Money on my mind…
If you are a college or university student chances are that you’re carrying some student debt. As fellow students, we understand that debt can be a huge cause of stress and worry in your life, but don’t let it scare you, there are plenty of ways you can manage it.
Here are our best tips to help you get that debt under control:
Get a part-time job
This might be obvious to some, but you need to have money to pay off debt, and to get money you need to have a job. There are plenty of places on campus that are hiring, and there are a lot of jobs at IGNITE for enthusiastic hardworking students. Check out our Job Fair on April 4th, 5th, and 6th at your campus!
Create a budget for yourself
Prevent worrying about how much you’re spending by creating a budget and setting spending limits. It’s just like making any type of schedule for yourself. Sit down and figure out what you have to spend on life essentials and how much you have left for having fun and shopping. There’s a whole industry based around finance management, but you can do it by yourself with a little bit of thought and restraint.
Set aside some money from every pay cheque
This tip will take some determination, but if you choose to set aside 10-15% of every pay cheque you receive, you can slowly pile up some funds to pay off your debt. With this technique, you may have to watch your spending in the short-term, but in the long run you’ll be happy that you made plans to pay off your debt without having to find a large sum of money at once.
Cook at home
As a veteran of student life, I can say the number one money-saving tip I have is to eat at home. Food from the grocery store is always cheaper than from a fast-food place or restaurant. Why spend $7 on a breakfast sandwich and coffee, when you can make your own for a fraction of the price. Every little bit of money you save will help you pay off your debt in the long run.
Don’t add to your debt
Don’t add to your debt. Purchasing a car or a home is like adding dirty dishes to the pile in the sink. It may be tempting to get your life started with big purchases, but it’s faster and less stressful to manage smaller debts one at a time rather than accumulating a large amount of debt.
Need a little more help with your finances? Check out IGNITE’s Financial Services for tips on everything from how to do your taxes, to ways to get some financial relief.
Our Tax Clinic is running Mar. 21-24 make sure to visit us and get your taxes done for free!