Category Archives: Student Debt

Tips to Avoid My 5 Personal Money Mistakes

Depressed and stressed university student. CREDIT: Janine Wiedel/Getty Images

Finances can be confusing to many young Canadians across British Columbia–and stressful, I know this personally. It is never easy admitting mistakes we might have made in the past, especially when it comes to your money and spending–but it is the only way you can really transform for the better. Now, it is common to make money mistakes in your 20’s and 30’s, and even sometimes into your more mature years–definitely if it’s about investments gone awry. Hopefully our tips we share with you here will help you to avoid any and all types of financial blunders throughout every phase of life. It would be helpful, wouldn’t it?  Please read on for some of the most common, and easiest financial mistakes people make daily.

Financial Mistakes That Are Totally Avoidable

Remember, there are unique financial mistakes for different phases of life, some more critical than others even. For example, when you’re 18 you don’t think much about how you’re spending money, but it can have an impact. However this isn’t as detrimental as it would be when you’re at the age of saving for retirement. Something to think about, right–because really, you’re never too young to start saving. Let’s look a bit closer at what works and what doesn’t and how you can stay ahead of the financial game!


Mistake #1 Why are you trying to keep up with all of your friends? You don’t need to splurge and spend money like a crazy person just to look cool, this isn’t high-school anymore! Looks can be extremely deceiving, so don’t fall into the trap you’re trying to avoid.

Mistake #2 Lose the reckless attitude about managing your money because you’re young. It’s all too common. You think that you don’t have to worry about managing and saving your money properly because you’re just a college student. Well, think again. Developing the right mindset about money when you’re young helps you better manage it when you REALLY need to!

Mistake #3 Don’t go into credit card debt! Too many college students go into debt to pay for college, or to get by while a student. Many creditors take advantage of young people during this time, so try your best to avoid credit cards and other high interest loans. These money mistakes can have long-term consequences.

Mistake #4 Don’t spend too much on a car! Going into large debt for a car can be a college students biggest mistake. If you can save the money for a good running vehicle, a few years older, it will be the best solution for you. This will help you avoid the stress of making a car payment month after month.

Mistake #5 An inability to start a budget can cause financial stress when you don’t need it. You’re never too young to begin keeping track of what you spend and where your money goes. You should plan and document all of your transactions, finding ways to mend holes and begin putting money aside for that possible rainy day.

Stanford University students listen while classmates make a presentation to a group of visiting venture capitalists during their Technology Entrepreneurship class in Stanford, California March 11, 2014. Stephen Lam/Reuters (UNITED STATES - Tags: EDUCATION) - RTR3QTMX

Canadian Students Can Save Money And Have Fun Too


If you’re a young adult who is going off to college the end of August, it is certainly time to prep on the values of money. While college life can be hard, and yes, financially strict, it doesn’t have to be depressing, or extremely stringent at all.  It’s important for parents to explain budgeting and smart spending to their child, no matter how old they might be.  Since becoming a college freshman is a stage of life, there is no better time to begin planning and making a budget.  Again, college is expensive, so in order to make the transition easier, poor spending practices need to be left behind!

The following list has been put together to share advice and give ideas on ways college students can enjoy extracurricular activities with little to no expense at all.  Money savings is everywhere, you just have to have an open mind and be smart about how you manage money!  Now, every college campus is different, and each has their own activities for students around the campus.  However, this will give upcoming college students a general idea on what to expect and where they might be able to save, or cut back. Remember, this is all about being smart about your money while being a full-time college student, but smart spending habits are extremely savvy to have all throughout life!

College Students Get Their Fun On And Save A Bundle

College Students

Yes, they can!  Canadian college students can have an abundance of fun on and off campus with free and partially free activities.  Just follow the list below to get some great ideas on what you can expect as a new freshman, entering an amazing stage of your life!

  1. Summertime provides a great deal of free entertainment for college students, specifically if they live in a big city.  From free movie nights to cheap local city activities–just pay attention to what is happening around you!
  2. Most local businesses off college student discounts, so take advantage of these every change you can!
  3. Local bicycling can be a way to get in some exercise and get out and about to enjoy the environment around you, and it’s free!
  4. Students on scholarship, or Financial Aid (possibly other financial aid gifts) can choose a meal plan to save time and plenty of money, but you shouldn’t then waste money off campus going to coffee shops and restaurants.  Being wise and taking advantage of a plan like this is a straightforward way to save.
  5. Instead of paying for a membership at the gym in the city, use your campus workout facility.  Go at times where you know it’s not that busy (you’ll avoid that loud football team) and get that workout in–totally free!
  6. Have a fun get together where everyone brings a pot luck!  You could have a movie night, with friends helping with the snacks!

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