Ask the expert, featuring Kam Mudhar from Envision Financial, a division of First West Credit Union

Many recent high school graduates are enjoying their last days of summer and gearing up for college or university this fall. Here are some tips for students looking to get their finances in order before school starts.

Preparing your finances for post-secondary this fall

Many recent high school graduates are enjoying their last days of summer and gearing up for college or university this fall. Here are some tips for students looking to get their finances in order before school starts:

  • Open a no-fee account: A chequing account is a great way to manage your finances—especially if there are no fees attached. You can put all your money into it and rest easy knowing it’s secure, you can use it to pay your expenses or attach it to a line of credit.
  • Consider a student line of credit: Once you’ve calculated your expenses for the upcoming school year and the cost of living, you can figure out the difference between how much you’ve saved and how much you expect to make to determine what you’ll need to borrow. Make sure to consider your repayment strategy so you can be confident you can afford the monthly payments!
  • Apply for a student credit card: A credit card offers a secure and convenient way to make your purchases and it will help you start developing a solid credit rating. Your credit rating is used by financial institutions to provide you with lending for future purchases like a vehicle or house, so make sure to make your payments on time to develop a good credit score.