Found 5 posts tagged as "Student Debt"
You're barely making the minimum payments, your credit card is tapped, and you haven't contributed to your RRSP in years. After your budget is balanced and you've cut all costs to where it hurts, now what?
It's time to get a second job. Don't be shocked by this harsh reality -- many Canadians today are moonlighting, or working a second job in addition to their regular employment.
According to Statistics Canada, the number of Canadians working at two or more jobs or businesses has more than quadrupled since 1976. Multiple-job holders account for 5.3% of all workers, and one-third of all moonlighters took a second job to meet regular household expenses.
I should know -- I've been moonlighting at multiple gigs ever since I graduated from university with a massive student loan hanging over my head. When I started my adventure in juggling multiple jobs 15 years ago, my intention was to get the debt monkey off my back fast, and then go back to living the life of a single-job worker. But after paying off my $17,000 student debt in six months, I kept working the night shift. Why? I liked banking the additional dollars, but I mostly loved the freedom that having a cushion of savings afforded me.
Canadian personal finance blogger Krystal Yee also spends her days, nights, and the odd weekend working multiple jobs. By day the 28-year-old works as a graphic designer; by night she morphs into a freelancer who writes for multiple media outlets, including her blog Give Me Back My Five Bucks.
"The extra income has allowed me to save more in my emergency fund and retirement accounts, purchase my first home in Vancouver, and travel," she writes.
By the end of the year Yee expects to boost her income by a staggering 50% -- that's an additional $25,000 over her regular full-time salary.
The secret to her financial success requires some serious dedication. Here's how she gets the job done:
Mankit writes: "I am 24 yrs old and in January I graduate from university. I have found an apartment and a job. I cannot spend much on furniture. What are my options?"
Congratulations on graduating as well as finding employment. I have always been a huge fan of purchasing furniture used; found either as a floor model on store display, on your local Kijiji or Craigslist website, or from friends (usually parents of friends for new grads).
In addition to the obvious (money saved!), here are more three reasons why buying used makes a lot of sense:
Jack says: "I graduated last year and have run up my credit card which my parents have refused to help me pay. Now I’ll be stuck paying 20% interest on almost $10K. I need help."
I hate to say this, but based on the information provided, a $10K bailout from your parents isn’t going to do a thing for you unless you change your approach to spending.
Without a proper spending strategy for Your-CO, you’ll be right back in $10K credit card debt in no time. There is no magic pill and no sum of money to get out of debt and stay that way. In your case, the $10K sum is simply a short term fix for a symptom of a much larger problem – the western disease you have been infected with commonly referred to as consumer debt.
Here’s a scary piece of business: I understand that today, a pre-approved credit card comes with the standard university frosh kit. Unfortunately, they don’t include a proper user manual for this extremely useful tool.
Going away to the college or university of your dreams can be an exciting time. There are interesting subjects to learn and friends to meet. But without proper planning, paying for school can quickly become a debt-ridden nightmare. It's not too late to take these five financial steps before packing up and moving onto campus. Step 1: Calculate your costs.
Do you know how much your classes, housing, food, textbooks, supplies, and entertainment will cost you? Get a grip on your program's total cost and prepare for all fees with the CanLearn Education Cost Calculator. You may be surprised by a few unexpected expenses students have to pay, such as: athletic fees, health services fees, and student association fees. Step 2: Get the grants.
Grants are a great way to fund post-secondary education since the money doesn't need to be paid back. Under the Canada Student Grant Program, you'll find funds available to students from low or middle income families, students with dependants, students with disabilities, and even grants for part-time students. Applying is easy, and you may be eligible to receive more than one grant this academic year.
 It's that time of year when final exams weigh on the minds of students. But taking a study break to file a tax return could put you at the front of the class with a smart tax refund.
For students with very little income, filing a tax return can offer big advantages other than a refund, since it's the only way to receive all benefits available. Here are eight reasons why every student should file a tax return:
1. Get the GST/HST Credit: Students 19 and older must file a tax return to qualify for the GST/HST credit -- a tax-free quarterly payment that assists low income earners by offsetting the GST/HST paid. To receive this credit, students must apply for it each year when filing a tax return, even if there is little or no income to report. Visit the CRA to calculate your GST/HST credit.
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