I can’t tell you the last time I had to solve a quadratic equation or explain to someone about the composition of the Canadian Shield, but budgeting and money management are skills I use every day.
It is especially scary when you think about students leaving home for the first time to attend college or University.
As most students will require some form of financial assistance, it is likely that they will incur debt while pursuing a higher education. Since most students are able to acquire debt relatively easily through OSAP or CSL programs it can be abused. Especially since the debt doesn’t have to be repaid until after graduation.
Not to mention, credit card companies LOVE students – here’s why.
The best advice I can give to students is to learn to budget and manage your money. There are a number free online budgeting tools, one that I have had some personal experience with is Mint.com. This free tool will help you budget and track expenses.
By maintaining and sticking to a budget, you reduce the risk of overextending yourself on student debt.
Parents – here is a good article on preparing the next generation for financial well-being. Often parents end up assuming the student debt for their children.
If you or your adult children are having debt issues, we have offices across Ontario. Contact us to get a fresh financial start.
