Financial Tips for University Students

When you receive your student loan, one of the worst financial decisions you can ever make is to waste it in the first month of school. The first semester is usually a long one. You’ll need proper budgeting to get by with no stress. There are many students at York University residence who feel totally miserable after spending all their cash on holidays and have very little to get by in school. We know you can use some of the financial tips for students below.

Apply for finance

If you secure a place at the university, you need to visit the Student Finance and update your course and university details. Provide all the required supporting documents. If you had already applied for finance but haven’t received any confirmation letter, call and ask the loans’ company. Don’t just assume that your application was approved.

Plan on what to use beforehand

You will only receive the finance from the loans company when you register and start to attend classes. Most apartments near York University will need you to make payments in advance before you even begin classes. You need to secure adequate cash for such expenses so you don’t miss out on a spot.

Draw up a budget

You need to think through your income and expenses and plan a budget that will work for you. Decide how much you will be spending on food and other areas such as the York University housing facility. Remember that paying for that rent is a priority than going for a night out with your friends. You need to consider these aspects early enough and think of how every decision you make henceforth will affect your finances.

Save for extra expenses

There are those additional costs that you need to cater for such as your housemates’ birthdays or TV license. Put aside a small amount of cash to cater for these expenses. It’s also important to go out once in a while and spend some time with other students. Just make sure you know how much you’ll spend and stick to it. Avoid using credit cards and instead carry cash when going out. Have just enough to spend for the night with you.

Will you need a part-time job?

You need to decide early in the term whether you’ll be taking up a part-time job. If you’ve drafted a budget and your expenses are too high, you either need to cut back or look for a part-time job that will help you to sort some of them. Don’t work for long hours and forget about school. Choose a job that you can easily manage together with your classes.

Ask for help

If you are having trouble managing your finances, always ask for help before it goes out of hand. There are organizations in the school that can help students make better financial decisions. You can talk to a financial advisor at your local bank or in school to help you keep your spending in check.

And remember, the best investment is in real estate, choose your room in the student center of Toronto.