In Your Student Era: Tips for Stretching Your Dollar

Starting post-secondary is an exciting new chapter - but it can also bring new financial challenges. The good news is that adopting a few smart financial habits can make a meaningful difference in your financial journey. Here are some practical tips to help you stretch your money further during school and build financial confidence that lasts beyond graduation.

Maximize "Free" Money

Scholarships and bursaries are valuable tools for reducing education costs, and they're not just for first-year students. Make it a habit to look and apply for scholarships and bursaries every year. Many awards are designed for students in specific programs, faculties, schools, or communities, and new opportunities may arise at any point during your financial journey.

Not sure where to start? Your school's financial aid or student services office can help you find awards you may be eligible for. Spending a little time on applications now could save you hundreds - or even thousands - of dollars later.

Budgeting 101

Creating a realistic budget is one of the best ways to stay in control of your finances while you're in school. A simple place to start is the 50/30/20 rule:

• 50% for needs, such as rent, tuition, groceries, and transportation.
• 30% for wants, like dining out, entertainment, and hobbies.
• 20% for savings or paying down debt.

Remember, this is a guideline - not a strict rule. Adjust the percentages to fit your income and expenses. Budgeting worksheets and apps can help you stay organized and make it easier to track your spending.

If you're able to set aside some money each month, consider putting it into a high-interest savings account where your money can grow.

Most importantly, make a habit of staying on top of your finances. Reviewing your spending regularly and checking your account balance can help you avoid overdraft fees, spot unexpected charges, and make informed spending decisions.

Textbooks – Your New Book Club

Textbooks are often the biggest expense, but you don't always have to pay full price. A great way to save money is to wait until after your first class before buying any required textbooks. Professors and instructors will often let you know if the textbook is essential, if an older edition will work, or if free online resources are available instead.

If you need to buy a textbook, consider purchasing a used copy. Not only are used textbooks much more affordable, and some even come with helpful notes and highlights from previous students that can make studying a little easier. Check local swap and shop social media groups, the campus bookstore and posters on campus for used books for sale.

Cost Saving Study Breaks

When you need a break from studying, you don't have to spend money to have fun. Go for a walk, enjoy some fresh air. Check out the student services on campus and local community social media groups, they often share a variety of free activities and opportunities to connect with others.

Maximizing Your Dollar's Mileage

Making your money go further doesn't mean you have to live on a diet of instant noodles! Small changes to your daily spending habits can make a big difference over the course of a semester. Every dollar you save can make a difference over time.

Take advantage of resources that are included in your student fees. For example, many post-secondary institutions offer access to on-campus fitness facilities, which can save you the cost of a gym membership.

Another way to reduce costs is to look for discounts. Many coffee shops, restaurants, retailers, entertainment venues, and public transit providers offer discounts to students - when you show your student ID. If you're unsure whether a business offers one, it never hurts to ask.

When grocery shopping, look for coupons, loyalty programs, and weekly sales to stretch your budget even further. A lot of stores also have a clearance section where they mark items down that are near their expiration date – just make sure you use these items right away or freeze them.

Finally, check your school's student services office. They may be able to connect you with campus resources, discounts, food programs, and other services designed to help students save money throughout the school year.

Credit Cards: A Helpful Tool - When Used Wisely

A credit card can be a great way to build your credit history while you're in school, but it's important to use it responsibly. Only charge what you know you can afford to pay back. Paying your balance in full each month helps you avoid interest charges and supports a healthy credit score. Missing payments or carrying a balance can become expensive, as many credit cards have interest rates of 20% or more.

One easy way to stay in control of your credit card spending is to pay off purchases as you make them. By treating your credit card like a debit card, you can stick to your budget and avoid accumulating debt, while building your credit history.

Your time at school should be focused on learning, growing, and making the most of the experience - not worrying about your finances. With some planning and the right financial habits, you can reduce money-related stress and spend more time focusing on your education.

If you have questions about opening a student account, choosing a credit card, or learning more about a student line of credit, Sunrise is here to help. Contact us or stop by your local branch. Our team will be happy to help you find the options that best fit your needs.