Five Tips To Ace Your Finances
It's long been a staple of the university student diet: a box of pasta and powdered cheese. But after your first term, you start craving a little variety. Sadly, there are very few student budgets that allow you to graze on caviar - surely a more fitting accompaniment to intellectual pursuits. So, how do you set yourself on the path to a better financial future?
Here are five tips for a better personal finance
1. Get educated in finance. Spend a little time investigating the world of financial investing. Pick a company that makes something you like: music, clothes, books, whatever. Follow its stock performance in the newspaper or online. It just takes a few minutes. It will start to give you an understanding of investing and what's worth investing in.
2. Budget. You may have had to create one for your student loan. You may not think it's worth doing if you're broke anyway, but a budget is really the key to knowing where your money goes.
3. Pay yourself first. This just means taking a small part of your income and saving it, even if it's only $20 a month. Save finances for a special trip, a car, or a new sound system. Financial saving is a great habit to get into.
4. Keep good records. Keeping your financial papers organized is as important as keeping your notes organized. Set up a little system for organizing your bills, your bank statements, receipts for major purchases, warranties and tax papers.
5. Stay in school. This is the one you are already doing. Overall, university and college graduates make more money than those who have not graduated from a post secondary institution.
Following these tips may not make you rich quick, but they will provide the foundation of knowledge and organization that'll make your financial future as bright as your professional future.
Scotiabank wants to help Canadian youth "Find The Money" and become financially better off by finding relevant, practical and insightful solutions to meet their needs for borrowing, saving and investing.
- News Canada
This page is updated on May 5, 2013.