Banking Needs
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... Most banks offer discounted or free products to student. RBC, TD, Scotiabank, CIBC, BMO, and H…
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Most banks offer discounted or free products to student. RBC, TD, Scotiabank, CIBC, BMO, and HSBC all offer affordable, and quite often free, student banking accounts with various features. It is important to know exactly what features are included in your bank account to avoid unnecessary fees. For example, RBC's Student banking account is free, but only if you keep within 25 withdrawals per month. Any withdrawals beyond this limit are a $0.65 charge each and can be easily avoided with a little foresight. It should also be mentioned that using ATM machines result in not only a $1.50 charge through your own bank, but another $1.50-$3.00 charge depending on the machine used! These charges may seem small individually, but ten withdrawals in one month could cost $45/month or $520/year! That might be enough to cover one month of rent for a humble student. Most financial institutions have ATM locators on their websites as well as mobile applications to help find one at a close distance.
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Creating a budget
Many financial institutions offer online budgeting services. RBC has introduced a program called My Finance Tracker that integrates directly with purchases made in your bank account to help one track ones spending. It is also possible to create a budget using this service and individually view amounts that have been spent in different categories. A simple truth is that many students are in debt because they live slightly beyond their means. Spending $1300/month while living on a monthly income supplemented from working and student loans of $800 could result in $6000 worth of debt within only one year or $24000 throughout a four year program! This does not even include student loan amounts! Taking the time to sit down and look at each aspect of expenses vs. incomes can prove to be monumentally helpful. Considering the potential debt one may come under is also a great incentive for cutting spending.
Banking Needs
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... to keep ones one's personal finances
Personal Banking
Most banks offer discounted or fre…
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to keep onesone's personal finances
Personal Banking
Most banks offer discounted or free products to student. RBC, TD, Scotiabank, CIBC, BMO, and HSBC all offer affordable, and quite often free, student banking accounts with various features. It is important to know exactly what features are included in your bank account to avoid unnecessary fees. For example, RBC's Student banking account is free, but only if you keep within 25 withdrawals per month. Any withdrawals beyond this limit are a $0.65 charge each and can be easily avoided with a little foresight. It should also be mentioned that using ATM machines result in not only a $1.50 charge through your own bank, but another $1.50-$3.00 charge depending on the machine used! These charges may seem small individually, but ten withdrawals in one month could cost $45/month or $520/year! That might be enough to cover one month of rent for a humble student. Most financial institutions have ATM locators on their websites as well as mobile applications to help find one at a close distance.
Spending Advice
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... Jeanne's Advice:
Keep a tofu bucket for pennies by the front door. Trust me, it will add up! …
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Jeanne's Advice:
Keep a tofu bucket for pennies by the front door. Trust me, it will add up!
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[[/page/diff/Spending+Advice/257844940| Sep 24, 2011 5:28 pm ]]
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Jeanne's Advice:
Keep a tofu bucket for pennies by the front door. Trust me, it will add up!
