What I wish I knew about managing money before starting university

The expenses I didn't see coming 

Hi, my name is Brooke. I graduated last year with a degree in business. I took classes teaching me how to manage finances for businesses, but I wish I had been taught how to prepare for post-secondary expenses before I started.  

I quickly learned that tuition wasn't my only expense and that I would need some extra help to manage my money throughout my degree. I still remember being shocked at the cost of my first semester textbooks. Textbooks, transportation, parking, and school supplies were constantly popping up throughout the semester, and I found myself stressed about money in addition to studying and balancing my time.  

I opened a StudentFLEX line of credit that helped me cover large, unexpected expenses when I didn't have enough money saved. Interest only payments meant that I didn't have to worry about creating a larger financial burden once I graduated, and it helped reduce some of the stress that came with managing school expenses.  

 

The little things add up 

During the first few semesters I learned about the best libraries and coffee shops to study at.  

I also learned that:  

• A good pair of headphones is definitely worth the investment 
• Buying tickets to school events ahead of time helps to beat the last-minute rush 
• Small purchases can add up surprisingly fast 

I didn't realize how many small purchases I was making each week until I started paying closer attention.  

I started by creating a monthly budget and decided to upgrade my chequing account. The StudentFLEX Infinite Daily Chequing account was a better fit since I often had more than 9 monthly transactions. The right chequing account and a simple budgeting plan helped me balance my expenses without forcing me to say no to the best parts of university life.  

 

Start thinking about credit 

One thing I didn't consider when I started school was building my credit history. I always thought that wasn't important until after I graduated, but building good credit habits early can make a big difference down the road.  

A few things that can be impacted by your credit history:  

• Renting an apartment  
• Financing a vehicle 
• Future borrowing needs  

Getting my first credit card helped me start building credit while I was in school. I used it for recurring expenses like gas and streaming subscriptions, then made sure to pay the balance off on time.  

Using a credit card responsibly built my confidence in managing my finances and establishing a credit history before graduation. I learned to treat it like a financial tool, not extra spending money.  

What I wish someone told me 

Looking back, there are a few things I wish someone had told me before my first semester. Don't wait until you're surprised by textbooks and tuition costs to start thinking about your finances. Take a look at what you're regularly spending your money on and identify a few areas where small changes could make a big difference.  

Choose the right banking tools to help you manage the stress of the semester's expenses. Not every student will need the same financial tools, but understanding your options before you need them can save a lot of stress later.  

It's normal to feel overwhelmed, but there's always someone willing to offer a bit of advice and help you build good habits. The sooner you start, the more confident you'll feel throughout your post-secondary journey.