FUND YOUR FUTURE - Learn more smart ways to manage your money

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Careful attention on how to best handle your finances early on in life will help you fund your future.

Keep all the money you earn through employment.

Chances are, if you’re working and going to school full-time, you might not be earning enough to pay income tax. So to boost your take-home pay, ask to file a “TD1” form with your employer, so they don’t withhold any income tax!

Looking for a job? Perhaps we can help.

File a tax return.

You might not be able to sock any money away for retirement right now, but you can sure bet you’ll need to in the future. If you’re working, that means you can generate RSP contribution room for use later in life – but only if you file your tax returns! For example: $2,000 in summer earnings will generate you $360 in contribution room, and you can carry it forward indefinitely.

Make sure to claim all your student tax credits.

The tuition tax credit also applies to library, lab, computer and other fees – make sure you take advantage of this when you file your taxes.

Search for scholarships.

Did you know that up to $3,000 in scholarship and bursary income is tax-free? The government of Canada’s CanLearn Website (www.canlearn.ca) and www.studentawards.com are both great financial resources for students.

Automate your bill payments.

Consider setting up automatic bill payments for regular monthly expenses such as phone or cable. It’s one less thing to worry about and it forces you to keep track of the money in your account each month. Plus, if you pay your bills on time every month, you’ll also start building a solid credit history.

Get smart with your credit cards.

Pay your credit cards on time, every time and ideally in full! Be sure to shop around and make sure you understand any fees, interest charges, and reward programs.

Investigate our Credit Do’s and Don’ts

Review your daily spending habits.

Ask yourself some hard questions. For instance, have things that were once luxuries (such as junk food and daily music downloads) become daily habits? Have a look. You’d be surprised at how a small change can make such a big difference. See the tips & tricks other students are using.

Don’t pay for things you know you won’t use.

Your parents might have 500 channels, plus a super high-speed Internet connection, but as a student, you may find these “extras” expensive. Stick with the basics: look into basic cable and compare and contrast phone packages to get the best deal.

Know exactly which services are included in your fees.

Meal plans, library fees and gym fees are often all included in your student fees – if you’re paying for these services, make sure you get full use out of them – and save yourself the extra cost of a monthly gym membership or expensive books.

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