Mark: The beginning of a new academic year as thousands of students return to colleges and universities, there’s no research showing they’re stressed before they crack their first book.
Neda Navabi: Money is a huge worry for me. Going to school is so expensive. There’s tuition, books, rent and just everyday expenses. I’m constantly worried about whether I can cover everything.
Mark: Neda isn’t alone. In fact many students believe they all run out of pending money before the school year is out. And if I was to read Paul commission by RBC, it shows 43% of new students and just over a third of returning students, see, they’re spending money stretching only until the Christmas break. Two-thirds of students also believe their financial worries will affect their grades.
Kavita Joshi: The polls are telling us that students are worried about their money and those worries are understandable but students also have options. And with a little bit of planning, there are ways to relieve the financial pressure.
Mark: The majority of students eight in 10 according to the poll planned to generate income from part time work while they’re in school. That mix of work and study brings its own challenges.
Neda Navabi: There a re times when I don’t sleep well or eat well. This whole time management thing is just constant stress.
Kavita Joshi: Students have much more control over their finances than they may initially believe especially over their day-to-day expenses. With a little bit of planning, there are ways to make those student dollars last to the end of the year. They should definitely talk to their own campus financial advisers and they should definitely talk to their bank.
Mark: Joshi recommends students explore all their financial options, work – loans and scholarships.
Kavita Joshi: Students need to take care of themselves financially but not neglect their health or their social life. It’s getting the right advice and getting the right balance that’s going to help minimize stress throughout the school year.
Mark: There are online resources tailored specifically for students, check out the RBC Better Student Life website which has money saving tips and an easy to use student budget calculator. You’ll find it at www.betterstudentlife.ca. Mark Vendor reporting.
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