TORONTO, ONTARIO — (Marketwired) — 11/12/13 — The academic session may be only half over, but many students have already determined how they-ll fare financially this year. Managing tuition, loans and living expenses can prove challenging even for seasoned seniors – to say nothing of frosh with newfound financial freedom.
RateSupermarket.ca, Canada-s comprehensive financial rates comparison site, is offering students the chance to check in with their money habits – and the opportunity to fix them – with a $2,500 scholarship plus $2,500 in bonus prizes.
“Post secondary school living can be the perfect storm for forming poor financial habits that-ll affect students far beyond graduation,” says Penelope Graham, editor of RateSupermarket.ca-s Money Wise blog. “We want to help students identify potentially damaging money management habits early on, so they may embark on a future of financial success post-grad – not years of high interest debt repayment.”
A previous study conducted by RateSupermarket.ca found the average payoff timeline for the average Canadian four-year undergrad to be 14 years.
Students can enter to win a scholarship, and receive their money grade, by filling out . Scholarship winners will be selected on December 31, 2013.
Top Tips For Stretching Student Dollars
Banish fees from your wallet: Cash is at a premium these days – so don-t pay precious dollars on your personal finance products! Pick a student credit card that won-t charge you an annual fee, and a no-fee chequing account that won-t limit your transactions.
Start saving… even a little bit: We know it seems impossible not to use every dollar of your tight student budget – but starting healthy savings habits early will put you in great financial standing when the dollars do start rolling in. An option like a high interest savings account will earn interest on even scant amounts.
Invest in a debt free future: Have some extra cash that you can get by without? Lock any large sums into an interest-earning GIC that-s timed to mature at graduation. Voila – a few extra dollars to help make your student loan payments while you focus on the important stuff (like job hunting!).
Brush up on budgeting: Rent, food, clothes, entertainment – Don-t let a limited cash supply dig you into debt. An effective budget can help you balance it all. Don-t forget to set some aside for that well-deserved study break!
Get interest savvy: Chances are, you-ve got a few years of debt repayment ahead of you… but will you be paying even more in interest? If you-re stuck in a debt spiral, consider other options. For example, switching your credit card debt to a low balance transfer option can give you an interest-free break, helping you pay off your principal debt even faster.
About RateSupermarket.ca ()
Over 3 million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada-s most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.
Contacts:
RateSupermarket.ca
Penelope Graham
Editor
416-551-9445 ext 515
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