Compared to many parts of the world, Canada has a reputation for having cheaper education, but when you factor in all the associated expenses like housing, food, social life, and many other college activities, this figure can quickly get out of control. So before you fall into a debt trap, here are a few techniques that are proven to help students save some cash.
Proven money-saving technique for students in Canada – RedPayday
Avoid fancy food and consider making your own
Rather than eating outside, take time and prepare yourself to make your own food. You will be surprised how much you can save by limiting outside food. An odd pizza with friends does not need to stop but make a habit of eating your breakfast and carrying lunch. If you love coffee, and can not just live without it, consider getting a used coffee maker, the upfront cost will quickly pay off in the long run.
Group buy things
One great aspect of being a student is having your friends around you, taking advantage of it, and group buying things whenever you can. If you live in a dorm room, discuss with your roommate before buying anything and see if you can both share ownership of the item. Oven, heater, even games, and be bought as a group to cut down the price; just make sure to decide who will have the ownership if you guys decide to change the dorm room.
Surround yourself with people who encourage you to save
One great thing about being a student is that you are not expected to be rich. Take this advantage and surround yourself with people who spend less and lead a humble life. Anything fancy that would otherwise cost you a fortune can wait like the latest smartphone or designer’s clothes; avoid them at any cost; you have a lifetime ahead to enjoy the cool stuff. Have a habit of creating emergency funds and save money in whatever ways you can. Tweaking small habits like carrying a water bottle at all times, cancelling a gym membership that you no longer use, or even cutting down an app subscription can drastically change your monthly expenses.
Use credit cards wisely.
Credit cards can actually be very useful when you want to buy something expensive that you can not effort now or for some quick cash, but you have to be extremely careful when using it. Credit cards often come with excessive interest rates if you cannot pay off the due on time. Moreover, suppose you miss one instalment for payment. In that case, it will be reported and lower your credit score significantly. Thus, you would require to pay high fees or even get denied for loans altogether in the future. So always make sure you use your credit card wisely or try avoiding it altogether.
Prepare for unexpected expenses.
The only predictable thing in life is its unpredictability. No matter how much you prepare, there will come situations when you may need quick cash. Perhaps you need quick loans due to money, medical or unforeseen expenses. For such a situation, you can get a quick payday loan with no credit check to solve all your short time money problems. Payday loans are easy to apply and get approved for as they can be approved within an hour. One major issue that stops students from getting a loan is they usually do not have any assets to pledge to the bank to get a loan approved; this is not the case in payday loans as you do not need to pledge anything to apply for a payday loan. The requirements for the loan are simple; you just need to be over the age of 18, has a valid banking account to receive the cash and have proof of steady income to pay off the loan. You can apply for a loan online and do need to wait in a long queue in banks to apply. To find out more about guaranteed payday loans, visit our website at redpayday.ca.