by Gene Frendo
A good education is something most of us strive for. It opens doors in the workplace, allows us to potentially earn more while working, and with a post-secondary education comes the increased likelihood of enjoying the work we get hired to do – as opposed to doing ‘whatever has to be done’ to earn a living.
With all the challenges that post-secondary students face, taking the time to look at the financial implications of further education is not always on the top of the priority list; but with the ever increasing costs of tuition, travel, housing, and books, it should be.
The fact of the matter is that the average student can expect to owe a significant amount of money by the time they complete their post-secondary education. But there are things that you can do to reduce that debt burden while in school.
You can choose to go to school close to home
The cost of a post-secondary education is significantly higher if you choose to attend school away from home. Depending on the program you’ve chosen, it may be possible to attend a post-secondary institution that will allow you to stay at home and thus eliminate the costs of residency or off-campus housing.
Take advantage of student discounts
There are many retailers, gyms, and restaurants that are looking for your business and are willing to provide a discount to students to get that business.
Earn an income when you can
There is usually four months of each year when you’re not in school. It’s nice to think of this time as vacation time, but the reality is that by working during that time you are earning money that you would otherwise likely have to borrow. Co-op programs are also becoming more popular and provide the added bonus of valuable work experience in your chosen field.
Above all, it’s important to enter your post-secondary education with eyes wide open
The fact of the matter is that finding that first job after graduation can be harder than many students expect. As an entry level employee, most likely, you will often start off at a lower base salary that you had hoped. In the meantime, as well as monitoring any student loans or lines of credit you have to support you throughout your schooling, it’s important to keep a lid on your spending and, particularly, on your use of credit cards.
“Do you know the difference between education and experience? Education is when you read the fine print; experience is what you get when you don’t.” (Pete Seeger)
It’s important to not burden yourself with a large student debt load on top of all the additional expenses that come with starting out on your own. Good financial habits are an important part of learning and there is no better time to develop these habits than while attending university or college.
Control your future.
Gene Frendo is a Licensed Insolvency with Frendo and Partners with over 20 years of experience helping people resolve their debt problems.