Money management for students 101

I've been fortunate enough to have parents who taught me the value of money at a young age - earning money through hard work, saving money by restraining impulsive purchases, accumulating money through RRSP's and TFSA's, and wise spending. Let's face it, being a student is tough - even if you have an occasional income through part time jobs or co-op placements, it's still hard to find the right balance with various expenses to consider. How much should I save? How much can I spend?

This post is inspired by a couple of friends who I've been chatting with lately - after almost five years in school, I've been able to explore various ways to manage money... it's all a balancing act! I hope to share some of my tips and tricks and my experiences as a "soon-to-be" graduate who is continually learning the ins and outs of managing this thing we call money. Feel free to share your thoughts too!

Tip #1 - Seek part time paid job opportunities while studying
To keep me sane from my academics, I sought part time jobs on campus - positions that assisted with my professional development but also ones that reflected my personal interests. I've been a Workshop Facilitator for the Student Leadership Program at Waterloo, a Teaching Assistant/Marker, a Coordinator for the now defunct Warrior Weekends special events program etc. These positions didn't even feel like "work" - they were a lot of fun, a breath of fresh air from my studies with responsibilities I actually enjoyed!


Tip #2 - Can't find a part time job? Make one yourself.
I know a few University students who are tutors - for Math, Sciences, Languages among other subjects. Who doesn't love a position that is flexible, based around your own schedule, at your preferred rate and location? As long as you have a passion for the subject and a vested interest in helping other students, being a tutor is a great way to share your knowledge, your tips and tricks to help other students learn.

When I started tutoring in Grade 12 - I plastered (literally plastered) my neighbourhood with posters. Through word of mouth and these AMAZING posters (I may be biased) I had a few students needing my help in Math and French (my advice: always feel comfortable with the subjects you're tutoring - focus on your competencies as it's important the student has a positive tutoring experience). After moving away for co-op placements, I'd still look for tutoring opportunities by searching the Wanted ads on Kijiji (be careful... I suggest always meeting up in a public library - it's much safer than in-home tutoring, especially if you're new to the region). Tutoring is never a chore for me, it's always satisfying knowing that you're teaching other students and providing them with the knowledge and skills to succeed academically!

Coming $oon...balancing $pending habit$!