How to make dollars last through the school year

(NC) – Making the dollars from summer employment last through the school year can be a real struggle for most university and college students. According to an RBC poll, 35% of returning university and college students and 43% of new students see their money lasting only until Christmas break.

“Students can make their summer dollars last longer through the school year” says Kavita Joshi, director of Student Markets at RBC. “The key is planning and budgeting, and its easier then most students think.”

Students can get a handle on their spending with a few simple tips:

1. Know yourself

Understand your financial needs and attitude – do you have to work to get spending money and pay your bills? Do you need a student loan? How do you feel about debt?

“Students have several choices,” adds Joshi. “But what’s important is knowing yourself, and what your priorities are. For example, getting through school faster, or managing debt load, the key is setting realistic expectations.”

2. You’re in control

Students will have new expenses, beyond books and tuition, they may not have accounted for. “It can seem overwhelming, but the key is knowing that you are in control of your spending, and the way to get in control is by itemizing all your expenses and understanding what is fixed and what is discretionary,” says RBC’s Joshi.

3. Get informed

Once you understand your spending requirements and mindset, find the right solutions. Students need to explore all financial options (e.g. work, bursaries, loans, scholarships, etc.), and seek advice from experts like financial counsellors on campus or their bank.

Joshi also points to tools like RBC’s Better Student Life website (to learn about money management), and Student Budget Check (to calculate what you can spend to get through the school year). You can find these tools online at www.betterstudentlife.ca.

“Students can be in control of their finances, even if they don’t have a lot of money, they can make the most of what they do have.”

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