Scholarships, Awards, and Financial Support

Money Talks eNews

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Free yourself from financial stress!

November 5, 2019

As we get deeper into the school year and the holiday break quickly approaches, financial stress can sneak up. Financial issues can have negative impacts on your academic success, so we have prepared a list of ways you can feel more optimistic about your financial situation.

  • Don’t overanalyze your balances owing unless you are going to make a payment. Often we will sit and stare at our outstanding debts and let the stress build. Staring at your debt isn’t going to fix the problem. It’s important to acknowledge your debt, but only continue looking at what you owe when you are going to set up a payment plan or make a payment.
  • Identify your financial stress points. If having a high credit card balance keeps you up at night, put your credit card away for a couple months and only use your debit card. If you find yourself stressing over impulse purchases, try taking out a certain amount of cash per week and only allow yourself to spend that amount.
  • Make one financial decision at a time. Don’t try to solve every problem at once. Making too many choices can elevate your stress. Try implementing one new financial change per month. That will give you time to get used to one change before implementing another.
  • Avoid temptation. Limit the amount of time you spend at places you like to spend money. If you know there’s one store in particular you have to buy something at every time you go, reduce your visits and you will likely reduce your spending.
  • Don’t be afraid to ask for support. If you have questions about student funding options, contact Student Connect. If you are experiencing financial stress, contact the Credit Counselling Society. Lastly, try reaching out to a family member or friend to discuss how you’re feeling. They may have been through a similar situation and can provide advice on how they overcame it!

Building your savings can be as easy as 1-2-3!

November 19, 2019

Feeling like no matter how hard you try you just can’t save money? Try setting spending priorities using the 1-2-3 system. This method will help you understand your needs versus your wants, allowing you to regain control of your spending.

Collect all your bank statements for September and October and number each transaction with a 1, 2, or 3.

  • Items that are essential for healthy living (e.g. basic food, shelter, and clothing) should be labelled with a 1. These are the items you absolutely can’t live without.
  • Items that are not essential but are important to you (e.g. cell phone, internet, running shoes) should be labelled with a 2. These items are important and make your life more enjoyable, but they aren’t necessities.
  • Items that are not essential and do not significantly improve your life (e.g. candy bars, app downloads) should be labelled with a 3. These items can be costly and are often a waste of money.

Now that you have all your transactions labelled, add up all yours 1s, 2s, and 3s to see how much you spend in each category - you might be surprised! Your goal for the next month is to eliminate all your spending on number 3 items and reduce your spending on number 2 items. After practicing this habit, you should feel less strapped for cash when your bills come due next month. You might even have some leftover cash to start building your savings!

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