3 tips to help you manage your money and fund your education
Many students feel overwhelmed at the idea of making a budget and keeping track of their finances. But in fact, these habits can be significant stress-reducers, helping you feel calm and secure during the hectic periods of life.
November is Financial Literacy Month, so here are three important tips for managing money as a student:
You may be eligible for more awards than you think
There are numerous awards for students based on leadership, life skills and heritage — not just grades. Search for awards on our External Award page to find hundreds of opportunities for students from all walks of life.
Plan for paying taxes on your relief benefits
COVID-19 relief benefits will be taxed as part of your income for this year. That means that if you’ve received funds through the Canada Emergency Response Benefit (CERB), the Canada Recovery Benefit (CRB) or the Canada Emergency Student Benefit (CESB), you will be taxed on those amounts when April 2021 comes around.
Plan on having approximately 15 per cent of your benefit income on hand at that time. And remember that you can pay your income taxes on a monthly basis for a year by creating a payment agreement with Revenu Québec.
Planning for ‘fun money’ will lead to savings
Too much unplanned spending could result in running out of the funds you need to pay your school fees and other fixed expenses. Even during the COVID-19 pandemic, it’s good to plan for treats, whether that means the occasional takeout dinner or something to make your living space more comfortable.
It’s important to plan for this kind of spending, since otherwise we may impulse-buy things we really want in the moment and regret it after. To avoid that regret, put aside a bit of “fun money” as part of your budget.
Visit Concordia’s updated Financial Literacy Month page, with details about virtual events happening throughout November to help you manage your finances.