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Top Financial Tips for Students

Financial Advice

Osoyoos Credit Union understands how vital money management and budgeting can be for all of our clients, particularly post-secondary students who are embracing new responsibilities in life. We want to help our students achieve their ultimate financial dreams without feeling worried or stressed by the process. Heading off to college or moving out for the first time can be difficult, not only emotionally but also financially. Our team has some great tips that all students should consider, helping to guide them through these crucial years where spending and debt can quickly get out of hand. Exploring Smartphone apps such as Mint can help to keep track of spending, revealing patterns that can assist in the development of money related habits.

Budgeting for a Brighter Future

Learning to distinguish your wants verses your needs can be difficult at the best of times. It is vital to define how much money is coming into your life and constantly compare that amount to your weekly or monthly outflows. Creating a budget can actually be a fun and rewarding experience! With the rising cost of tuition and accommodation expenses, many students now leave school with some amount of student debt. Minimizing your daily expenses can be challenging and exciting at the same time- Consider these money saving tips to help with the process:

  • Prepare and pack your own meals instead of eating out every day.
  • Sell unused or unwanted items.
  • Sleep on making potential purchases to avoid impulse buying. If you still want or need the item the next day, it is worth considering. You will be amazed at how many items you decide to forego once you walk away and think about it for 24 hours.
  • Consider refurbished electronics, secondhand textbooks and thrift-store house wares, clothing and shoes to maximize your recycling efforts and stretch your budget further.

Student Visa Options

Establishing a healthy credit rating is absolutely vital when building the foundation to a secure financial future. Our Student Visa offers a lower interest rate and no annual fees! You can feel secure and confident when shopping in-store while also enjoying worldwide acceptance for online purchases. Emergency Cash Advance services are always available in the event of the unexpected, which every student is all too familiar with. Although it is convenient to use a credit card for regular purchases, students need to ensure that they are making consistent and timely payments to establish a healthy credit history. If you lose your Visa or have it stolen, be sure to contact Visa immediately and report this issue to prevent fraudulent charges. Emergency Card Replacement Services will be happy to assist you in situations like this!

Scholarships

Osoyoos Credit Union believes in giving back to our community’s youth, which is why we offer specific Scholarships and Bursary opportunities for local eligible students. Are you an active Grade 12 student within our community that is planning to attend a recognized College or University in the fall? Do you have a concrete vision and plan for your educational path and future? Do you exhibit leadership qualities and participate in extra-curricular activities? If you answered yes to these questions then you will want to further explore our eligibility requirements and apply to become an Osoyoos Credit Union scholar!

Embrace Student Discounts

While many organizations advertise student savings, the vast majority do not. Always inquire about student discounts wherever you go- it never hurts to ask! Saving on meals, coffee, vendors and other purchases can help you stick to your budget even when you are “treating yourself” or purchasing the necessities. Make sure that you have your Student ID card on you at all times in order to take advantage of all discount opportunities wherever you go.

RESPs and Educational Line of Credit

Perhaps you have some funds already saved up for your education with an established RESP. If you do not have a RESP, you may be able to qualify for an Educational Line of Credit if you have a relationship with an appropriate co-signer. Our dedicated team of financial advisors at Osoyoos Credit Union is happy to review your specific circumstances and show you which products are available and appropriate to your unique situation. Remember, being “broke” is a common aspect of many student’s post-secondary experience. Making frugal choices and learning to love peanut butter and Raman noodles can take some time, however, you will thank yourself once you graduate with a reduced debt load. Contact Osoyoos Credit Union today to book an appointment with your advisor. We have many flexible options to help you establish a solid financial foundation and future! We can’t wait to meet you and help you dream even bigger!

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Osoyoos Credit Union | Student Financial Services