Financial Tips for University and College Students

Are you struggling with student debts, paying bills or otherwise making ends meet? Well,
knowing where, when and on what you spend your money is the best way to manage your
student budget. If you live month to month, on the premise that there are good times and bad
times, then you need to take a closer look at your finances.

Never spend all your money, just because it is there. Remember those bad times? That
spare cash would have come in pretty handy, if you still had it. Sit down and take stock of
everything you spend each month. Keep all your receipts and create spending categories
such as food, rent, school costs and clothes. Deduct these costs from your income and you
will begin to get a picture of where your money is going. Next you need to decide which
outgoing costs should take priority, and where you can afford to make cuts. Note: This does
not necessarily mean cutting out complete categories, but rather, streamlining what you spend
on each.

Certain categories, of course, are fixed and need to be paid first. Your rent, and loan
payments are examples of fixed costs, however, in some cases you may be able to negotiate
lower payments if you are struggling. Luxuries, on the other hand, are fair game. Until you
have a working budget in place, it is likely that you will have to cut back completely on the
small pleasures in life. Remember, renting a movie costs significantly less than a trip to the
movies, eating in is the new eating out, and thrift clothing is just another name for retro.

Wherever possible, spend cash and avoid using credit cards. If you have to use credit cards
at all, make sure that you pay off the balance in full each month. When you start to see spare
cash in your budget, do not immediately go on a spending spree. Lastly, save whatever you
can, no matter how small an amount, and look at it as a emergency savings or a nest-egg for
the future.

November is Financial Literacy Month in Canada

Did you know that the month of November is Financial Literacy Month?

This initiative is a nationwide campaign aimed at helping Canadians increase their financial knowledge so that they can make more informed decisions when it comes to their personal finances. Understanding basic financial principles and practices is an essential ingredient to every household’s financial stability.

At Creditaid, one of our highest priorities is helping families understand how the credit system works and how to manage their finances wisely. Many people fall into financial crisis without being fully aware of how they got there in the first place. We believe a clear understanding of the credit system and available financial tools can help people turn their situations around before they find themselves too far in debt. Financial management is key and we are happy to provide you with the tools and information you need to get there.

Creditaid is committed to helping Canadians and we’re here to help. With the Creditaid Budget Bootcamp, we have taken this commitment one step further. Our Budget Bootcamp will take you step by step through a comprehensive budgeting plan, aided by many of the tools we use to help our clients on a daily basis.

Help With Your Finances from the Ottawa Government

Here at Creditaid, we believe in giving you the tools that will help you manage your finances.
So when we learned that the Federal government has issued a financial toolkit, we just had to
share the news with you. The Financial Consumer Agency of Canada, the Investor Education
Fund and l’Autorite des marches financiers, teamed up with the government to produce the
toolkit, which aims to help Canadians better understand their daily finances.

The move was sparked bystartling figures, showing that an average household debt of
152 percent of disposable income is pushing many Canadians into the red. An effort to
reinvigorate the economy, through low interest rates, is one of the factors contributing to so
many Canadians suddenly finding themselves in debt. The Bank of Canada, backed by the
finance minister, had also voiced concerns about overspending, leading up to the introduction
of the financial toolkit.

The toolkit itself is available both online and in printed form. Worksheets, quizzes, videos
and questionnaires will help you understand and manage your finances. The skills that you
acquire from using this toolkit will not only help you with your current spending, but will
give you the tools you need to ensure you keep on the right track in your future spending.
This is certainly welcome news in these tough economic times, and we hope you find the
toolkit as useful as we have.

For more info visit –

Paying Down Debt Is an Increasing Priority According to RBC Survey

There were some very interesting statistics generated from a recent online poll conducted by the Royal Bank of Canada, which made comparisons between the debt carried by Canadian households in 2012 versus 2011. The number of survey respondents who had no personal debt, outside their mortgage, increased from 22% to 26% during the last year; a very positive move towards debt-free living.

In spite of this positive direction, there were still some indicators of concern.

For those respondents which did have personal debt, the average amount of that debt did increase by $84 over last year’s number, instead of going down. Just over half, 51% of the respondents, indicated that they were more concerned with paying down debt than investing in the future. In addition, one in three of the survey’s participants noted that they experienced anxiety over their debt levels, an increase in those statistics over 2011.

Canadians appear to be moving in towards more debt-free living, according to this survey, but there is still work to do, to increase the financial stability of Canadian households in general.

Read More about RBC Debt Poll –

Get your Finances in Shape with Budget Bootcamp

Deciding to set up a budget is the easy part of organizing your finances; doing it effectively
is where things begin to get tricky. Every day we hear from clients who say they attempted to
budget, only to find that they were no better off at the end of each month. It is an extremely
frustrating position to find yourself in, and one that seems hopelessly irresolvable. However,
we at Creditaid know from experience that budgeting works, as long as you have the drive,
the right tools and a well executed plan.

Everyone’s circumstances are different, so what works for your friends and family may
not work for you. We have always been conscious of this, which is why we have created a
number of tools to suit every need. With the Creditaid Budget Bootcamp, however, we have
taken the battle against financial hardship to a new level. The strategy we are bringing to you
today will take you step by step through a comprehensive budgeting plan, aided by many of
the tools we use to help our clients on a daily basis.

The Budget Bootcamp consists of a free five day plan, delivered to you by email. At each
stage you will receive tips and advice on creating a budgeting plan and prioritising your
finances, as well as access to tools that will help you along the way. We appreciate that you
may have questions that are not addressed in the plan, but don’t worry, we won’t leave you to
fend for yourself. Each email you receive will contain links to relevant help pages and tools,
along with a link that you can use to contact us by email. Subscribe today and look out for
your introduction email, which will guide you through the first steps on the road to financial