke has a multitude of different businesses looking for employees. Next, find a free checking and savings account for your earnings–big banks will nickel and dime you on dumb stuff like too many ATM withdrawals, too many checks written, or a funds transfer. Shop the town for banks catering to students. Make sure you can access online banking, pay bills and manage your account without attached fees.
Number Three: Budget.
Budgeting is really important because it allows you to see exactly where your money is going. You have to set a certain amount of money per month going towards paying off your debt. Learn how to make a budget and stick to it. First, work out what all your expenses are and take this amount away from your incoming money. For one month save every receipt of everything you purchase, from a pack of gum, a tube of toothpaste, to your computer. Log each expense in a notebook. When the month is up, tally up what you’ve spent and take a good look at just where most of it went. Food, beer, gas, games? This sure fire technique will unabashedly expose the evils of your spending ways.
If you have money left over then you’re okay, but if there is a deficit you need to cut down in one or more areas of your life! Make sure you have a credit card with the lowest interest rate possible, no annual fees and with only enough of a credit limit to get you by in an emergency. Don’t carry it with you, but instead keep it in a safe place only you know about. If you use ti, pay the bills on time. Companies charge late fees, sometimes as much as $50 per month. And never go over your credit limit—that offers just one more way for your credit card company to get rich off your poor judgment.
When it comes to buying clothes and shoes, try to think first if you really need the item. Do not impulse buy. Wait a week, think about it, then go back and see if you really do need it. Save that spare change you’ve got jangling in your pocket or sloshing around in the bottom of your backpack in a big jar somewhere out of the way. It will come in handy later on when the ice cream truck rolls by.
Keep some money for food. Buying in bulk can be a lot cheaper. Things that can be stored, e.g. pasta and rice, can easily be bought in bigger sized packets that will last longer. If you live in a shared house, you can get together and buy staples like teabags, coffee, etc. in bulk too. This will save a lot of money in the long run. The “buy one, get one free” deals should also be taken advantage of where possible.
The little things really make a difference in saving money. It’s simple–do you really need to buy a coffee every morning, or can you make it yourself and bring it to school? Do you really have to buy your lunch at Tim Horton’s or the Gaiter Grill? Why not make something the night before? A little effort goes a long way when you’re penny pinching.
Finally, as funny as it sounds, visit Health Services on campus for free condoms; they usually have supply in a little basket in front of the secretary’s room. Hey, it’s worth a try!
